Account Titles | Debit | Credit | |
$ | $ | ||
1. | Equipment | 18,200 | |
Cash | 18,200 | ||
(To record purchase of equipment) | |||
2. | Depreciation Expense | 500 | |
Accumulated Depreciation - Equipment | 500 | ||
(To record Depreciation Expense ) | |||
Cash | 3,500 | ||
Accumulated Depreciation - Equipment [1800+500] | 2,300 | ||
Equipment | 5,200 | ||
Gain on Disposal of Plant Assets | 600 | ||
(To record sale of equipment ) | |||
3. | Accounts Receivable | 5300 | |
Sales revenue | 5300 | ||
(To record sales revenue) | |||
Cost of Goods Sold | 3,300 | ||
Inventory | 3,300 | ||
(To record cost of goods sold ) | |||
4. | Bad Debt Expense | 3,800 | |
Allowance for Doubtful Accounts | 3,800 | ||
5. | Interest Receivable | 492 | |
Interest Revenue [8200*0.08*9/12] | 492 | ||
(To record interest on notes receivable) | |||
6. | Insurance Expense | 2,600 | |
Prepaid Insurance | 2,600 | ||
7. | Depreciation Expense [ (156000 - 27000)/30] | 4,300 | |
Accumulated Depreciation - Buildings | 4,300 | ||
(To record Depreciation Expense ) | |||
8. | Depreciation Expense [(66000 - 5200)-6080] / 5 | 10944 | |
Accumulated Depreciation - Equipment | 10944 | ||
9. | Depreciation Expense[(18200-2600)/5 * 8/12] | 2080 | |
Accumulated Depreciation - Equipment | 2080 | ||
10 | Amortization Expense [9800/10] | 980 | |
Patents | 980 | ||
11 | Salaries and Wages Expense | 2100 | |
Salaries and Wages Payable | 2100 | ||
12. | Unearned Rent Revenue ( $ 6,300 / 3) | 2,100 | |
Rent Revenue | 2,100 | ||
13. | Interest Expense ( (12000+35000) * 9%) | 4230 | |
Interest Payable | 4230 |
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
Sheffield Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance Debit Credit $27,000 36,500 8,200 Cash Accounts Recelvable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreclation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends...
Whispering Winds Company’s trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the trial balance. Debit Credit Cash $28,000 Accounts Receivable 37,000 Notes Receivable 9,900 Interest Receivable –0– Inventory 36,400 Prepaid Insurance 3,720 Land 21,300 Buildings 156,000 Equipment 57,000 Patents 10,100 Allowance for Doubtful Accounts $450 Accumulated Depreciation—Buildings 52,000 Accumulated Depreciation—Equipment 22,800 Accounts Payable 27,500 Salaries and Wages Payable –0– Unearned Rent Revenue 3,600 Notes Payable (due in...
1.prepare journal entries for transactions listed above
2. prepare an updated december 31, 20-5 trial balance
3 prepare a 2015 income statement and a retained earnings
statement
4. prepare a december 31 2015 calified balance sheet
Accounts Receivaba Buildings Almance for Doubful Account Accumulated Depreciation Buildings Acumulated Depreciation Equipment Accounts Payable Salaries and was able Unnamed Rent Revenue Notes Pavable (due in 2016) Interest Prable Notes Parable due after 2016) Common Stock Retained Earnings Dividends 560 63.00 12.000 Continuin Debit...
Oriole Corporation’s trial
balance at December 31, 2020, is presented below. All 2020
transactions have been recorded except for the items described
below.
Debit
Credit
Cash
$26,500
Accounts Receivable
54,000
Inventory
22,700
Land
67,100
Buildings
91,300
Equipment
30,000
Allowance for Doubtful Accounts
$500
Accumulated Depreciation—Buildings
28,500
Accumulated Depreciation—Equipment
12,600
Accounts Payable
19,000
Interest Payable
–0–
Dividends Payable
–0–
Unearned Rent Revenue
6,800
Bonds Payable (10%)
46,000
Common Stock ($10 par)
29,000
Paid-in Capital in Excess of Par—Common Stock
5,800
Preferred...
Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment $27,300 59,000 23,100 62,800 104,400 43,000 Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common Stock Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Account Title Debits Credits Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 2,750 6,500 2,600 185,000 45,000 18,000 78,000...
Presented below is the trial balance of the Buffalo Golf Club, Inc. as of December 31. The books are closed annually on December 31. BUFFALO GOLF CLUB, INC. TRIAL BALANCE DECEMBER 31 Debit Credit Cash $17,550 Accounts Receivable 14,700 Allowance for Doubtful Accounts $1,200 Prepaid Insurance 9,500 Land 353,200 Buildings 150,000 Accumulated Depreciation-Buildings 48,000 Equipment 196,500 Accumulated Depreciation-Equipment 91,700 Common Stock 381,500 Retained Earnings 158,117 Dues Revenue 204,200 Green Fees Revenue 5,703 Rent Revenue 17,600 Utilities Expenses 58,420 Salaries and...
The trial balance for Martinez Corp. on August 31 is as follows: Martinez Corp. Trial Balance August 31, 2020 Debit Credit Cash $5,100 Prepaid insurance 4,000 Supplies 2,000 Land 18,700 Buildings 146,000 Accumulated depreciation—buildings $21,024 Equipment 16,000 Accumulated depreciation—equipment 4,320 Accounts payable 4,500 Unearned rent revenue 4,950 Notes payable 78,000 Common shares 81,100 Retained earnings 4,450 Dividends 4,400 Rent revenue 69,000 Salaries and wages expense 42,254 Insurance expense 14,000 Interest expense 3,900 Utilities expense 7,500 Repairs and maintenance expense 3,490...
The unadjusted trial balance of Peace Hill Inc. at December 31,
2017, is as follows:
Additional information:
1.
Actual advertising costs amounted to $1,350 per month. The
company has already paid for advertisements in Crizza
MMagazine for the first quarter of 2018.
2.
The building was purchased and occupied on January 1, 2015,
with an estimated useful life of 20 years, and residual value of
$31,800. (The company uses straight-line depreciation.)
3.
Prepaid insurance contains the premium costs of several...