Account Balances Cash at Bank Accounts Receivable GST Collected Inventory as at 30 June, 2014 Motor Vehicles at cost Store Equipment at cost Accumulated Depreciation: Motor Vehicles Accumulated Depreciation: Store Equipment Accounts Payable Bank Loan Capital: R. Ruff Drawings: Sales PAYG Withheld Cost of Goods Sold Petty Cash Accounting Fees Advertising Bank Charges Insurance Electricity Motor Vehicle expenses Sales commissions paid Staff Salaries Telephone GST Paid Rent $ 22,150 14,150 25,500 40,250 70,000 36,000 18,000 5,400 18,900 28,000 95,000 26,000 260,700 23,200 120,500 250 2,300 7,970 1,670 5,550 6,200 2,585 3,975 64,500 4,750 21,900 24,000

Account Balances Cash at Bank Accounts Receivable GST Collected Inventory as at 30 June, 2014 Motor Vehicles at cost Store Equipment at cost Accumulated Depreciation: Motor Vehicles Accumulated Depreciation: Store Equipment Accounts Payable Bank Loan Capital: R. Ruff Drawings: Sales PAYG Withheld Cost of Goods Sold Petty Cash Accounting Fees Advertising Bank Charges Insurance Electricity Motor Vehicle expenses Sales commissions paid Staff Salaries Telephone GST Paid Rent $ 22,150 14,150 25,500 40,250 70,000 36,000 18,000 5,400 18,900 28,000 95,000 26,000 260,700 23,200 120,500 250 2,300 7,970 1,670 5,550 6,200 2,585 3,975 64,500 4,750 21,900 24,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows: Account title Debit Credit Cash 6,000 Accounts receivable 6,000 Allowance for uncollectable accounts 1,000 Supplies 13,000 Materials 7,000 Equipment 78,000 Accumulated Depreciation 8,000 Land Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value 4,000 Additional paid-in capital 80,000 Retained earnings 17,000 Service revenue Wages expense Supplies expense Bad debt expense Interest expense Depreciation expense Income tax expense Misc. expenses Totals 110,000 110,000 Create an adjusted trial…
The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be debited in the journal (1) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Depreciation Expense $36,000 Accumulated Depreciation $12,000 Equipment $12,000 Depreciation Expense $12,000
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