Account TitlePainting EquipmentCashAccounts ReceivableAdvertising ExpenseDividendsAccounts PayableRent ExpenseCommon StockService RevenueUnearned RevenueSalaries ExpenseOffice SuppliesUtilities ExpensePATLL$SDebit15,50012.0001,2006502.10012.0001,8002,000100$EA47,350 $Credit6,5003,60023,55090034,550 The accountant for Color Me Painting Specialists is having a hard time preparing the trial balance as of November 30, 2024:(Click the icon to view the trial balance.)Prepare the corrected trial balance as of November 30, 2024. Assume all amounts are correct and all accounts have normal balances.Account TitleTotalDebitThis quesCredit

Account Title Painting Equipment Cash Accounts Receivable Advertising Expense Dividends Accounts Payable Rent Expense Common Stock Service Revenue Unearned Revenue Salaries Expense Office Supplies Utilities Expense $ Debit 15,500 12,000 1,200 650 2,100 12,000 1,800 2,000 100 $ 47,350 $ Credit 6,500 3,600 23,550 900 34,550

Account Title Painting Equipment Cash Accounts Receivable Advertising Expense Dividends Accounts Payable Rent Expense Common Stock Service Revenue Unearned Revenue Salaries Expense Office Supplies Utilities Expense $ Debit 15,500 12,000 1,200 650 2,100 12,000 1,800 2,000 100 $ 47,350 $ Credit 6,500 3,600 23,550 900 34,550

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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what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
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Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Coat of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 112,000 24,000 40,000 40,000 94,000 171,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materiala requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 53: Labor time ticket 541 $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materiala $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Problem 19-3A (Algo) Parts 4 and 5 4. Prepare an income…
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