Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. 3. 5. Prepare an updated December 31, 2020, trial balance, reflecting the journal entries in part(a). CARLA VISTA CORPORATION Trial Balance Debit Credit Accounting Cycle Review 15 a-e 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 $27,400 59,000 22,600 Land 62,900 Buildings 96,900 Equipment 42,000 Allowance for Doubtful Accounts $430 Accumulated Depreciation-Buildings 30,500 Accumulated Depreciation-Equipment 15,000 Accounts Payable 19,300 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 8,800 Bonds Payable (10%) 54,000 Common Stock ($10 par) 34,000 Paid-in Capital in Excess of Par-Common Stock 6,800 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred -0- Stock Retained Earnings 72,970 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense -0- 576,000 -0- -0- -0- 404,000 -0- 39,900 63,100 Total Unrecorded transactions and adjustments: $817,800 $817,800 1. On January 1, 2020, Carla Vista issued 1,000 shares of $20 par, 6% preferred stock for $21,000. 2. On January 1, 2020, Carla Vista also issued 1,100 shares of common stock for $27,500. 3. Carla Vista reacquired 300 shares of its common stock on July 1, 2020, for $46 per share. 4. On December 31, 2020, Carla Vista declared the annual cash dividend on the preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2021. 5. Carla Vista estimates that uncollectible accounts receivable at year-end is $5,900. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,400. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,200. 8. The unearned rent was collected on October 1, 2020. It was receipt of 4 months' rent in advance (October 1, 2020 through January 31, 2021). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2020, has not been paid or recorded. (Ignore income taxes.)

Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. 3. 5. Prepare an updated December 31, 2020, trial balance, reflecting the journal entries in part(a). CARLA VISTA CORPORATION Trial Balance Debit Credit Accounting Cycle Review 15 a-e 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 $27,400 59,000 22,600 Land 62,900 Buildings 96,900 Equipment 42,000 Allowance for Doubtful Accounts $430 Accumulated Depreciation-Buildings 30,500 Accumulated Depreciation-Equipment 15,000 Accounts Payable 19,300 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 8,800 Bonds Payable (10%) 54,000 Common Stock ($10 par) 34,000 Paid-in Capital in Excess of Par-Common Stock 6,800 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred -0- Stock Retained Earnings 72,970 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense -0- 576,000 -0- -0- -0- 404,000 -0- 39,900 63,100 Total Unrecorded transactions and adjustments: $817,800 $817,800 1. On January 1, 2020, Carla Vista issued 1,000 shares of $20 par, 6% preferred stock for $21,000. 2. On January 1, 2020, Carla Vista also issued 1,100 shares of common stock for $27,500. 3. Carla Vista reacquired 300 shares of its common stock on July 1, 2020, for $46 per share. 4. On December 31, 2020, Carla Vista declared the annual cash dividend on the preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2021. 5. Carla Vista estimates that uncollectible accounts receivable at year-end is $5,900. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,400. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,200. 8. The unearned rent was collected on October 1, 2020. It was receipt of 4 months' rent in advance (October 1, 2020 through January 31, 2021). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2020, has not been paid or recorded. (Ignore income taxes.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 12E: Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following...

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