Exercise 2-253Adjusting and Closing Entries and Post-Closing Trial BalanceBelow is the trial balance for Boudreaux Company as of December 31.CashAccounts Receivable.InventoryPrepaid Expenses .LandPlant and Equipment..Other AssetsAccounts Payable.Wages, Interest, and Taxes PayableUnearned Revenue..Long-Term DebtOther LiabilitiesCommon StockRetained Earnings..Dividends.Sales..Interest Revenue.Cost of Goods Sold..Selling, General, and Administrative ExpensesInterest Expense.Income Tax ExpenseTotals.Debit$ 72,000365,00052,00036,00070,0001,254,0001,275,000211,0001,565,000615,00082,000205,000$5,802,000Credit$ 154,000218,00042,0001,190,000297,000195,000915,0002,762,00029,000$5,802,000 Consider the following additional information:(a) Boudreaux uses a perpetual inventory system.(b) The prepaid expenses were paid on September 1 and relate to a three-year insurance policy thatwent into effect on September 1.(c) The unearned revenue relates to rental of an unused portion of the corporate offices. The $42,000was received on April 1 and represents payment in advance for one year's rental.(d) Plant and Equipment includes $15,000 for routine equipment repairs that were erroneously recordedas equipment purchases. The repairs were made on December 30.(e) Other Assets includes $7,000 for miscellaneous office supplies, which were purchased in mid-October. An end-of-year count reveals that only $4,200 of the office supplies remain.(f) Selling, General, and Administrative Expenses incorrectly includes $13,000 for office furniturepurchases (Other Assets). The purchases were made on December 30.(g) Inventory erroneously includes $7,500 of inventory that Boudreaux had purchased on account butthat was returned to the supplier on December 28 because of unsatisfactory quality.

Name: Exercise 2-253Adjusting and Closing Entries and Post-Closing Trial Ba
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Description: Exercise 2-253Adjusting and Closing Entries and Post-Closing Trial BalanceBelow is the trial balance for Boudreaux Company as of December 31.CashAccounts Receivable.InventoryPrepaid Expenses .LandPlant and Equipment..Other AssetsAccounts Payable.Wag

Adjusting Entries - Adjusting Entries are recorded to adjust the income and Expense incurred and…

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Adjusting and Closing Entries and Post-Closing Trial Balance Below is the trial balance for Boudreaux Company as of December 31. Cash Accounts Receivable Inventory Prepaid Expenses Land.. Plant and Equipment.. Other Assets. Accounts Payable. Wages, Interest, and Taxes Payable Unearned Revenue.. Long-Term Debt Other Liabilities Common Stock Retained Earnings. Dividends.. Sales.. Interest Revenue.. Cost of Goods Sold.. Selling, General, and Administrative Expenses Interest Expense Income Tax Expense Totals... ***** Debit $ 72,000 365,000 52,000 36,000 70,000 1,254,000 1,275,000 211,000 1,565,000 615,000 82,000 205,000 $5,802,000 Credit $ 154,000 218,000 42,000 1,190,000 297,000 195,000 915,000 2,762,000 29,000 $5,802,000

Adjusting and Closing Entries and Post-Closing Trial Balance Below is the trial balance for Boudreaux Company as of December 31. Cash Accounts Receivable Inventory Prepaid Expenses Land.. Plant and Equipment.. Other Assets. Accounts Payable. Wages, Interest, and Taxes Payable Unearned Revenue.. Long-Term Debt Other Liabilities Common Stock Retained Earnings. Dividends.. Sales.. Interest Revenue.. Cost of Goods Sold.. Selling, General, and Administrative Expenses Interest Expense Income Tax Expense Totals... ***** Debit $ 72,000 365,000 52,000 36,000 70,000 1,254,000 1,275,000 211,000 1,565,000 615,000 82,000 205,000 $5,802,000 Credit $ 154,000 218,000 42,000 1,190,000 297,000 195,000 915,000 2,762,000 29,000 $5,802,000

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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