Fall 2023 ThuTrial Balance AssignmentData - Prepare financialsRevenueCashCOGSSG & ADepreciationGoodwillBuildingAccum DepreciationA/RA/PCapital stockDividend paidRetained EarningsSalariesBank loancorp taxes expensecorp taxes payableInterest expenseAccrued InterestInsuranceBegDr (CR)$es$$$$$$1/1/2022$EndingDr (Cr)$75,000 $$SS$$50,000 $(10,000) $12,000 $12/31/2022(36,000) $(10,000) $$(40,000) $$(50,000) $(160,500)85,00080,3005,00020,00060,000(10,000)20,000(12,400)(20,000)5,000(40,000)5,000(60,000) Prepaid InsuranceIntellectual Property (IP)Accum amortizationAmortization of IPTotalMake the following Journal entriesa) Depreciation - straight line 10years on ending balanceb) Corp tax payable 22% on Incomebefore taxc) Interest on the bank loan onending balance 5% accrued but notpaid till Jan 15, 2023d) Insurance paid on 9/1/2022$3600 for one whole yeare) Amortization of IP is 10 yearsstraight line on ending balance$$$$10,000 $(1,000) $$3,60020,000(1,000)

Journal entry : Method of recording financial transactions in the book of original entry by debiting…

Fall 2023 Thu Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Beg Dr (CR) $ $ $ $ $ $ $ 1/1/2022 $ Ending Dr (Cr) $ 75,000 $ $ $ $ 50,000 $ (10,000) $ 12,000 $ 12/31/2022 (36,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ (160,500) 85,000 80,300 5,000 20,000 60,000 (10,000) 20,000 (12,400) (20,000) 5,000 (40,000) 5,000 (60,000)

Fall 2023 Thu Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Beg Dr (CR) $ $ $ $ $ $ $ 1/1/2022 $ Ending Dr (Cr) $ 75,000 $ $ $ $ 50,000 $ (10,000) $ 12,000 $ 12/31/2022 (36,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ (160,500) 85,000 80,300 5,000 20,000 60,000 (10,000) 20,000 (12,400) (20,000) 5,000 (40,000) 5,000 (60,000)

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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