Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year ended March 31, 2021. Juan has also completed a correct trial balance as follows: JUAN REAL ESTATE COMPANY Adjusted Trial Balance At March 31, 2021 Account Titles Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Salaries and commissions payable Note payable, long term Contributed capital (30,000 shares) Retained earnings (on April 1, 2020) Dividends declared Sales commissions Management fees Operating expenses (detail omitted to conserve your time) Depreciation expense (including $500 on office equipment) Interest expense Totals Debit $ 53,000 44,800 300 30,000 3,000 8,000 Credit $10,000 1,000 20,250 1,500 30,000 35,000 7,350 77,000 13,000 48,000 5,500 2,500 $195,100 $195,100

Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year ended March 31, 2021. Juan has also completed a correct trial balance as follows: JUAN REAL ESTATE COMPANY Adjusted Trial Balance At March 31, 2021 Account Titles Cash Accounts receivable Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Salaries and commissions payable Note payable, long term Contributed capital (30,000 shares) Retained earnings (on April 1, 2020) Dividends declared Sales commissions Management fees Operating expenses (detail omitted to conserve your time) Depreciation expense (including $500 on office equipment) Interest expense Totals Debit $ 53,000 44,800 300 30,000 3,000 8,000 Credit $10,000 1,000 20,250 1,500 30,000 35,000 7,350 77,000 13,000 48,000 5,500 2,500 $195,100 $195,100

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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