Prepare Trial balance with the given ledger account balances the year ended March 2019. Capital 82,000; Sales1,100,000; Adjusted Purchase 900,000; Current A/c(cr) 10,000; Petty Cash 12,000; Sales Ledger Balance 120,000;Purchase Ledger Balance 50,000; Salaries 20,000; Carriage Inwards 8,000; Carriage Outward 5,000; DiscountAllowed 10,000; Building 80,000; Outstanding Expenses 20,000; Prepaid Insurance 2,000; Depreciation 4,000; Cashat Bank 80,000; Loan A/c (cr) 66,000; Profit & Loss A/c(cr) 20,000; Bad Debts Recovered 3,000; Stock at 31.03.20191,20,000; Interest Received 10,000; Accrued Interest 4,000; Investment 20,000; Provision for Bad Debts(01.04.2018) 6,000; General Reserve 19,000; Rent 1,000.

A trial balance is a summary of all the ledger accounts maintained in a company. All the assets and…

Answered: Prepare Trial balance with the given…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

make journal entries for recording interest income and interest received and recognition of FV at dec31, 2023, 2024, and 2025. the entries should be: to record interest collected (3 lines) to record Fair value adjustment to record interest collected (3 lines) to record Fair value adjustment to record interest collected (3 lines) to record gain or loss Dont use AI Tools. Thank you
3. Prepare the journal entries to record the two expenditures during 2019. (If no entry is required for a transaction/event, select " journal entry required" in the first account field.) View transaction list
(b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 1,225.) Date Dec. 31, 2025 Account Titles and Explanation Debit Credit
Dog
For attached data table: Request: Make initial entry, from the point of view of the borrower (who receives a loan), separating short- and long-term portion of the loan. Make appropriate entries to be made on 31 August 2023, not forgetting reclassification from long term to short term.
What would all the journal entries for 2021 fiscal year (Ended December 31) be?
Skysong Inc. issued $880,000 of 10.25%, 19-year bonds on January 1, 2020, at 102. Interest is payable semi-annually on July 1 and January 1. Skysong Inc. uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of 10.00%. (With a market rate of 10.00%, the issue price would be slightly higher. For simplicity, ignore this.) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation 1/1/20 Debit Credit
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for when the materials are received in January 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 2026 Inventory Estimated Liability on Purchase Commitments Accounts Payable Debit 125625 13125 Credit 138750
Prepare all of Blossom's journal entries for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS