Sanchez's Bowling AlleyAdjusted Trial BalanceDecember 31, 2025BalanceAccount TitleCashAccounts ReceivableDebitCredit$19,0003,500SuppliesPrepaid Insurance7502,900Land5,000Building115,000Accumulated Depreciation-Building$8,00039,000EquipmentAccumulated Depreciation-EquipmentAccounts Payable19,0003,600Utilities Payable550Salaries Payable2,900Unearned Revenue2,100Sanchez, Capital127,450Sanchez, Withdrawals24,000Service Revenue120,000Insurance Expense25,000Salaries Expense25,000Supplies Expense1,100Utilities Expense19,000Depreciation Expense-Equipment4,000350Depreciation Expense-Building$283,600 $283,600Total Sanchez's Bowling Alley's adjusted trial balance as of December 31, 2025, is presented below:View the adjusted trial balance.Read the requirements.Close expenses for the period.DateDec. 31Clos. (2)Accounts and Explanation...DebitCredit

The objective of the question is to close the expense accounts for the period ending December 31,…

Answered: Sanchez's Bowling Alley Adjusted Trial…

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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Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit $ 93,300 26,200 9,600 120,700 490,000 Cash Accounts Receivable Inventory of Supplies Land Plant and Equipment Accumulated Depreciation Vouchers Payable Bonds Payable, 5% Net Position: Invested in Capital Assets, Net of Related Debt Unrestricted Total $739,800 Credit $ 80,400 15,500 518,000 12,300 113,600 $739,800 Additional Information for 20X1: 1. Charges to customers for water and gas were $420,500, collections were $432.100. 2. A loan of $25,900 for two years was received from the general fund. 3. The water and gas lines were extended to a new development at a cost of $76,200. The contractor was paid. 4. Supplies were acquired from central stores (internal service fund) for $13,700. Operating expenses were $330,000, and interest expense was $25,900. Payment was made for the interest and the payable to central stores, and $325,400 of the vouchers were pald. 5. Adjusting…
The insured has divided the insurance on its building as follows: $200,000 with insurer M and $300,000 with insurer R. The If there is a $100,000 loss, insurer M will pay: OA $40,000 OB. $60,000 C $66,666 $100,000 D.
eBook Show Me How Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $282,000, Legal fees paid were $2,290, delinquent taxes assumed were $14,200, and fees paid to remove an old building from the land were $21,000. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $981,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. X Feedback Check My Work Costs incurred to ready the asset for use are added to the asset account. Materials salvaged and sold during the process reduce the cost of the land.
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What accounting entry would you do 50:50 joint operation was commenced between two participants. Mary Company contributed cash of $90 000, and Strickland Company contributed a Building with a fair value of $90 000 and a carrying amount of $75 000. Using the line-by-line method of accounting, Strickland Company would record? DR Building in JO $75 000 CR Building $75 000 DR Building in JO $945000 CR Building $37 500 CR Gain on sale of building $7 500 DR Investment in joint operation $45 000 CR Building $37 500 CR Gain on sale of building $7 500 DR Cash in JO $45 000 DR Building in JO…
7.14 Alpha sells machine B for $50,000 cash on 30 April 20X4. Machine B cost $100,000 when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) DEBIT Cash CREDIT Non-current assets - cost A $35,000 $15,000 $50,000 $100,000 DEBIT Accumulated depreciation DEBIT Loss on disposal (SPL) CREDIT Non-current assets - cost $65,000 $35,000 $100,000 DEBIT Accumulated depreciation DEBIT Cash CREDIT Non-current assets CREDIT Profit on disposal (SPL) $35,000 $50,000 $65,000 $20,000 DEBIT Non-current assets DEBIT Accumulated depreciation CREDIT Cash CREDIT Profit on disposal (SPL) $65,000 $35,000 $50,000 $50,000
The following information for Cheyenne Real Estate
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Upc Rosilyn trades an old parcel of land with an adjusted basis of $13,000 and an outstanding loan liability balance of $2,000 for a new parcel of land valued at $9,000 plus $3,000 cash from Bob's Company. Bob assumes Rosilyn's loan balance. What is Rosilyn's amount realized on the transaction? Oa. $13,000 Ob. $14,000 Oc, $3,000 Od. $9,000 Oe. $12,000 (Previous Next 1:57 A 5/11/202
Why? Revenue Recognition at a Point in Time versus Revenue Recognition Over Time. The Markert Com- 23 pany won a contract to build a shopping center at a price of $300 million. The following schedule details the estimated and actual costs of construction and the actual cash collections under the contract: Estimated (Actual) Costs of Construction Cash Collections from Customer 087 Year 1.. Year 2.. Year 3.. Year 4.. $ 40,000,000 60,000,000 70,000,000 30,000,000 $ 60,000,000 75,000,000 75,000,000 90,000,000 $200,000,000 $300,000,000 deb Required 1. Prepare an income statement for the Markert Company for each year assuming that the company recognizes revenue at a point in time. 2. Prepare an income statement for the Markert Company for each year assuming that the company recognizes revenue over time. 3. Which set of income statements best reflects the actual performance of the Markert Company? Why? bns bor

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