### Stockton Company#### Adjusted Trial Balance#### December 31| **Account No.** | **Account Name** | **Debit Balances** | **Credit Balances** ||-----------------|--------------------------|--------------------|---------------------|| 11 | Cash | 6,613 | || 12 | Accounts Receivable | 2,138 | || 13 | Prepaid Expenses | 636 | || 18 | Equipment | 13,736 | || 19 | Accumulated Depreciation | | 1,396 || 21 | Accounts Payable | | 1,743 || 22 | Notes Payable | | 5,881 || 31 | Bob Steely, Capital | | 9,983 || 32 | Bob Steely, Drawing | 753 | || 41 | Fees Earned | | 8,576 || 51 | Wages Expense | 2,069 | || 52 | Rent Expense | 818 | || 53 | Utilities Expense | 478 | || 54 | Depreciation Expense | 266 | || 59 | Miscellaneous Expense | 72 | || | **Totals** | **27,579** | **27,579** |### Explanation of Chart and Each Component:- **Account No.**: This column lists the unique number associated with each account.- **Account Name**: This column provides the name of each financial account.- **Debit Balances**: This column shows the amounts debited to each account.- **Credit Balances**: This column shows the amounts credited to each account.### Description:The table presented is an Adjusted Trial Balance for Stockton Company as of December 31. The adjusted trial balance includes accounts for assets, liabilities, owner's equity, revenues, and expenses.- **Assets**: Listed in the debit balance column, including cash, accounts receivable, prepaid expenses, and equipment.- **Liabilities**: Listed in the credit balance column, including accounts payable and notes payable.- **Owner's Equity ### Financial Statements - Balance and Expense Report#### Detailed Account Information**Accounts:**- **Equipment:** 13,736- **Accumulated Depreciation:** 1,396- **Accounts Payable:** 1,743- **Notes Payable:** 5,881- **Bob Steely, Capital:** 9,983- **Bob Steely, Drawing:** 753- **Fees Earned:** 8,576- **Wages Expense:** 2,069- **Rent Expense:** 818- **Utilities Expense:** 478- **Depreciation Expense:** 266- **Miscellaneous Expense:** 72#### Total Amounts- **Debits Total:** 27,579- **Credits Total:** 27,579#### Quiz: Determine the Current Assets- **Options:** - a. $27,579 - b. $8,751 - c. $21,727 - d. $9,387**Explanation of Diagrams and Graphs:**- The image contains a list of financial account entries along with their respective amounts.- At the bottom, there is a section called "Totals," showing that both the debits and credits balance out equally at $27,579.- Directly below the totals, there is a question prompting users to determine the current assets from the given options. Please use this information to understand how different financial accounts are balanced within a company’s financial report.

Current assets are assets owned by company which can be realised or sold or consumed or converted…

Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Debit Credit Balances Balances 6,613 2,138 636 13,736 1,396 1,743 5,881 9,983 8,576 753 2,069 818 478 266 72 27,579 27,579

Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Debit Credit Balances Balances 6,613 2,138 636 13,736 1,396 1,743 5,881 9,983 8,576 753 2,069 818 478 266 72 27,579 27,579

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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CHPT#8_4 Journal Entries for Credit Losses At the beginning of the year, Portal Company had the following accounts on its books: Accounts Receivable $140,000 Debit Allowance for Doubtful Accounts $8,000 Credit During the year, credit sales were: $1,173,000 and collections on account were: $1,175,000 The following transactions, among others, occurred during the year: Feb.17 Wrote off R. Lowell’s account, $4,000 May.28 Wrote off G. Boyd’s account, $3,400 Oct.13 Received $600 from G. Boyd, who is in bankruptcy proceedings, in final settlement of the account written off on May 28. This amount is not included in the $1,175,000 collections. Dec.15 Wrote off K. Marshall’s account. $1,600 Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at 0.9% of credit sales for the year. a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment.b. Show how…
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Account Debits Credits Time left 1:10:40 Cash at Bank 60,00 62,000 42,000 194,000 310,000 Accounts Receivable Prepaid Rent Inventory Equipment Accumulated Depreciation - Equipment 140,000 Land 340,000 Accounts Payable 102,000 Unearned revenue 68,000 Mortgage Loan 370,000 Capital Drawings 340,000 80,000 Sales Revenue 540,000 Fee Revenue 60,000 Depreciation Expense Electricity Expense Rent Expense Wages Expense TOTALS 110,000 90,000 130,000 202,000 1,620,000 1,620,000 From the Adjusted Trial Balance provided on the previous page prepare the appropriate Closing Journal entries for the year ended 30 June 2020
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