Strand Corp had the following: Unadjusted Trial Bal. debit $150,000 Adjustments debit credit |Adjusted Trial Balance debit credit credit Cash Common Stock Unearned Revenue Sales/Revenues Equipment Accum Deprec Wage exp Utilities exp Rent exp Cost of Goods Sold Accounts payable Supplies Accounts receivable Note payable Retained earnings Prepaid insurance $110,000 $20,000 $380,000 $235,000 $30,000 $50,000 $10,000 $23,000 $121,000 $10,800 $37,000 $75,000 $100,000 $55,000 $4,800 Insurance exp Bad Debt exp Depreciation exp Interest exp Accrued Interest payable Supplies exp Total $705,800 $705,800 REQUIRED: (BE SURE TO NUMBER YOUR ADJUSTMENTS) Based on the following info, make the necessary adjustments to the Worksheet and prepare an Adjusted Trial Balance, with final totals 1. Prepaid insurance represents 6mths, 4mths have expired 2. Estimated bad debts = 1.5% of gross sales 3. Depreciation on equipment = 15% 4. Interest at 5% has not been accrued for 7mths 5.50% of the unearned revenue has been earned 6. The balance in supplies at the end of the period = $10,000 %3D

Strand Corp had the following: Unadjusted Trial Bal. debit $150,000 Adjustments debit credit |Adjusted Trial Balance debit credit credit Cash Common Stock Unearned Revenue Sales/Revenues Equipment Accum Deprec Wage exp Utilities exp Rent exp Cost of Goods Sold Accounts payable Supplies Accounts receivable Note payable Retained earnings Prepaid insurance $110,000 $20,000 $380,000 $235,000 $30,000 $50,000 $10,000 $23,000 $121,000 $10,800 $37,000 $75,000 $100,000 $55,000 $4,800 Insurance exp Bad Debt exp Depreciation exp Interest exp Accrued Interest payable Supplies exp Total $705,800 $705,800 REQUIRED: (BE SURE TO NUMBER YOUR ADJUSTMENTS) Based on the following info, make the necessary adjustments to the Worksheet and prepare an Adjusted Trial Balance, with final totals 1. Prepaid insurance represents 6mths, 4mths have expired 2. Estimated bad debts = 1.5% of gross sales 3. Depreciation on equipment = 15% 4. Interest at 5% has not been accrued for 7mths 5.50% of the unearned revenue has been earned 6. The balance in supplies at the end of the period = $10,000 %3D

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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COMPLETE THE WORKSHEET
Income statememt?
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.