The accounts in the ledger of Monroe Entertainment Co. follow. All accounts have normal balances. Accounts Payable Accounts Receivable Supplies Prepaid Insurance Cash Office Equipment Dividends Unearned Rent Fees Earned Insurance Expense Rent expense Land Wages Expense Retained Earnings Common Stock Total assets are a. $7,000 b. $2,520 c. $10,120 d. $3.360 $400 840 500 2,070 2,120 1,800 670 1,600 2,520 670 1,500 2,790 760 5,500 7,000

The accounts in the ledger of Monroe Entertainment Co. follow. All accounts have normal balances. Accounts Payable Accounts Receivable Supplies Prepaid Insurance Cash Office Equipment Dividends Unearned Rent Fees Earned Insurance Expense Rent expense Land Wages Expense Retained Earnings Common Stock Total assets are a. $7,000 b. $2,520 c. $10,120 d. $3.360 $400 840 500 2,070 2,120 1,800 670 1,600 2,520 670 1,500 2,790 760 5,500 7,000

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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In the books of M TAdjusted Trial BalanceParticularsDebit $Credit $Cash$127,157.75 Notes Receivable$4,500.00 Accounts Receivable$12,132.40 Interest Receivable$40.00 Merchandise inventory$31,000.86 Estimated Returns Inventory$1,654.00 Office supplies$500.00 Store supplies$1,800.00 Prepaid Insurance$3,000.00 Land$55,000.00 Office Equipment$75,000.00 Accumulated Depreciation-office equipment $19,350.00 Store Equipemnt$75,500.00 Accumulated Depreciation-store equipment $12,150.00 Accounts Payable $50,861.00 Salaries payable $1,600.00 Customer refunds payable $2,861.20 Note payable $25,000.00 S H Pilot Capital $270,343.00 S H pilot drawings$8,000.00 Sales $160,136.75 Cost of merchandise sold$99,363.34 Sales salaries expense$16,950.00 Advertising expense$275.00 Depreciation expense-store equipment$1,000.00 Store supply expense$5,601.00 Misc selling expense$900.00 Office salary expense$17,750.00 Depreciation expense-office equipment$500.00 Insurance expense$600.00 Office…
In the books of M TAdjusted Trial BalanceParticularsDebit $Credit $Cash$127,157.75 Notes Receivable$4,500.00 Accounts Receivable$12,132.40 Interest Receivable$40.00 Merchandise inventory$31,000.86 Estimated Returns Inventory$1,654.00 Office supplies$500.00 Store supplies$1,800.00 Prepaid Insurance$3,000.00 Land$55,000.00 Office Equipment$75,000.00 Accumulated Depreciation-office equipment $19,350.00 Store Equipemnt$75,500.00 Accumulated Depreciation-store equipment $12,150.00 Accounts Payable $50,861.00 Salaries payable $1,600.00 Customer refunds payable $2,861.20 Note payable $25,000.00 S H Pilot Capital $270,343.00 S H pilot drawings$8,000.00 Sales $160,136.75 Cost of merchandise sold$99,363.34 Sales salaries expense$16,950.00 Advertising expense$275.00 Depreciation expense-store equipment$1,000.00 Store supply expense$5,601.00 Misc selling expense$900.00 Office salary expense$17,750.00 Depreciation expense-office equipment$500.00 Insurance expense$600.00 Office…
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