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The CEO of newly formed True Target printed a copy of the company's general ledger prior to a re plane flight. She settled into seat SA next to where you were sitting Once airbome, she removed the printed "GL." from her brief case and began examining the report. Unfortunately, she realized that her printer had run out of ink on the very last page. She is frustrated because she is not able to determine the company's exact profitability to date, and is on her way to a shareholder meeting where she is to issue a report on the company's progress. She happened to note that you were studying an accounting book, and asked if you might help her Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month CASH Description Debit Balance Date Credit 02-Jan-08 Balance forward Journal Page 1 Journal Page1 Journal Page 1 03-Jan-08 750,000 750,000 10-Jan-08 225,000 45,000 525,000 14-Jan-08 480,000 Journal Page 2 Journal Page 2 Journal Page 2 Journal Page 2 18-Jan-08 120,000 600,000 21-Jan-08 588,000 12,000 9,000 26-Jan-08 579,000 31-Jan-08 78,000 657,000 ACCOUNTS RECEIVABLE Date Description Debit Credit Balance 02-Jan-08 Balance forward 06-Jan-08 Journal Page1 165,000 165,000 18-Jan-08 Journal Page 2 120,000 45,000 LAND Date Description Debit Credit Balance 02-Jan-08 Balance forward 10-Jan-08 Journal Page 1 225,000 225,000 SALARIES PAYABLE Date Description Debit Credit Balance 02-Jan-08 Balance forward 31-Jan-08 Journal Page 2 54,000 54,000 CAPITAL STOCK Date Description Debit Credit Balance 02-Jan-08 Balance forward 03-Jan-08 Journal Page 1 750,000 750,000 REVENUES Date Description Debit Credit Balance 02-Jan-08 Journal Page 1 Journal Page 2 165,000 78,000 06-Jan-08 165,000 243,000 31-Jan-08 SUPPLIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 26-Jan-08 Journal Page 2 9,000 9,000 UTILITIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 21-Jan-08 Journal Page 2 12,000 12,000 SALARIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 14-Jan-08 31-Jan-08 Journal Page 1 Journal Page 2 45,000

The CEO of newly formed True Target printed a copy of the company's general ledger prior to a re plane flight. She settled into seat SA next to where you were sitting Once airbome, she removed the printed "GL." from her brief case and began examining the report. Unfortunately, she realized that her printer had run out of ink on the very last page. She is frustrated because she is not able to determine the company's exact profitability to date, and is on her way to a shareholder meeting where she is to issue a report on the company's progress. She happened to note that you were studying an accounting book, and asked if you might help her Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month CASH Description Debit Balance Date Credit 02-Jan-08 Balance forward Journal Page 1 Journal Page1 Journal Page 1 03-Jan-08 750,000 750,000 10-Jan-08 225,000 45,000 525,000 14-Jan-08 480,000 Journal Page 2 Journal Page 2 Journal Page 2 Journal Page 2 18-Jan-08 120,000 600,000 21-Jan-08 588,000 12,000 9,000 26-Jan-08 579,000 31-Jan-08 78,000 657,000 ACCOUNTS RECEIVABLE Date Description Debit Credit Balance 02-Jan-08 Balance forward 06-Jan-08 Journal Page1 165,000 165,000 18-Jan-08 Journal Page 2 120,000 45,000 LAND Date Description Debit Credit Balance 02-Jan-08 Balance forward 10-Jan-08 Journal Page 1 225,000 225,000 SALARIES PAYABLE Date Description Debit Credit Balance 02-Jan-08 Balance forward 31-Jan-08 Journal Page 2 54,000 54,000 CAPITAL STOCK Date Description Debit Credit Balance 02-Jan-08 Balance forward 03-Jan-08 Journal Page 1 750,000 750,000 REVENUES Date Description Debit Credit Balance 02-Jan-08 Journal Page 1 Journal Page 2 165,000 78,000 06-Jan-08 165,000 243,000 31-Jan-08 SUPPLIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 26-Jan-08 Journal Page 2 9,000 9,000 UTILITIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 21-Jan-08 Journal Page 2 12,000 12,000 SALARIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 14-Jan-08 31-Jan-08 Journal Page 1 Journal Page 2 45,000

FINANCIAL ACCOUNTING
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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The CEO of newly formed True Target printed a copy of the company's general ledger prior to a recent plane flight. She settled into seat 5A next to where you were sitting. Once airborne, she removed the printed "GL" from her brief case and began examining the report. Unfortunately, she realized that her printer had run out of ink on the very last page. She is frustrated because she is not able to determine the company's exact profitability to date, and is on her way to a sharcholder meeting where she is to issue a report on the company's progress. She happened to note that you were studying an accounting book, and asked if you might help her. Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month. CASH Date Description Debit Credit Balance 02-Jan-08 Balance forward 03-Jan-08 Journal Page 1 750,000 750,000 Journal Page 1 Journal Page 1 Journal Page 2 225,000 45,000 525,000 480,000 10-Jan-08 14-Jan-08 18-Jan-08 120,000 600,000 21-Jan-08 Journal Page 2 12,000 9,000 588,000 26-Jan-08 Journal Page 2 Journal Page 2 579,000 31-Jan-08 78,000 657,000 ACCOUNTS RECEIVABLE Date Description Debit Credit Balance 02-Jan-08 Balance forward Journal Page 1 Journal Page 2 06-Jan-08 165,000 165,000 18-Jan-08 120,000 45,000 LAND Date Description Debit Credit Balance 02-Jan-08 Balance forward 10-Jan-08 Journal Page 1 225,000 225,000 SALARIES PAYABLE Debit Balance Date Description Credit Balance forward 31-Jan-08 Journal Page 2 02-Jan-08 54,000 54,000 CAPITAL STOoCK Date Description Debit Credit Balance 02-Jan-08 Balance forward 03-Jan-08 Journal Page 1 750,000 750,000 REVENUES Date Description Debit Credit Balance 02-Jan-08 Journal Page 1 Journal Page 2 165,000 165,000 243,000 06-Jan-08 31-Jan-08 78,000 SUPPLIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 26-Jan-08 Journal Page 2 9,000 9,000 UTILITIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 21-Jan-08 Journal Page 2 12,000 12,000 SALARIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 14-Jan-08 Journal Page 1 45,000 31-Jan-08 Journal Page 2
Transcribed Image Text:The CEO of newly formed True Target printed a copy of the company's general ledger prior to a recent plane flight. She settled into seat 5A next to where you were sitting. Once airborne, she removed the printed "GL" from her brief case and began examining the report. Unfortunately, she realized that her printer had run out of ink on the very last page. She is frustrated because she is not able to determine the company's exact profitability to date, and is on her way to a sharcholder meeting where she is to issue a report on the company's progress. She happened to note that you were studying an accounting book, and asked if you might help her. Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month. CASH Date Description Debit Credit Balance 02-Jan-08 Balance forward 03-Jan-08 Journal Page 1 750,000 750,000 Journal Page 1 Journal Page 1 Journal Page 2 225,000 45,000 525,000 480,000 10-Jan-08 14-Jan-08 18-Jan-08 120,000 600,000 21-Jan-08 Journal Page 2 12,000 9,000 588,000 26-Jan-08 Journal Page 2 Journal Page 2 579,000 31-Jan-08 78,000 657,000 ACCOUNTS RECEIVABLE Date Description Debit Credit Balance 02-Jan-08 Balance forward Journal Page 1 Journal Page 2 06-Jan-08 165,000 165,000 18-Jan-08 120,000 45,000 LAND Date Description Debit Credit Balance 02-Jan-08 Balance forward 10-Jan-08 Journal Page 1 225,000 225,000 SALARIES PAYABLE Debit Balance Date Description Credit Balance forward 31-Jan-08 Journal Page 2 02-Jan-08 54,000 54,000 CAPITAL STOoCK Date Description Debit Credit Balance 02-Jan-08 Balance forward 03-Jan-08 Journal Page 1 750,000 750,000 REVENUES Date Description Debit Credit Balance 02-Jan-08 Journal Page 1 Journal Page 2 165,000 165,000 243,000 06-Jan-08 31-Jan-08 78,000 SUPPLIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 26-Jan-08 Journal Page 2 9,000 9,000 UTILITIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 21-Jan-08 Journal Page 2 12,000 12,000 SALARIES EXPENSE Date Description Debit Credit Balance 02-Jan-08 14-Jan-08 Journal Page 1 45,000 31-Jan-08 Journal Page 2
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