The following adjusted trial balance at December 31 of Wilson Trucking Company.Account TitleCashAccounts receivableoffice suppliesTrucksAccumulated depreciation-TrucksLandAccounts payableInterest payableLong-term notes payableK. Wilson, CapitalK. Wilson, WithdrawalsTrucking revenueDepreciation expense-TrucksSalaries expenseoffice supplies expenseInterest expenseTotalsDebit$ 8,80018,3003,800180,00093,00020,800CreditPrepare the closing entries for the year ended December 31.$36,80014,4004,80062,000178,000138,00024,30063,4008,80012,800$ 434,000 $ 434,000

No. DateGeneral Journal Debit Credit 1.December 31Trucking Revenue $ 138,000 Income Summary…

Answered: The following adjusted trial balance at…

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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A Classified balance sheet, in report format, at June 30, 2020.
PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company : Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The…
Which of the folowing joumal entries would be recorded if a business makes a cash payment to a supplier of OR600 "on account (the business had purchased supplies on account in the previous month)? Select one: a. Cash 600 Supplies O 600 b. Cash 600 Accounts payable O 600 C. Accounts payable Supptes O 600 d. Accounts payable 600 Cesh O 4 de ENG 205 AM 10/2/2020
Use the adjusted trial balance and prepare a properly formatted Statement of Retained Earning Adjusted trial balance 30- APR Debit Credit Cash 68,000 accounts receivable 12,000 Prepaid insurance 850 Prepaid Advertising 13,250 Office Supplies 1,475 Merchandise inventory 27,850 Equipment 250,000 Accumulated Depreciation - Equipment 100,000 Music Copyrights 60,000 Accounts Payable 10,300 Salaries Payable 63,018 notes payable 7,500 long-term notes payable 92,500 common stock 25,000 retained earnings 173,862 dividends 30,000 sales 265,065 sales discount 25,702 Sales returns and allowances 4,370 cost of goods sold 124,209 insurance expense (on office) 3,000 Advertising expense 1,900 office salaries expense 23,000 Office supplies expense 13,319 Office rent 24,000 Depreciation expense - office building 5,000 royalties (an expense) 26,000 travel expenses (sales related)…
PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION C D
The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,700 Accounts receivable 19,200 Office supplies 4,700 Trucks 189,000 Accumulated depreciation-Trucks $ 37,700 Land 102,000 Accounts payable 17,100 Interest payable 5,700 Long-term notes payable 66,500 K. Wilson, Capital 187,000 K. Wilson, Withdrawals 21,700 Trucking revenue 147,000 Depreciation expense-Trucks 25,200 Salaries expense 66,100 Office supplies expense 9,700 Interest expense 13,700 Totals $ 461,000 $461,000 Prepare Wilson Trucking Company's classified balance sheet as of December 31.
SING THE FOLLOWING DATA, PREPARE THE APPROPRIATE CLOSING JOURNAL ENTRIES (R ---+- --T-- - ccounts payable 15 ---+- food inventory 30 ccounts receivable 87 --+-- - -+- bbq, withdrawals : 18 - -1 salaries expense 49 dining revenue 90 1- - - --- - accumulated depreciation -blg prepaid rent expense cost of sales 107 property taxes payable 一 building 60 pension obligation 27 catering income |44 transportation expense 9 70 +----+- - - unearned catering income 35 cash 'depreciation expense 2 bbq, capital --4-- - + 70 marketable securities : 40 delivery fees 20 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TTTT Paragraph 3 (12pt) 1ミ、三 T - Arial ABC fx @ふ囲困田一图图□0HTML CSS Mashups account title DR
Prepare an adjusted trial balance and income statement. Cash 26400 Accounts Payable 12100 Inventory 27060 Interest Payable 220 Prepaid Insurance 6280 Notes Payable 44000 Equipment 33440 Owner's Capital 36860 93180 93180 During January 2022, the following transactions occurred. (Sheridan Company uses the perpetual inventory system.) 1. Hydra paid $320 interest on the note payable on January 1, 2022. The note is due December 31, 2023. 2. Hydra purchased $229,768 of inventory on account. 3. Hydra sold for $387,200 cash, inventory which cost $233,200. Hydra also collected $25,168 in sales taxes. 4. Hydra paid $202,400 in accounts payable. 5. Hydra paid $14,960 in sales taxes to the state. 6. Paid other operating expenses of $26,400. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $56,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,840 federal income taxes are withheld.…
Question 1: Super Decorators Co had the following transactions with a customer during the year ended on 31 December 2019; November 1:Sold decoration material on account OMR 7,500, terms 1.5/10, n/30. November 4:Customer retuned some faulty materials of OMR 1,000 November 8:Customer paid OMR 2,500. December 1:Accepted a 90 days, 12% note from the customer for the balance amount. Required: a. Determine the date of maturity of the note. b. Determine the interest payable on maturity of the note. c. Journalize all the above transactions in the books of Super Decorators when the note is i)honoured on maturity and ii)dishonoured on maturity
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Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
When a concert promotions company collects cash forticket sales two months in advance of the show date,which of the following accounts is recorded?a. Accrued Liabilityb. Accounts Receivablec. Prepaid Expensed. Unearned Revenue

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