The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts:VAUGHN CO.Trial Balance (Selected Accounts)June 30, 2024SuppliesPrepaid insuranceEquipmentAccumulated depreciation-equipmentUnearned revenueDebit$7700373059400Credit$544520000 An analysis of the accounts shows that equipment was purchased on July 1, 2023 with an estimated useful life of 10 years. Which ofthe following reflects the adjusting entry for the month of June?Depreciation ExpenseAccumulated Depreciation - EquipmentEquipmentCashDepreciation ExpenseAccumulated Depreciation Equipment5940-59400495Accumulated Depreciation Equipment 495Depreciation Expense594059400495495

Name: The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes
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Description: The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts:VAUGHN CO.Trial Balance (Selected Accounts)June 30, 2024SuppliesPrepaid insuranceEquipmentAccumulated depreciation-equipmentUnearned revenueDebit$7

Depreciation expense on an accrual basis in accounting represents the gradual allocation of an…

Business

Accounting

The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts: VAUGHN CO. Trial Balance (Selected Accounts) June 30, 2024 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Debit $7700 3730 59400 Credit $5445 20000

The unadjusted trial balance of Vaughn Co. on June 30, 2024, includes the following selected accounts: VAUGHN CO. Trial Balance (Selected Accounts) June 30, 2024 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Unearned revenue Debit $7700 3730 59400 Credit $5445 20000

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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Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense Utilities Expense…
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Prepare the Adjusted Trial balance for the period ending June 30, 2020
Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
The following is a pre-adjusted Trial balance of Khulumani Pty Ltd (Khulumani) on 28 February 2020 Balance sheet sectionCapital 596 400,00Drawings 130 500,00Land and buildings 600 000,00Equipment 145 000,00Accumulated depreciation (1 March 2020) 33 000,00Fixed deposit: TT Bank (8% p.a) 50 000,00Loan: BTK Bank (16% p.a) 60 000,00Inventory (1 March 2020) 105 330,00Debtors control 51 630,00Creditors control 74 400,00Bank 18 720,00Petty cash 1 500,00Nominal AccountsSales 841 600,00Purchases 408 760,00Sales returns 6 000,00Purchases returns 4 500,00Rent income 80 400,00Interest on fixed deposit 2 000,00Bank charges 2 700,00water & electricity 18 810,00Telephone 5 250,00Insurance 5 850,00Interest on loan 7 250,00Rates and taxes 24 600,00Salaries & wages 84 640,00Consumables stores 10 960,00Advertising 14 800,00 Adjustments and additional information1. Inventory on hand on 28 February 2020 amounted to R91 000. Inventories are measured at cost, on a FIFO method andat net realisable…
y courses / BUSS 104-1-20202 / MAKEUP TEST SCHEDULED FOR Thursda E (06-05-2021 from 11:00 to 12: Noon) The XYZ Company had the following income statement on 31.12.2020 Deprecation 5000 Net income 110000 OMR The following accounts decreased during 2020: Accounts receivable 24000 inventory 18000 OMR, Rent payable 15000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 8000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: Oa. 149000 OMR O b. NONE OF THESE O c. 136000 OMR O d. 145000 OMR
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Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
On March 31, 2022, the balances of accounts appearing in the ledger of April Furnishings Company, afurniture wholesales, are as follows:Accumulated Depreciation-Building$419,000Administrative Expenses302,000Building1,397,000Cash98,000Cost of Merchandise Sold2,123,000Interest Expense6,000April, Capital887,000April, Drawing98,000Merchandise Inventory $547,000Notes Payable140,000Office Supplies11,000Salaries Payable4,000Sales3,582,000Selling Expenses400,000Store Supplies50,000Create create a multi step income statement.
Sandhill Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 101 112 Accounts Receivable 157 Equipment 400 Cash 429 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 301 306 (a) Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Sandhill Company Adjusted Trial Balance July 31, 2022 Account Titles 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit (To close drawings) $8,500 9,400 16,000 16,200 6,500 56,400 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 14,900 $127,900 Credit $7,400 4,500 2,500 42,600…
Blue Spruce Company ended its fiscal year on July 31.2022. The company's adjunted trial balance as of the end of is fiscal year shown as follows. Blue Spruce Company Adjusted Trial Balance July 31, 2022 No. Account Titles Debit Credit 101 Cash $10.450 112 Accounts Receivable 9.000 157 Equipment 15.500 $7.000 158 Accumulated Depreciation-Equip 4,750 201 Accounts Payable 1,500 208 Unearned Rent Revenue 19.100 311 Common Stock 27.000 320 Retained Earnings 16.500 332 Dividends 63,000 400 Service Revenue 6.000 429 Rent Revenue 201 Accounts Payable 208 Unearned Rent Revenue 4,750 1.500 311 Common Stock 19,100 320 Retained Earnings 27,000 332 Dividends 16,500 400 Service Revenue 63,000 429 Rent Revenue 6,000 711 Depreciation Expense 6,500 726 Salaries and Wages Expense 55.900 732 Utilities Expense 14,500 $128.350 $128,350