Question The trial balance of Customer Choice Wholesale Company contained the accounts shown at December 31, the end of the company’s fiscal year. Debit Credit Adjustment data: Other data: $39,750 of the notes payable are payable next year. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. CUSTOMER CHOICE WHOLESALE COMPANY Trial Balance December 31, 2014     Debit   Credit Cash   $ 83,210     Accounts Receivable   99,640     Inventory   185,500     Land   243,800     Buildings   530,000     Accumulated Depreciation—Buildings       $ 159,000 Equipment   221,275     Accumulated Depreciation—Equipment       107,325 Notes Payable       144,955 Accounts Payable       46,375 Common Stock       424,000 Retained Earnings       178,080 Dividends   26,500     Sales Revenue       2,443,565 Sales Discounts   15,900     Cost of Goods Sold   1,881,235     Salaries and Wages Expense   135,945     Utilities Expense   30,210     Maintenance and Repairs Expense   23,585     Advertising Expense   13,780     Insurance Expense   12,720         $3,503,300   $3,503,300

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question

The trial balance of Customer Choice Wholesale Company contained the accounts shown at December 31, the end of the company’s fiscal year.

Debit

Credit

Adjustment data:

Other data: $39,750 of the notes payable are payable next year.

Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.

2.

3.

CUSTOMER CHOICE WHOLESALE COMPANY

Trial Balance

December 31, 2014

 

 

Debit

 

Credit

Cash

 

$ 83,210

 

 

Accounts Receivable

 

99,640

 

 

Inventory

 

185,500

 

 

Land

 

243,800

 

 

Buildings

 

530,000

 

 

Accumulated Depreciation—Buildings

 

 

 

$ 159,000

Equipment

 

221,275

 

 

Accumulated Depreciation—Equipment

 

 

 

107,325

Notes Payable

 

 

 

144,955

Accounts Payable

 

 

 

46,375

Common Stock

 

 

 

424,000

Retained Earnings

 

 

 

178,080

Dividends

 

26,500

 

 

Sales Revenue

 

 

 

2,443,565

Sales Discounts

 

15,900

 

 

Cost of Goods Sold

 

1,881,235

 

 

Salaries and Wages Expense

 

135,945

 

 

Utilities Expense

 

30,210

 

 

Maintenance and Repairs Expense

 

23,585

 

 

Advertising Expense

 

13,780

 

 

Insurance Expense

 

12,720

 

 

 

 

$3,503,300

 

$3,503,300

         

 

Expert Solution
Step 1

Given:

CUSTOMER CHOICE WHOLESALE COMPANY
Trial Balance
December 31, 2014

   

Debit

 

Credit

Cash

 

$ 83,210

   

Accounts Receivable

 

99,640

   

Inventory

 

185,500

   

Land

 

243,800

   

Buildings

 

530,000

   

Accumulated Depreciation—Buildings

     

$ 159,000

Equipment

 

221,275

   

Accumulated Depreciation—Equipment

     

107,325

Notes Payable

     

144,955

Accounts Payable

     

46,375

Common Stock

     

424,000

Retained Earnings

     

178,080

Dividends

 

26,500

   

Sales Revenue

     

2,443,565

Sales Discounts

 

15,900

   

Cost of Goods Sold

 

1,881,235

   

Salaries and Wages Expense

 

135,945

   

Utility Expense

 

30,210

   

Maintenance and Repairs Expense

 

23,585

   

Advertising Expense

 

13,780

   

Insurance Expense

 

12,720

   
   

$3,503,300

 

$3,503,300

Step 2

 

Concept:

The financial statement which contains the summary of all the financial balance data of an individual or an entity is called a balance sheet.

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