Question

In: Accounting

3. On the basis of the following data taken from the Adjusted Trial Balance columns of...

3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company, journalize the four closing entries.

Cash

$  30,000

Accounts Receivable

45,200

Supplies

5,000

Equipment

169,900

Accumulated Depreciation

$  32,000

Accounts Payable

12,500

Capital Stock

71,600

Dividends

47,000

Fees Earned

510,000

Salary Expense

244,500

Rent Expense

48,000

Depreciation Expense

25,000

Supplies Expense

9,500

Miscellaneous Expense

      2,000

$626,100

$626,100

Date

Description

Post Ref

Debit

Credit

4. Merchandise with a list price of $7,500 is purchased on account, terms FOB shipping point, 1/10, n/30. The

   seller prepaid transportation costs of $300. Prior to payment, $2,000 of the merchandise is returned. The

   correct amount is paid within the discount period.

Record the foregoing transactions of the buyer in the sequence indicated below.

(a)

Purchased the merchandise.

(b)

Recorded receipt of the credit memorandum for merchandise returned.

(c)

Paid the amount owed.

Date

Description

Post Ref

Debit

Credit

Solutions

Expert Solution

ekkarill92 answered 6 months ago
Next > < Previous

Related Solutions

The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...
The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Company: Accumulated Depreciation $42,400 Prepaid Rent 6,800 Supplies 850 Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Common Stock 2,000 Retained Earnings ? ​ Prepare a classified balance sheet.
The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...
The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Trucking: Accounts Amount Accounts Payable $42,600 Accounts Receivable 83,400 Accumulated Depreciation-Trucks 28,000 Cash ? Common Stock 100,000 Prepaid Insurance 6,500 Prepaid Rent 12,000 Retained Earnings 215,000 Salaries Payable 12,500 Trucks 206,000 Supplies 4,700 Unearned Fees 5,000 Required: Prepare a classified balance sheet. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels,...
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.: Accumulated Depreciation $32,000 Fees Earned 78,000 Depreciation Expense 7,250 Rent Expense 34,000 Prepaid Insurance 6,000 Supplies 400 Supplies Expense 1,800 ​ Prepare an income statement.
The following data were taken from the adjusted trial balance of Kent Corporation. Kent Corporation Adjusted...
The following data were taken from the adjusted trial balance of Kent Corporation. Kent Corporation Adjusted Trial Balance Data December 31, 2009 Accounts Payable $12,000 Accounts Receivable 13,000 Accumulated Depreciation-Building 6,000 Accumulated Depreciation-Furniture & Fixtures 9,000 Building 60,000 Capital Stock 40,000 Cash 24,000 Copyrights 22,000 Dividends Declared 12,000 Furniture & Fixtures 15,000 Land 25,000 Note Payable (10%, due in 5 years) 40,000 Office Supplies 1,000 Prepaid Insurance 3,000 Retained Earnings (January 1, 2009) 23,000 Salaries Payable 2,000 Service Revenue 85,000...
The following is a list of the accounts and balances taken from the adjusted trial balance...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account Balance Dec. 31 1 Accounts payable $15,000 2 Accounts receivable 30,000 3 Accumulated depreciation—building 15,500 4 Accumulated depreciation—equipment 10,000 5 Advertising expense 4,500 6 Building 84,600 7 S. Meilleur, capital...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the...
Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the Meadows Company on December 31, 2016: Debits Credits Accounts Payable $ 9,800 Accounts Receivable $ 19,000 Accrued Payables 7,100 Accumulated Depreciation 44,000 Additional Paid-in Capital 50,600 Cash 7,900 Common Stock, $5 par 29,600 Cost of Goods Sold 179,500 Current Portion of Long-Term Debt 6,200 Deferred Taxes Payable 12,500 Dividends Distributed 7,000 General Expenses 27,560 Income Tax Expense 12,340 Income Taxes Payable 7,500 Interest Expense...
Prepare a worksheet that contains the following columns: Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement...
Prepare a worksheet that contains the following columns: Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement and Balance Sheet. From the following transactions as well as add't data, please complete the entire accounting cycle for Parker's Plowing (using the chart of accounts below) for 2018. Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company. Jan. 1 Paid rent for six months in advance for garage space, $6000 Jan. 6 Purchased snow supplies for...
The following adjusted trial balance is taken from the General Fund of the Farnsworth City for...
The following adjusted trial balance is taken from the General Fund of the Farnsworth City for the year ended June 30. Prepare a (post-closing) Balance Sheet. Allowance for uncollectible taxes 2,000 Cash 92,000 Due from capital project fund 21,000 Due to debt service fund 12,000 Encumbrances 13,000 Encumbrances outstanding 13,000 Expenditures 58,000 Fund balance, nonspendable 6,000 Fund balance, unassigned 14,000 Inventory of supplies 6,000 Other financing sources - bond proceeds 9,000 Other financing uses - transfer out 4,000 Revenues 119,000...
The following adjusted trial balance is taken from the General Fund of the Farnsworth City for...
The following adjusted trial balance is taken from the General Fund of the Farnsworth City for the year ended June 30. Prepare a (post-closing) Balance Sheet. Allowance for uncollectible taxes 2,000 Cash 92,000 Due from capital project fund 21,000 Due to debt service fund 12,000 Encumbrances 13,000 Encumbrances outstanding 13,000 Expenditures 58,000 Fund balance, nonspendable 6,000 Fund balance, unassigned 14,000 Inventory of supplies 6,000 Other financing sources - bond proceeds 9,000 Other financing uses - transfer out 4,000 Revenues 119,000...
The following items are taken from the adjusted trial balance of Sutch Video Productions at December...
The following items are taken from the adjusted trial balance of Sutch Video Productions at December 31, 2017: Accounts Payable....................................................................................$ 15,000 Accounts Receivable...............................................................................11,000 Accumulated Depreciation—Video Equipment......................................28,000 AdvertisingExpense...............................................................................21,000 Cash........................................................................................................24,000 Depreciation Expense..............................................................................12,000 J. Sutch, capital........................................................................................102,000 J. Sutch, drawings....................................................................................15,000 Insurance Expense...................................................................................3,000 Note Payable (due 2019).........................................................................70,000 Prepaid Insurance....................................................................................6,000 Rent Expense...........................................................................................17,000 Salaries Expense......................................................................................34,000 Salaries Payable.......................................................................................3,000 ServiceRevenue......................................................................................145,000 Supplies...................................................................................................4,000 Supplies Expense.....................................................................................6,000 Video Equipment.....................................................................................210,000 a.Calculate the Profit. b. Calculate the balance of Owner's Equity that would appear on a balance sheet at December 31, 2017. c. Prepare a...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT