Question

In: Accounting

1. Given the following Adjusted Trial Balance, what will be the totals of the debit and...

1.

Given the following Adjusted Trial Balance, what will be the totals of the debit and credit columns of the Post-Closing Trial Balance?

DEBIT CREDIT
Cash $1.562
Accounts Receivable $2,098
Inventory $3,124
Prepaid Rent $86
Equipment $300
Accumulated Depreciation $52
Accounts Payable $82
Unearned Revenue $172
Common Stock $206
Retained Earnings $6,610
Service Revenue $218
Interest Revenue $56
Salaries Expense $160
Travel Expense $66
TOTAL $7,396 $7,396

2.

On March 1, Hoffman paid $3,120 in advance for 4 months' insurance.

Enter the March 31 month-end adjusting entry in Journal Entry format.

3.

Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. The first payment is to be received on February 15.

Enter the January month-end adjusting entry in Journal Entry format.

4.Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 200 compact discs for the price of $6,000 and terms of 2/10, n/30. Half of these discs had been mislabeled and were returned immediately to the supplier. Record the journal entry to record payment of this invoice after the discount period has expired. Use Journal Entry format.

5.

At December 31, 2015, the accounting records of Braun Corporation contain the following items:

Accounts Payable $16,000 Accounts Receivable $40,000
Land $240,000 Cash ??
Common Stock ?? Equipment $120,000
Building $180,000 Notes Payable $190,000
Retained Earnings $160,000

If Common Stock is $320,000, what are the total assets of Braun Corporation?

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

1. Given the following Adjusted Trial Balance, what will be the totals of the debit and...
1. Given the following Adjusted Trial Balance, what will be the totals of the debit and credit columns of the Post-Closing Trial Balance? DEBIT CREDIT Cash $1.562 Accounts Receivable $2,098 Inventory $3,124 Prepaid Rent $86 Equipment $300 Accumulated Depreciation $52 Accounts Payable $82 Unearned Revenue $172 Common Stock $206 Retained Earnings $6,610 Service Revenue $218 Interest Revenue $56 Salaries Expense $160 Travel Expense $66 TOTAL $7,396 $7,396 2. On March 1, Hoffman paid $3,120 in advance for 4 months' insurance....
Given the following adjusted trial balance, what will be the totals for the debit and credit...
Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance? Debit Credit Cash $897 Accounts receivable 1133 Inventory 1687 Prepaid rent 46 Equipment 160 Accumulated depreciation-equipment $28 Accounts payable 44 Unearned service revenue 93 Common stock 112 Retained earnings 3570 Service revenue 172 Interest revenue 30 Salaries and wages expense 90 Travel expense 36         Total $4049 $4049 A) $3895 B) $4049 C) $4021 D) $3923
If the totals of the adjusted trial balance Debit and Credit columns are equal, but the...
If the totals of the adjusted trial balance Debit and Credit columns are equal, but the post closing trial balance does not balance, what is the likely cause of the problem? Answer in a 100 word or more.
Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial...
Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial balance(credit) Cash 32,236.75 32,236.75 baking supplies 18,500 18,500 merchandise inventory(fifo) 175.65 175.65 prepaid rent 1500 1500 prepaid insurance 2400 2400 baking equipment 6000 6000 accumulated depreciation 208.33 208.33 office supplies 600 600 accounts receivable 7700 7700 notes payable 10,000 10,000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense rent expense...
1.Given the following adjusted trial balance, determine the company's net income for the year: Debit Credit  ...
1.Given the following adjusted trial balance, determine the company's net income for the year: Debit Credit   Cash $1,562 Accounts Receivable 2,098 Inventory 3,124 Prepaid Rent 86 Equipment 300 Accumulated Depreciation-Equipment 52 Accounts Payble 82 Unearned Service Revenue 122 Common Stock 206 Retained Earnings 6,610 Service Revenue 268 Interest Revenue 56 Salaries and Wages Expense 160 Travel Expense           66                Total $7,396 $7,396 a) $496 b) $270. c) $324. d)$98. e) $220 2.A company has the following...
The following adjusted TRIAL Balance is given for ACAR Photography. ACAR Photography Adjusted TRIAL BALANCE Dec.,...
The following adjusted TRIAL Balance is given for ACAR Photography. ACAR Photography Adjusted TRIAL BALANCE Dec., 31, 2018 Accounts Debit Credit Cash 30.000 Accounts receivable 60.000 Supplies 15.000 Notes Receivable 6.400 Land 80.000 Building 320.000 Accumulated Depreciation- Building 42.000 Equipment 150.000 Accumulated Depreciation- Equipment 17.000 Accounts Payable 24.000 Salaries Payable 4.000 Unearned Service Revenue 50.000 Notes Payable 200.000 Capital, ACAR 24.580 Withdrawals 46.000 Service Revenue 578.000 Salaries Expense 122.000 Depreciation Expense 12.300 Supplies Expense 28.080 Rent Expense 28.000 Utilities Expense...
Following is the adjusted trial balance of Wilson Trucking Company       Account Title Debit Credit...
Following is the adjusted trial balance of Wilson Trucking Company       Account Title Debit Credit Cash $ 5,400 Accounts receivable 29,000 Office supplies 6,573 Trucks 161,000 Accumulated depreciation—Trucks $ 33,166 Land 42,000 Accounts payable 9,400 Interest payable 20,000 Long-term notes payable 60,000 Common stock 23,624 Retained earnings 94,498 Dividends 17,000 Trucking fees earned 124,000 Depreciation expense—Trucks 21,392 Salaries expense 56,046 Office supplies expense 16,000 Repairs expense—Trucks 10,277 Totals $ 364,688 $ 364,688 Use the above adjusted trial balance to...
Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted Trial Balance...
Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted Trial Balance prepare the closing entries at June 30, 2019 (on a piece of paper) and select the correct answer to the questions asked about the closing entries. TORR'S TOWING SERVICES WORKSHEET FOR THE YEAR ENDED JUNE 30, 2019 ADJUSTED TRIAL BALANCE ACCOUNT TITLES DEBIT ($) CREDIT ($) Cash                  56,820.00 Accounts Receivable                  28,200.00 Towing Supplies                    9,000.00 Notes Receivable                    2,500.00 Land                 180,000.00...
Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted Trial Balance...
Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted Trial Balance prepare the closing entries at June 30, 2019 (on a piece of paper) and select the correct answer to the questions asked about the closing entries.     TORR'S TOWING SERVICES WORKSHEET   FOR THE YEAR ENDED JUNE 30, 2019 ADJUSTED TRIAL BALANCE ACCOUNT TITLES       DEBIT ($)   CREDIT ($)        Cash       56,820.00      Accounts Receivable       28,200.00      Towing Supplies       9,000.00     ...
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...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT