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 2 years ago
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