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Prepare the Adjusted Trial Balance Accounts Payable – 65,340 Accounts Receivable – 190,300 Accumulated Depreciation (Building)...

Prepare the Adjusted Trial Balance

Accounts Payable – 65,340

Accounts Receivable – 190,300

Accumulated Depreciation (Building) – 5,400

Accumulated Depreciation (Equipment – 29,359

Accumulated other comprehensive income – 15,000

Additional Paid in Capital – Treasury Stock – 21,000

Advertising Expense – 8,400

Allowance for Doubtful Accounts – 25,000

Bad Debt Expense – 25,000

Bonds Interest Expense – 43,088

Bonds Payable - $1,600,000

Building – 150,000

Cash – 1,270,676

Common Stock – 101,000

Depreciation Expense – 33,759

Dividends – 41,000

Employee Compensation Expense – 10,000

Employee stock option outstanding account – 10,000

Equipment – 50,000

Fair value adjustment (Trading) – (8,000)

Income Taxes Expense – 63,800

Income Taxes Payable – 63,800

Insurance Expense – 82,000

Interest Expense – 1,175

Interest Income – 19,561

Interest Receivable – 16,000

Inventory – 0

Investment in Bonds of Intuit Corp – 200,000

Investment in Bonds of Intuit Corp (Discount) – 18,615

Land – 75,000

Lease Equipment – 43,796

Lease Liability – 33,293

LT (Debt) investments (HTM) – 177,824

Notes Payable – 236,175

Office Expense – 21,700

Patent – 37,500

Pension Expense – 40,000

Pensions-related asset – 10,000

PIC in Excess of Par – Common Stock - 33,000

Premium on Bonds Payable – 118,630

Prepaid Insurance – 17,400

Purchases - $350,000

Rent Revenue – 12,000

Retained Earnings – 0

Sales Revenue – 792,845

Short term Investments – 167,000

12/31/14 Adjusting Journal Entries
JE # Account Titles Debits Credits
1 Insurance Expense               8,200
Prepaid Insurance                   8,200
2 Depreciation Expense               2,400
Accumulated Depreciation - Building                     400
Accumulated Depreciation - Equipment                   2,000
3 Unearned Rent Revenue             12,000
Rent Revenue                 12,000
4 Wages Expense             12,750
Wages Payable                 12,750
5 Interest Expense               1,175
Notes Payable                   1,175
6 No journal entry required
7 No journal entry required
8 Cash             70,000
Treasury Stock                 49,000
Additional Paid in Capital - Treasury Stock                 21,000
9 Cash             35,000
Common Stock                 15,000
Paid in capital in excess of par - Common Stock                 20,000
10 Cash            861,771
Bonds Payable               800,000
Premium on Bonds Payable                 61,771
Bonds Interest Expense             43,088
Premium on Bonds Payable               4,912
Cash                 48,000
11 Unrealized Holding Gain and Loss               8,000
Securities Fair Value Adjustment - Trading                   8,000
12 Investment in Bonds of Intuit Corp            200,000
Cash               177,824
Investment in Bonds of Intuit Corp - Discount Bonds                 22,176
Interest Receivable             16,000
Investment in Bonds of Intuit Corp - Discount Bonds               3,561
Interest Income                 19,561
13 Bad Debt Expense             25,000
Allowance for Doubtful Acounts                 25,000
14 Lease Equipment             43,796
Lease Liability                 43,796
Lease Liability             10,503
Cash                 10,503
Depreciation Expense               7,359
Accumulated Depreciation: Equipment                   7,359
15 Pension Expense             40,000
Pension-related asset             10,000
Accumulated other comprehensive income                 15,000
Cash                 35,000
16 Employee Compensation Expense             10,000
Employee Stock option outstanding account                 10,000

Treasury Stock – 0

Unearned Rent Revenue – 24,000

Unrealized Holding Gains and Loss – 8,000

Utilities Expense – 31,000

Wages Expense – 80,350

Wages Payable – 12,000

Solutions

Expert Solution

Unadjusted Adjustement Adjusted
Debit Credit Debit Credit Debit Credit
Accounts Payable   65,340 65,340
Accounts Receivable 190,300 190,300
Accumulated Depreciation (Building) 5400 400 5,800
Accumulated Depreciation (Equipment 29,359 9,359 38,718
Accumulated other comprehensive income 15,000 15,000 30,000
Additional Paid in Capital – Treasury Stock 21,000 21,000 42,000
Advertising Expense 8,400 8,400
Allowance for Doubtful Accounts 25,000 25,000 50,000
Bad Debt Expense 25,000 25,000 50,000
Bonds Interest Expense 43,088 43,088 86,176
Bonds Payable 1,600,000 800,000 2,400,000
Building 150,000 150,000
Cash 1,270,676 966,771 271,327 1,966,120
Common Stock 101,000 15,000 116,000
Depreciation Expense 33,759 9,759 43,518
Dividends 41,000 41,000
Employee Compensation Expense 10,000 10,000 20,000
Employee stock option outstanding account 10,000 10,000 20,000
Equipment 50,000 50,000
Fair value adjustment (Trading) -8,000 -8,000 -16,000
Income Taxes Expense 63,800 63,800
Income Taxes Payable 63,800 63,800
Insurance Expense 82,000 8,200 90,200
Interest Expense 1,175 1,175 2,350
Interest Income 19,561 19,561 39,122
Interest Receivable 16,000 16,000 32,000
Inventory 15250 15,250
Investment in Bonds of Intuit Corp 200,000 200,000 400,000
Investment in Bonds of Intuit Corp (Discount) 18615 3,561 22,176 37,230
Land 75,000 75,000
Lease Equipment 43,796 43,796 87,592
Lease Liability 33,293 10,503 43,796 66,586
LT (Debt) investments (HTM) 177,824 177,824
Notes Payable 236,175 1,175 237,350
Office Expense 21,700 21,700
Patent 37,500 37,500
Pension Expense 40,000 40,000 80,000
Pensions related asset 10,000 10,000 20,000
PIC in Excess of Par – Common Stock   33,000 20,000 53,000
Premium on Bonds Payable 118,630 61,771 180,401
Prepaid Insurance 17,400 4,912 8,200 14,112
Purchases   350,000 350,000
Rent Revenue 12,000 12,000 24,000
Retained Earnings 0 0
Sales Revenue 792,845 792,845
Short term Investments 167,000 167,000
Treasury Stock 0 49,000 -49,000
Unearned Rent Revenue 24,000 12,000 12,000
Unrealized Holding Gains and Loss 8,000 8,000 0
Utilities Expense 31,000 31,000
Wages Expense 80,350 12,750 93,100
Wages Payable 12,000 12,750 24,750
TOTAL 3,244,018 3,244,018 1,417,515 1,417,515 4,298,942 4,298,942

ekkarill92 answered 1 year ago
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