Question

In: Accounting

The trial balance of Kelso Company had accounts with the following normal balances: Cash, $8,000; Accounts...

The trial balance of Kelso Company had accounts with the following normal balances: Cash, $8,000; Accounts Receivable, $6,000; Equipment, $10,000; Accounts Payable, $9,000; Owner’s Capital, $15,000; Owner’s Drawings, $500; Service Revenue, $7,000; Rent Expense, $1,000; Salaries and Wages Expense, $3,000; and Advertising Expense, $2,500. In preparing the trial balance, the total in the debit column is

Solutions

Expert Solution

Cash 8000
Accounts Receivable 6000
Equipment 10000
Owner’s Drawings 500
Rent Expense 1000
Salaries and Wages Expense 3000
Advertising Expense 2500
Total in the debit column 31000

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The trial balance of Pacific Asia Corporation had accounts with the following normal balances: Cash HK$5,000,...
The trial balance of Pacific Asia Corporation had accounts with the following normal balances: Cash HK$5,000, Revenue HK$85,000, Salaries and Wages Payable HK$4,000, Salaries and Wages Expense HK$40,000, Rent Expense HK$10,000, Share Capital – Ordinary HK$42,000; Dividends HK$15,000; Equipment HK$61,000. In preparing a trial balance, the total in the debit column is
Given a random list of accounts with their normal balances, prepare a trial balance for Luxury...
Given a random list of accounts with their normal balances, prepare a trial balance for Luxury Gifts Corporation as of December 31, 2019 Common stock        $5,500                    Accounts Receivable         $2,000 Note Payable 3,500                    Service Revenue               12,000 Supplies                       500                    Insurance Expense                 700 Prepaid Insurance   1,400                    Equipment                        9,500 Salary Expense       8,000                    Accounts Payable              1,000 Dividends                2,000                    Cash                                1,000 Utilities Expense      1,000                    Retained Earnings             4,100 Prepare Journal Entries in good form for the following transactions for the Goodland Company The...
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December...
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2015, the end of its fiscal year. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,400 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 T. Cruz, Capital 42,725 302 T. Cruz, Withdrawals 6,000 404 Services revenue 37,000 612 Depreciation expense—Equipment 2,000 622 Salaries expense 21,571 637 Insurance expense 1,554 640 Rent expense 2,479 652 Supplies...
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of...
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. Unrecorded depreciation on the trucks at the end of the year is $7,956. The total amount of accrued interest expense at year-end is $8,000. The cost of unused office supplies still available at year-end is $1,600.    1. Use the above information about the company’s adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan Delivery Company...
The following list of accounts and their balances represents the unadjusted trial balance of Alt Company...
The following list of accounts and their balances represents the unadjusted trial balance of Alt Company at December 31, 2018: Cash $25,490 Equity Investments (trading) $60,000 Accounts Receivable $69,000 Allowance for Doubtful Accounts $500 Inventory $54,720 Prepaid Rent $36,000 Plant Assets $160,000 Accumulated Depreciation-Plant Assets $14,740 Accounts Payable $11,370 Bonds Payable $90,000 Common Stock $170,000 Retained Earnings $97,180 Sales Revenue $214,800 Cost of Goods Sold $154,400 Freight-Out $11,000 Salaries and Wages Expense $32,000 Interest Expense $2,040 Rent Revenue $21,600 Miscellaneous...
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances:
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances: The following transactions took place during 2016 for Palicio Security Service 1. Paid the salaries payable from 2015. 2. On March 1, 2016, Palicio established a $100 petty cash fund to handles expenditures. 3. Paid $4,800 on May 1, 2016, for one year's lease on the company van in advance. 4. Paid $7,200 on May 2, 2016 for one year's office rent in advance. 5. Purchased $400 of supplies...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 12,800 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 A. Cruz, Capital 46,630 302 A. Cruz, Withdrawals 6,000 404 Services revenue 38,800 612 Depreciation expense—Equipment 2,000 622 Salaries expense 22,620 637 Insurance expense 1,630 640 Rent expense 2,600 652 Supplies expense 1,280 Totals $ 91,930 $...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 10,200 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 A. Cruz, Capital 42,739 302 A. Cruz, Withdrawals 6,000 404 Services revenue 43,500 612 Depreciation expense—Equipment 2,000 622 Salaries expense 25,361 637 Insurance expense 1,827 640 Rent expense 2,915 652 Supplies expense 1,436 Totals $ 92,739 $...
The following balances are available for Chrisman Company: December 31 2017 2016 Cash $8,000 $10,000 Accounts...
The following balances are available for Chrisman Company: December 31 2017 2016 Cash $8,000 $10,000 Accounts receivable 20,000 15,000 Inventory 15,900 26,600 Prepaid rent 9,000 6,000 Land 75,000 75,000 Plant and equipment 400,000 300,000 Accumulated depreciation (65,000) (30,000)     Totals $462,900 $402,600 Accounts payable $12,000 $10,000 Income taxes payable 3,000 5,000 Short-term notes payable 35,000 25,000 Bonds payable 75,000 100,000 Common stock 200,000 150,000 Retained earnings 137,900 112,600     Totals $462,900 $402,600 Bonds were retired during 2017 at face value,...
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000;...
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #4 by selecting the account names and dollar amounts from the drop-down menus.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT