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In: Accounting

Question B1 Below is the unadjusted trial balance of Johnson Corporation as at 31 December 2019:...

Question B1
Below is the unadjusted trial balance of Johnson Corporation as at 31 December 2019:

Johnson Corporation Unadjusted Trial Balance 31 December 2019

Debit $

Credit $

Cash

966,525

Office supplies

10,500

Accounts receivable

477,750

Prepaid rent

67,725

Equipment

131,250

Accumulated depreciation: Equipment

13,650

Land and building

2,586,150

Accounts payable

68,250

Dividend payable

57,750

Ordinary share capital (par value $5 per share)

3,000,000

Share premium

75,000

Treasury shares (acquired at $11 each)

404,250

Retained earnings

378,000

Dividends

57,750

Service revenues

   

1,755,000

Operating expenses

645,750

TOTAL

5,347,650

5,347,650

Johnson Corporation closes its books annually on 31 December. It keeps only ONE share premium account to record any related transactions. After preparing the above unadjusted Trial Balance, the accountant of Johnson found that he had omitted the following transactions:

  1. 1 December - issued 1,000, 5% preference shares of $100 par value at a price of $105 per share.

  2. 5 December - sold 11,000 of its treasury shares at $ 10 per share.

  3. 20 December - sold 15,000 of its treasury shares at $12 per share.

  4. On 31 December, the Board of Directors declared to pay a final dividend of $0.2 per ordinary share. All dividends that Johnson owed to its shareholders were paid out on the same day.

Required:

(a) Journalize the above transactions. No explanation is required.

(b) What is the balance of Retained Earnings after the 2019 year-end closing?

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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