Question

In: Accounting

Comprehensive Accounting Cycle Review 15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All...

Comprehensive Accounting Cycle Review

15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below.

Debit Credit
Cash $  25,500
Accounts Receivable 51,000
Inventory 22,700
Land 65,000
Buildings 95,000
Equipment 40,000
Allowance for Doubtful Accounts $      450
Accumulated Depreciation—Buildings 30,000
Accumulated Depreciation—Equipment 14,400
Accounts Payable 19,300
Interest Payable -0-
Dividends Payable -0-
Unearned Rent Revenue 8,000
Bonds Payable (10%) 50,000
Common Stock ($10 par) 30,000
Paid-in Capital in Excess of Par—Common Stock 6,000
Preferred Stock ($20 par) -0-
Paid-in Capital in Excess of Par—Preferred Stock -0-
Retained Earnings 75,050
Treasury Stock -0-
Cash Dividends -0-
Sales Revenue 570,000
Rent Revenue -0-
Bad Debt Expense -0-
Interest Expense -0-
Cost of Goods Sold 400,000
Depreciation Expense -0-
Other Operating Expenses 39,000
Salaries and Wages Expense 65,000                
Total $803,200 $803,200

Unrecorded transactions and adjustments:

  • 1.On January 1, 2020, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000.
  • 2.On January 1, 2020, Quigley also issued 1,000 shares of common stock for $23,000.
  • 3.Quigley reacquired 300 shares of its common stock on July 1, 2020, for $49 per share.
  • 4.On December 31, 2020, Quigley declared the annual cash dividend and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2021.
  • 5.Quigley estimates that uncollectible accounts receivable at year-end is $5,100.
  • 6.The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,000.
  • 7.The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,000.
  • 8.The unearned rent was collected on October 1, 2020. It was the receipt of 4 months' rent in advance (October 1, 2020 through January 31, 2021).
  • 9.The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2020, has not been paid or recorded.

Instructions

(Ignore income taxes.)

(a)  

Prepare journal entries for the transactions and adjustment listed above.

(b)  

Prepare an updated December 31, 2020, trial balance, reflecting the journal entries in (a).

Total $871,200

Solutions

Expert Solution


ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Comprehensive Accounting Cycle Review 15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All...
Comprehensive Accounting Cycle Review 15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash $  25,500 Accounts Receivable 51,000 Inventory 22,700 Land 65,000 Buildings 95,000 Equipment 40,000 Allowance for Doubtful Accounts $      450 Accumulated Depreciation—Buildings 30,000 Accumulated Depreciation—Equipment 14,400 Accounts Payable 19,300 Interest Payable -0- Dividends Payable -0- Unearned Rent Revenue 8,000 Bonds Payable (10%) 50,000 Common Stock ($10 par) 30,000 Paid-in Capital in Excess of...
Comprehensive Accounting Cycle Review 15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All...
Comprehensive Accounting Cycle Review 15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash $  25,500 Accounts Receivable 51,000 Inventory 22,700 Land 65,000 Buildings 95,000 Equipment 40,000 Allowance for Doubtful Accounts $      450 Accumulated Depreciation—Buildings 30,000 Accumulated Depreciation—Equipment 14,400 Accounts Payable 19,300 Interest Payable -0- Dividends Payable -0- Unearned Rent Revenue 8,000 Bonds Payable (10%) 50,000 Common Stock ($10 par) 30,000 Paid-in Capital in Excess of...
Comprehensive Accounting Cycle Review 15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All...
Comprehensive Accounting Cycle Review 15.ACR  Quigley Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash $  25,500 Accounts Receivable 51,000 Inventory 22,700 Land 65,000 Buildings 95,000 Equipment 40,000 Allowance for Doubtful Accounts $      450 Accumulated Depreciation—Buildings 30,000 Accumulated Depreciation—Equipment 14,400 Accounts Payable 19,300 Interest Payable -0- Dividends Payable -0- Unearned Rent Revenue 8,000 Bonds Payable (10%) 50,000 Common Stock ($10 par) 30,000 Paid-in Capital in Excess of...
Accounting Cycle Review 15 a-e Ivanhoe Corporation’s trial balance at December 31, 2020, is presented below....
Accounting Cycle Review 15 a-e Ivanhoe Corporation’s trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash $27,700 Accounts Receivable 54,000 Inventory 23,100 Land 65,800 Buildings 86,900 Equipment 31,000 Allowance for Doubtful Accounts $440 Accumulated Depreciation—Buildings 27,000 Accumulated Depreciation—Equipment 15,000 Accounts Payable 19,000 Interest Payable –0– Dividends Payable –0– Unearned Rent Revenue 8,000 Bonds Payable (10%) 50,000 Common Stock ($10 par) 32,000 Paid-in Capital in Excess...
Quigley Corporation's trial balance at December 31, 2017, is presented below. All 2017 transactions have been...
Quigley Corporation's trial balance at December 31, 2017, is presented below. All 2017 transactions have been recorded except for the items described below. Debit Credit Cash $ 25,500 Accounts Receivable 51,000 Inventory 22,700 Land 65,000 Buildings 95,000 Equipment 40,000 Allowance for Doubtful Accounts $   450 Accumulated Depreciation—Buildings 30,000 Accumulated Depreciation—Equipment 14,400 Accounts Payable 19,300 Interest Payable -0- Dividends Payable -0- Unearned Rent Revenue 8,000 Bonds Payable (10%) 50,000 Common Stock ($10 par) 30,000 Paid-in Capital in Excess of Par—Common Stock...
Puzzle Corporation's preliminary Trial balance as of December 31, 2018 is presented below. All 2018 transactions...
Puzzle Corporation's preliminary Trial balance as of December 31, 2018 is presented below. All 2018 transactions have been recorded except for the items described below. Debit Credit Cash $ 29,636 Accounts Receivable 48,300 Inventory 20,423 Land 65,400 Buildings 125,000 Equipment 86,250 Allowance for Doubtful Accounts $ 735 Accumulated Depreciation-Buildings 24,600 Accumulated Depreciation-Equipment 34,200 Accounts Payable 16,785 Interest Payable 0 Dividends Payable 0 Unearned Rent Revenue 13,000 Income Tax Payable 0 Bonds Payable 0 Discount on Bonds Payable 0 Common Stock...
Ivanhoe Corporation’s trial balance at December 31, 2020, is presented below. All 2020 transactions have been...
Ivanhoe Corporation’s trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash $26,100 Accounts Receivable 59,000 Inventory 23,400 Land 66,800 Buildings 94,000 Equipment 30,000 Allowance for Doubtful Accounts $400 Accumulated Depreciation—Buildings 29,500 Accumulated Depreciation—Equipment 15,000 Accounts Payable 19,200 Interest Payable –0– Dividends Payable –0– Unearned Rent Revenue 7,200 Bonds Payable (10%) 46,000 Common Stock ($10 par) 32,000 Paid-in Capital in Excess of Par—Common Stock 6,400 Preferred...
Ivanhoe Corporation’s trial balance at December 31, 2020, is presented below. All 2020 transactions have been...
Ivanhoe Corporation’s trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash $27,700 Accounts Receivable 54,000 Inventory 23,100 Land 65,800 Buildings 86,900 Equipment 31,000 Allowance for Doubtful Accounts $440 Accumulated Depreciation—Buildings 27,000 Accumulated Depreciation—Equipment 15,000 Accounts Payable 19,000 Interest Payable –0– Dividends Payable –0– Unearned Rent Revenue 8,000 Bonds Payable (10%) 50,000 Common Stock ($10 par) 32,000 Paid-in Capital in Excess of Par—Common Stock 6,400 Preferred...
Presented below is the trial balance of Cullumber Corporation at December 31, 2020.     Debit...
Presented below is the trial balance of Cullumber Corporation at December 31, 2020.     Debit   Credit Cash   $   201,010     Sales       $ 8,104,270 Debt Investments (trading) (at cost, $145,000)   157,270     Cost of Goods Sold   4,800,000     Debt Investments (long-term)   303,010     Equity Investments (long-term)   281,010     Notes Payable (short-term)       94,270 Accounts Payable       459,270 Selling Expenses   2,004,270    ...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit   ...
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2020.    Debit       Credit    Cash 295,000 Sales Revenue $12,150,000 Debt Investments (trading) (at cost, $218,000) 230,000 Cost of Goods Sold 7,200,000 Debt Investments (long-term) 448,000 Equity Investments (long-term) 416,000 Notes Payable (short-term) 135,000 Accounts Payable 682,000 Selling Expenses 3,000,000 Investment Revenue 95,000 Land 390,000 Buildings 1,560,000 Dividends Payable 204,000 Accrued Liabilities 144,000 Accounts Receivable 652,000 Accumulated Depreciation–Buildings 228,000 Allowance for Doubtful Accounts 38,000 Administrative Expenses 1,350,000 Interest...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT