Question

In: Accounting

The following accounts are taken from the ledger of Oriole Company at December 31, 2017. Notes...

The following accounts are taken from the ledger of Oriole Company at December 31, 2017.

Notes Payable $21,200 Cash $6,400
Common Stock 26,600 Supplies 5,300
Equipment 80,600 Rent Expense 2,100
Dividends 8,500 Salaries and Wages Payable 3,200
Salaries and Wages Expense 40,300 Accounts Payable 9,500
Service Revenue 91,200 Accounts Receivable 8,500


Prepare a trial balance.

ORIOLE COMPANY
Trial Balance
choose the accounting period                                                          For the Month Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017

Debit

Credit

enter an account title

$enter a debit balance

$enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

enter an account title

enter a debit balance

enter a credit balance

$enter a total for the debit column

$enter a total for the credit column

Solutions

Expert Solution

Oriole Company Trial Balance For the Year Ended December 31, 2017   

Debit Credit
Cash $6,400
Accounts Receivable $8,500
Supplies $5,300
Equipment $80,600
Notes Payable $21,200
Accounts Payable $9,500
Common Stock $26,600
Dividends $8,500
Service Revenue $91,200
Salaries & Wages($40,300- $3,200) $37,100
Rent Expenses $2,100
Total $148,500 $148,500

Related Solutions

These items are taken from the financial statements of Oriole Company at December 31, 2017. Buildings...
These items are taken from the financial statements of Oriole Company at December 31, 2017. Buildings $122,728 Accounts receivable 14,616 Prepaid insurance 3,712 Cash 13,734 Equipment 95,584 Land 70,992 Insurance expense 905 Depreciation expense 6,148 Interest expense 3,016 Common stock 69,600 Retained earnings (January 1, 2017) 46,400 Accumulated depreciation—buildings 52,896 Accounts payable 11,020 Notes payable 108,576 Accumulated depreciation—equipment 21,715 Interest payable 4,176 Service revenue 17,052 Prepare a classified balance sheet. Assume that $15,776 of the note payable will be paid...
The following items are taken from the financial statements of Oriole Company at December 31, 2022....
The following items are taken from the financial statements of Oriole Company at December 31, 2022. Land $196,000 Accounts receivable 22,000 Supplies 11,000 Cash 11,800 Equipment 82,200 Buildings 261,000 Land improvements 46,400 Notes receivable (due in 2023) 5,700 Accumulated depreciation—land improvements 12,700 Common stock 71,500 Retained earnings (December 31, 2022) 505,000 Accumulated depreciation—buildings 34,400 Accounts payable 9,000 Mortgage payable 91,700 Accumulated depreciation—equipment 18,700 Interest payable 3,300 Income taxes payable 14,500 Patents 47,400 Investments in stock (long-term) 72,800 Debt investments (short-term)...
Crowley Company has the following ledger accounts and adjusted balances as of December 31, 2017. All...
Crowley Company has the following ledger accounts and adjusted balances as of December 31, 2017. All accounts have normal balances. Crowley’s income tax rate is 40%. Accounts Payable……………………………. 28,125 Accounts Receivable………………………… 202,500 Accumulated Depreciation-Building………… 56,250 Administrative Expenses……………………. 60,750 Allowance for Doubtful Accounts………….. 22,500 Bonds Payable (Mature 2020)………………. 281,250 Building……………………………………… 416,250 Cash…………………………………………. 28,125 Common Stock……………………………… 300,000 Cost of Goods Sold…………………………. 450,000 Dividends…………………………………… 18,000 Gain on Sale of Land…………………………..21,000 Interest Revenue…………………………….. 22,500 Inventory…………………………………….. 315,000 Land…………………………………………. 258,750 Loss from Operations of Division X…………...
The following was taken from the books of Coyote Company as of December 31, 2017. account...
The following was taken from the books of Coyote Company as of December 31, 2017. account debit credit cash $30,000 accounts receivable 40,000 allowance for doubtful accounts 2,000 S-T Notes receivable 19,000 inventory, January 1, 2017 50,000 prepaid insurance 20,000 furniture and equipment 100,000 accumulated depreciation of F&E 40,000 patents 110,000 accounts payable 12,000 bonds payable 20,000 L-T notes payable 10,000 common stock 40,000 retained earnings 140,000 sales 360,000 purchase 149,000 salary expense 50,000 rent expense 56,000 totals 624,000 624,000...
The following were selected ledger accounts of Sandy Corporation at December 31, 2017: Inventory (as of...
The following were selected ledger accounts of Sandy Corporation at December 31, 2017: Inventory (as of Jan. 1, 2017) 968,400 Office expense 60,480 Sales revenue 7,687,800 Insurance expense 43,740 Purchases 4,879,800 Freight-out 168,840 Sales discounts 57,600 Depreciation of office equipment 91,980 Purchase discounts 45,000 Depreciation of sales equipment 63,000 Salaries and wages (sales) 513,000 Telephone and Internet expense (sales) 32,040 Salaries and wages (administrative) 615,600 Utilities expense (administrative) 55,800 Purchase returns and allowances 27,000 Interest income 2,000 Sales returns and...
The ledger of Oriole Company on March 31 of the current year includes the selected accounts...
The ledger of Oriole Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $6,900 Prepaid Insurance 8,280 Equipment 57,500 Accumulated Depreciation—Equipment $19,320 Notes Payable 46,000 Unearned Rent Revenue 28,520 Rent Revenue 138,000 Interest Expense 0 Salaries and Wages Expense 32,200 An analysis of the accounts shows the following. 1. The equipment depreciates $644 per month. 2. Half of the unearned rent revenue was earned during the quarter....
The following accounts are taken from the December 31, Year 4 financial statements of a company....
The following accounts are taken from the December 31, Year 4 financial statements of a company. Accounts Payable $ 2,075 Accounts Receivable 800 Selling & Administrative Expenses 2,500 Cash 2,200 Common Stock 2,000 Dividends 1,900 Income Tax Expense 400 Interest Expense 75 Other Expenses 500 Notes Payable 5,000 Other Assets 2,500 Other Liabilities 3,000 Other Operating Expenses 2,000 Other Revenue 300 Property and Equipment 11,000 Retained Earnings, December 31, Year 3 4,800 Salaries and Wages Expense 3,000 Supplies 300 Service...
The following accounts are taken from the accounting records of Dory Company at December 31, 2015...
The following accounts are taken from the accounting records of Dory Company at December 31, 2015 after adjustments: Sales revenue $250,000 Sales salaries expense 14,000 Administrative salaries expense 15,000 Depreciation expense: equipment 8,000 Purchases 160,000 Sales returns 1,000 Purchases returns 2,000 Freight-in 10,000 Inventory, 1/1/15 80,000 Retained earnings, 1/1/15 60,000 In addition, the following information is available: · The inventory on December 31, 2015, was $75,000. · Ten thousand shares of common stock were outstanding during the entire year. Dory...
Exercise 2-05 These items are taken from the financial statements of Oriole Company at December 31,...
Exercise 2-05 These items are taken from the financial statements of Oriole Company at December 31, 2022. Buildings $116,380 Accounts receivable 13,860 Prepaid insurance 3,520 Cash 13,024 Equipment 90,640 Land 67,320 Insurance expense 858 Depreciation expense 5,830 Interest expense 2,860 Common stock 66,000 Retained earnings (January 1, 2022) 44,000 Accumulated depreciation—buildings 50,160 Accounts payable 10,450 Notes payable 102,960 Accumulated depreciation—equipment 20,592 Interest payable 3,960 Service revenue 16,170 Prepare a classified balance sheet. Assume that $14,960 of the note payable will...
The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest revenue $87,950 Accumulated depreciation—equipment $41,950 Cash 52,950 Accumulated depreciation—buildings 29,950 Sales revenue 1,381,950 Notes receivable 156,950 Accounts receivable 151,950 Selling expenses 195,950 Prepaid insurance 21,950 Accounts payable 171,950 Sales returns and allowances 151,950 Bonds payable 101,950 Allowance for doubtful accounts 8,950 Administrative and general expenses 98,950 Sales discounts 46,950 Accrued liabilities 33,950 Land 101,950 Interest expense 61,950 Equipment 201,950 Notes payable 101,950 Buildings 141,950...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT