Question

In: Accounting

The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...

The following account balances were taken from ABC Company’s unadjusted trial
balance at December 31, 2020:

Accounts Payable ............  $56,000
Accounts Receivable .........  $42,000
Cash ........................  $11,000
Common Stock ................  $63,000
Cost of Goods Sold ..........  $52,000
Income Tax Expense ..........  $12,000
Insurance Expense ...........  $21,000
Inventory ...................  $70,000
Land ........................  $68,000
Mortgage Payable ............  $49,000
Patent ......................  $31,000
Prepaid Insurance ...........  $17,000
Rental Revenue ..............  $46,000
Retained Earnings ...........  $72,000 (at January 1, 2020)
Sales Revenue ...............  $95,000
Supplies ....................  $19,000
Wage Expense ................  $38,000

ABC Company has not yet recorded adjusting entries related to the following
two items:

(1)  $11,000 of supplies were used up during 2020.

(2)  ABC Company has provided services to a customer totaling $14,000 as of
     December 31, 2020. However, the customer has not yet paid ABC Company.

Calculate the total assets reported in ABC Company's December 31, 2020 balance
sheet after the appropriate adjusting entries have been recorded and posted.

Solutions

Expert Solution

Adjusting Entries

Date

General Journal

Debit

Credit

31-Dec

Supplies Expense

$   11,000.00

Supplies

$ 11,000.00

(Supplies Consumed)

31-Dec

Accounts Receivable

$   14,000.00

Service Revenue

$ 14,000.00

(Service revenue Recorded)

Assets

Balance Before Adjustments

Adjustments

Balance After Adjustments

Accounts Receivable

$    42,000.00

$   14,000.00

$    56,000.00

Cash

$    11,000.00

$    11,000.00

Inventory

$    70,000.00

$    70,000.00

land

$    68,000.00

$    68,000.00

Patent

$    31,000.00

$    31,000.00

Prepaid Insurance

$    17,000.00

$    17,000.00

Supplies

$    19,000.00

$ (11,000.00)

$      8,000.00

Total

$ 258,000.00

$      3,000.00

$ 261,000.00

 
Total Assets to be reported in Company's December 31, 2020 balance

sheet after the appropriate adjusting entries will be $ 261,000.

ekkarill92 answered 7 months ago
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