Accounts from the adjusted trial balance at December 31, 2018, are listed in alphabetical order below for
Question:
Accounts from the adjusted trial balance at December 31, 2018, are listed in alphabetical order below for Grant Advertising Agency Limited:
Instructions
(a) Prepare an adjusted trial balance.
(b) Prepare the closing journal entries.
(c) Prepare a post-closing trial balance at December 31.
Transcribed Image Text:
Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Held for trading investments Income tax expense 4,800 Income tax payable $ 4,000 19,750 Insurance expense1,600 700 700 800 7,200 13,200 Retained earnings10,400 13,625 1,625 1,265 5,935 4,000 Unearned revenue6,200 39,600 Interest expense 10,000 Interest payable 11,000 Prepaid insurance 20,000 Rent expense 2,000 Salaries expense 66,000 Salaries payable 60,600 Supplies 10,850 Supplies expense
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
a GRANT ADVERTISING AGENCY LIMITED Adjusted Trial Balance December 31 2018 Debit Credit Cash 11000 Held for trading investments 10850 Accounts receiva...View the full answer
Answered By
Mary Njunu
I posses Vast, diversified knowledge and excellent grammar as a result of working in ACADEMIC WRITING for more than 5 years. I deliver work in various disciplines with assurance of quality work. I purpose at meeting the clients’ expectations precisely. Let’s work together for the best and phenomenal grades.
4.90+
928+ Reviews
2551+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Question Posted:
Students also viewed these Cost Accounting questions
-
Hampton Corporation??s balance sheet at December 31, 2011, is presented below. During 2012, the following transactions occurred.1. On January 1, 2012, Hampton issued 1,200 shares of $40 par, 7%...
-
Paulson Corporation??s unadjusted trial balance at December 1, 2012, is presented below. The following transactions occurred during December.Dec. 2 Paulson purchased equipment for $16,000, plus sales...
-
Kenseth Corporations unadjusted trial balance at December 1, 2014, is presented Below. The following transactions occurred during December. Dec. 2 Purchased equipment for $16,000, plus sales taxes of...
-
(2) Use Figure 10.2 shows a multi-degree-of-freedom (MDOF) model of three connected masses. Find the following for the MDOF system in Figure 10.2: Find expressions for the kinetic energy (T) and...
-
Tyson Chandler Companys sales budget projects unit sales of part 198Z of 10,000 units in January, 12,000 units in February, and 13,000 units in March. Each unit of part 198Z requires 2 pounds of...
-
A working knowledge of statistics is very helpful when you want to understand the statistics reported in the news. The news media and our government often make a statement such as, Crime rate jumped...
-
As a financial analyst, you want to convince a client of the merits of investing in firms that have just entered a stock exchange, as an initial public offering (IPO). Thus, you gather data on 116...
-
Lena Kay and Kathy Lauder have a patent on a new line of cosmetics. They need additional capital to market the products, and they plan to incorporate the business. They are considering the capital...
-
Write a python program that drawing the following fill shape. Python Turtle Graphics
-
An aluminum tube of 3-in. outside diameter is to carry a load P of 10 kips having an eccentricity e = 0.6 in. Knowing that the stock of tubes available for use are made of aluminum alloy 2014-T6 and...
-
Refer to the data for Rijo Equipment Repair Corp. in P4.9B. Assume that Rijo closes its books monthly. Instructions (a) Prepare the closing journal entries. (b) Post the closing entries to the T...
-
The following is the unadjusted trial balance for Rocky Mountain Resort Inc. at its year end, August 31, 2018. The company adjusts its accounts annually. Additional information: 1. The one-year...
-
Explain way American call options on futures could be exercised early when call options on the spot are not. Assume that there are no dividends?
-
For the function g whose graph is given below, arrange the following values in increasing order. B: g (0) A: g'(-2) C: g'(2) D: g' (4)
-
You have two job offers. Job 1 has an annual starting salary of $60,000 with the expectation of a $1000 raise each year. Job 2 has an annual starting salary of $45,000 and expectation of a 7.5%...
-
Explain the classification of the leases for machinery A and machinery B in accordance with MFRS 117 Leases b. Prepare the Statement of Financial Position (extract) as at 30 June 2015 and 30 June...
-
3. 4. 5. 6. a) 1. 2. 3. REQUIRED: All Using the pro-forma supplied reproduceboth company's financial statements (Profit and Loss Account for the year and year-end Balance Sheet) including a statement...
-
Consider the basic Solow model that we covered in class where population (labor) grows at a constant and exogenous rate, n > 0, with N+1 (1+n) N. Moreover, the aggregate production function is of the...
-
Look around your dorm room and consider your daily life. About what fraction of goods and services that you come into contact with is produced domestically as opposed to abroad? How does this...
-
-x/2 x/4 If A = -x/2 and A-1 =6 then x equals
-
Family Appliance Mart Ltd. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Instructions (a)...
-
You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost method in a perpetual...
-
In its physical inventory count at its March 31, 2014, year end, Backspring Corporation excluded inventory that was being held on consignment for Backspring by another company. The merchandise was...
-
When a RACI matrix is being created, what person or group of people are assign an R for responsible?
-
a) What is arbitrage? And what are the different types of arbitrage? B) Can arbitrage strategies be risky when price convergence is not guaranteed? Clearly describe and outline 1 real-life example to...
-
Explain each segments of Financial Services Industry which are the BANKS, INSURANCE, AND ASSET MANAGEMENT . Explain each. Explain the updates on the 3 segments of Financial Services Industry (banks,...
Study smarter with the SolutionInn App