4. Prepare the adjusted trial balance on December 31, 20X6. show working Cash...250,000 Accounts...
Question:
4. Prepare the adjusted trial balance on December 31, 20X6. show working
Cash……………..…………………………….250,000
Accounts receivable…………………….……..680,000
Marketable securities…………………………...60,000
Prepaid insurance……………………………….35,000
Prepaid rent….………………………………….30,000
Office equipment…………………………….....620,000
Accumulated depreciation: equipment………...200,000
Land……………………………………………750,000
Accounts payable………………………………306,000
Dividends payable……………………………… 50,000
Interest payable…………………………………... 8,750
Income tax payable……………………………...30,000
Unearned client service revenue………………..180,000
Notes payable (long-term).……………………..350,000
Common stock………………………………….750,000
Retained earnings….…………………………....315,200
Dividends…………………………………….......75,000
Client service revenue………………………...1,200,000
Travel expense………………………………..…..28,000
Office supplies expense…………………………..20,000
Advertising expense………………………………45,000
Salary expense…………………………………...400,000
Utility expense………………………………….....40,000
Depreciation expense: equipment…………………25,000
Interest expense……………………………….…...17,500
Insurance expense……………………………….....52,000
Rent expense……………………………………..175,000
Income tax expense………………………………..87,450
Expert Answer:
Adjusted Trial Balance as of December 31 20X6 Account Name Debit Credit Adjustments Adjusted Balance ... View the full answer
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
