Question: Answer only if you are absolutely certain, please. Here is an example to illustrate proper form for journal entries: On Oct 15th Compuland sold 15

Answer only if you are absolutely certain, please.

Here is an example to illustrate proper form for journal entries:

On Oct 15th Compuland sold 15 computers for $20,700 cash. The cost of each computer is $1,000. Date

Account Titles

Debit Amount

Credit Amount

Oct 15

Cash

Sales Revenue

20,700

20,700

Oct 15

COGS Expense

Computer Inventory

15,000

15,000

Question 1

The adjusted trial balance dated December 31st 2013 of Greco Company is provided below. Grecos accounting period is the calendar year. All figures are in dollars. All accounts have their normal balances. Account

Balance

Account

Balance

Cash

24,000

COGS Expense

25,000

Accounts Receivable

35,000

Wages Expenses

9,000

Miscellaneous Expenses

10,000

Contributed Capital

75,000

Accounts Payable

12,000

Depreciation Expense

6,000

Unearned Revenue

8,000

Sales Revenue

45,000

Property, Plant and Equipment

50,000

Interest Expense

12,000

Accumulated Depreciation

15,000

Merchandize Inventory

24,000

Retained Earnings

40,000

In the space provided below prepare Grecos Balance sheet dated Dec 31st 2013. You are not required to show closing entries or an income statement.

Grecos Balance Sheet Dated Dec 31st 2013

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