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
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
