Sheridan Corporation's trial balance at December 3 1 , 2 0 2 2 , is presented
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Sheridan Corporation's trial balance at December is presented below. All transactions have beenrecorded except for the items described below.Unrecorded transactions and adjustments: On January Sheridan issued shares of $ par, preferred stock for $ On January Sheridan also issued shares of common stock for $Sheridan reacquired shares of its common stock on July for $ per share.On December Sheridan declared the annual cash dividend on the preferred stock and a $ pershare dividend on the outstanding common stock, all payable on January Sheridan estimates that uncollectible accounts receivable at yearend are $The building is being depreciated using the straightline method over years. The salvage value is $The equipment is being depreciated using the straightline method over years. The salvage value is $The unearned rent was collected on October It was receipt of months' rent in advance October through January The bonds payable pay interest every January The interest for the months ended December Prepare an updated December trial balance, reflecting the journal entries in partaPrepare a multiplestep income statement for the year ending December List other revenues beforeother expenses.SHERIDAN CORPORATIONIncome StatementFor the Year Ended December Your answer is partially correct.Prepare journal entries for the transactions and adjustment listed above. Credit account titles areautomatically indented when amount is entered. Do not indent manually.No Account Titles and ExplanationDebitCreditcashPreferred StockPaidin Capital in Excess of ParPreferred StcCommon StockPaidin Capital in Excess of ParCommon StoDividends PayableBad Debt ExpenseAllowance for Doubtful AccountsDepreciation ExpenseAccumulated DepreciationBuildingsDepreciation ExpenseAccumulated DepreciationEquipmentUnearned Rent RevenueDepreciation Expenseividends Payable Bad Debt ExpenseAllowance for Doubtful Accounts Depreciation Expense Decumulated DepreciationBuildings Accumulated DepreciationEquipmentPrepare an updated December trial balance, reflecting the journal entries in partaYour answer is partially correct.Prepare journal entries for the transactions and adjustment listed above. Credit account titles areautomatically indented when amount is entered. Do not indent manually.No Account Titles and ExplanationDebitCreditcashPreferred StockPaidin Capital in Excess of ParPreferred StcCommon StockPaidin Capital in Excess of ParCommon StoDividends PayableBad Debt ExpenseAllowance for Doubtful AccountsDepreciation ExpenseAccumulated DepreciationBuildingsDepreciation ExpenseAccumulated DepreciationEquipmentUnearned Rent RevenueDepreciation Expenseividends Payable Bad Debt ExpenseAllowance for Doubtful Accounts Depreciation Expense Decumulated DepreciationBuildings Accumulated DepreciationEquipment
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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