The unadjusted trial balance of Concord Inc., at the company s year end of December 3 1
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Question:
The unadjusted trial balance of Concord Inc., at the companys year end of December follows:
CONCORD INC.
Trial Balance
December
Debit
Credit
Cash
$
Accounts receivable
Inventory
Supplies
Prepaid insurance
Land
Buildings
Accumulated depreciationbuildings
$
Equipment
Accumulated depreciationequipment
Accounts payable
Deferred revenue
Bank loan payable
Common shares
Retained earnings
Dividends declared
Sales
Cost of goods sold
Salaries expense
Utilities expense
Interest expense
Income tax expense
$ $
Additional information and adjustment data:
A month insurance policy was purchased and was effective February
There was $ of supplies on hand on December
Depreciation expense for the year is $ for the buildings and $ for the equipment.
Salaries of $ are accrued and unpaid at December
Accrued interest expense at December is $
There was deferred revenue of $ that still needed to be deferred as at December The balance had been earned. Of the deferred revenue that had been earned, the cost of goods sold was $
Of the bank loan payable, $ is payable next year.
Income tax of $ is due and unpaid.
A physical count of inventory indicates $ on hand at December
Common shares were issued during the year for $
a
Record the required adjusting entries, assuming the company adjusts its accounts annually.
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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