Trial balance as of dec 1,2018 Cash 405,653 Accounts Receivable 615,000 Allowance for Doubtful Accounts
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Trial balance as of dec 1,2018
Cash | 405,653 | |
Accounts Receivable | 615,000 | |
Allowance for Doubtful Accounts | 4,600 | |
Marketable Securities | 18,000 | |
Inventory | 100,000 | |
Prepaid Rent | 40,600 | |
Prepaid Insurance | 38,500 | |
Supplies | 3,600 | |
Equipment | 150,000 | |
Accumulated Depreciation Equipment | 37,500 | |
Truck | 56,500 | |
Accumulated Depreciation Truck | 15,875 | |
Land | 35,000 | |
Patents | 75,000 | |
Accounts Payable | 183,300 | |
Salaries Payable | 36,000 | |
Payroll Taxes Payable | 8,000 | |
Income Tax Payable | 19,585 | |
Note Payable -short term | 71,640 | |
Note Payable -long term | 175,000 | |
Bond Payable (net) | 213,712 | |
Common Stock, $1 par, 35,000 shares issued and outstanding | 35,000 | |
APIC Common Stock | 153,000 | |
Retained Earnings | 45,000 | |
Sales | 1,150,000 | |
Cost of Goods Sold | 508,979 | |
Compensation Expense | ||
Salaries Expense | 45,000 | |
Payroll Tax Expense | 7,490 | |
Advertisting Expense | 22,000 | |
Insurance Expense | 12,000 | |
Utilities Expense | 6,000 | |
Miscellaneous Expenses | 2,500 | |
Interest Expense | 5,390 | |
Realized Gains (Losses) | 1,000 |
Record the following adjusting entries in general journal form as of December 31, 2018:
- The fair market value of the securities (classified as marketable) is $19,500.
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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