Ranger Co. Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash ... 600,ר7 37,750 Accounts Receivable.. Prepaid Insurance . Equipment..... Accounts Payable . 12,000 19,000 29,100 Unearned Rent.... 10,800 Carmen Meeks, Capital Carmen Meeks, Drawing.. Fees Earned 110,000 13,000 385,000 213,000 Wages Expense Advertising Expense.. Miscellaneous Expense . 16,350 273,700 18,400 668,300
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The following preliminary unadjusted
sports ticket agency, does not balance:
When the ledger and other records are reviewed, you discover the
following: (1) the debits and credits in the cash account total $77,600 and
$62,100, respectively; (2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $4,500
made to a creditor on account was not posted to the accounts payable
account; (4) the balance of the unearned rent account is $5,400; (5) the
correct balance of the equipment account is $190,000; and (6) each
account has a normal balance.
Prepare a corrected unadjusted trial balance
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- TRIAL balance dated Dec 31, 2019 MUSIC-IS-US, INCTRIAL BALANCEDECEMBER 31, 2018 cash …………………………………………………. $ 45,000Marketable securities…………………………. 25,000 Accounts receivable…………………………… 125,000Allowance for doubtful accounts………… $5,000Merchandise inventory……………………….. 250,000Office supplies................................................... 1,200Prepaid insurance…………………………………… 6,600 Building and fixtures…………………………… 1,791,000 Accumulated depreciation………………………. 800,000 Land…………………………………………………... 64,800Accounts payable…………………………………… 70,000Unearned customer deposits…………………… 8,000Income taxes payable………………………………. 75,000Capital stock…………………………………………. 1,000,000Retained…Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.Transactions Alex and Hagi decided to open a home cleaning service company, H@L The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225, of…
- Transactions Alex and Hagi decided to open a home cleaning service company, H@L . The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi gach donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225,…2. Prepare a December 31 balance sheet in proper form for Surety Insurance using the following accounts and amounts: Commissions Revenue Earned.............$40,000Accounts payable..................3,500Accounts receivable............... 5,000M. Bruno, Capital..................103,500Office equipment...................10,000Advertising expense............. 3,200Cash................................... 7,500Land......................................35,000Note payable.......................... 50,000Office supplies........................500Salaries expense....................12,000Salaries payable.....................1,000Building...............................100,000The adjusted Trail Balance of Saudi Gold Co Contained the following accounts at November 30, the end of the company’s fiscal year : Saudi Gold Co. Adjusted Trial Balance November 30, 2019 Dr. Cr. Cash............................................................... Sr 28,700 Accounts Receivable..................................... 33,700 Inventory........................................................ 45,000 Supplies......................................................... 1,500 Equipment...................................................... 133,000 Accumulated Depreciation—Equipment..... Sr 39,000 Notes Payable................................................ 51,000 Accounts Payable......................................... 48,500 Share Capital—Ordinary............................... 90,000 Retained…
- The post-closing trial balance of Beamer Manufacturing Co. onApril 30 is reproduced as follows:Beamer Manufacturing Co.Post-Closing Trial BalanceApril 30, 2011 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000Finished Goods .................................. 120,000Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000Building . . . ...................................... 480,000Accumulated Depreciation—Building ............. $ 72,000Factory Equipment . . ............................ 220,000Accumulated Depreciation—Factory Equipment . . . 66,000Office Equipment ................................ 60,000Accumulated Depreciation—Office Equipment . . . . 36,000Accounts Payable . . .............................. 95,000Capital Stock…ACCT101 FALL 2020-2021 Collection of an R.O 1500 Accounts Receivable. The effect on the components of the basic accounting equation of the Company is: Select one: a. Decreases a liability R.O 1500; increases owner's equity R.O 1500. O b. Increases an asset R.O 1500; decreases an asset R.O 1500. c. Increases an asset R.O 1500; decreases a liability R.O 1500. O d. Decreases a liability R.O 1500; decreases a liability R.O 1500. e. Decreases an asset R.O 1500; decreases a liability R.O 1500. NextagePrepare the suitable accounts and find out the missing figure if any.Opening balance of debtors ..14,00,000Opening balance of bills receivable.................. 7,00,000Closing balance of bills receivable............... 3,50,000Cheque dishonoured....... 27,000Cash received from debtors............................ 10,75,000Cheque received and deposited in the bank............ 8,25,000Discount allowed............. 37,500Irrecoverable amount......... 17,500Returns inwards....... 28,000Bills receivable received from customers........ 1,05,000Bills receivable matured....... 2,80,000Bills discounted.......... 65,000Bills endorsed to creditors...... 70,000
- Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…10 Ji Lui’s statement of financial position was prepared on 31 December 2018. It showed the followingassets and liabilities:$Machinery 7200Trade receivables 800Inventory 1300Other payables 830Creditors 510Cash 180Bank (debit balance) 250a Calculate Ji Lui’s owner’s equity on 31 December 2018. [2 marks]........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................On 1 January 2019, the following transactions took place:i) Ji Lui paid salaries for December 2018 in cash $319.ii) Ji Lui took cash $89 for her own personal…1. disclosed the following information: Accounts payable, after deducting debit balance in Suppliers’ accounts amounting to P 100,000…………P 4,000,000 Accrued expenses………………………………………….. 1,500,000 Credit balances of customers’ accounts………………… 500,000 Share dividends distributable……………………………. 1,000,000 Claims for increase in wages and allowances by employees of the entity covered in a pending lawsuit…………………………………………………….. 400,000 Estimated expenses in redeeming prize coupons…….. 600,000 What amount should be reported as total current liabilities? 2, provided you the following information on December 31, 2021: Accounts payable amounted to P 500,000 and accrued expenses totalled P 300,000 on December 31, 2021. On December 31, 2021, the entity declared a cash dividend of P 7.00 per share on 100,000 outstanding shares payable on…