Question
1. Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year. Debit
1.Presented below are selected accounts from the adjusted trial balance ($ Millions) for San Pedro Industries for June 30 of the current year.
| Debit | Credit | |
| Accounts Receivabletrade | $895 | |
| Building and Equipment | 1425 | |
| Cash in bankOperating | 76 | |
| Interest Receivable | 60 | |
| Installment receivables | 120 | |
| Merchandise Inventory | 100 | |
| Land | 600 | |
| Notes receivableLong term | 475 | |
| Petty cash | 12 | |
| Prepaid expenses current | 46 | |
| Supplies | 28 | |
| Patent | 85 | |
| Accounts PayableTrade | 710 | |
| Accumulated Depreciation | 375 | |
| Additional Paid in Capital | 725 | |
| Allowance for Uncollectible Accounts | 95 | |
| Cash Dividends Payable | 50 | |
| Common Stock$1 par value | 90 | |
| Income tax payable | 105 | |
| Notes payable2 years | 1000 | |
| Retained Earnings | 85 | |
| Unearned Revenues2 years | 125 | |
| Cash Dividends Declared | 200 | |
| Income Summary | 762 | |
| TOTALS | $4122 | $4122 |
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