Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ABC corporation was founded on January 1, 2013. ABC provides telecommunication services. The unadjusted and adjusted trial balances of ABC as of December 2018, are
ABC corporation was founded on January 1, 2013. ABC provides telecommunication services. The unadjusted and adjusted trial balances of ABC as of December 2018, are as follows:
Determine the balance in Salaries and wages payable on December 31, 2017, assuming that ABC paid 14,000 in salaries and wages in 2018.
ABC trial balances December 31, 2018 Unadjusted Debit () Credit () 40,000 21,250 6,500 22,000 4,280 12,000 20,000 13,210 3,000 Equipment Accumulated Depreciation-equipment Supplies Accounts receivable Prepaid insurance expenses Cash Share capital Retained earnings Accounts payable Interest payable Notes payable Salaries and wages payable Unearned services revenue Rents payable Service revenue Salaries and wages expense Insurance expenses Interest expenses Depreciation expenses Supplies expense Rent expenses Adjusted Debit () Credit () 40,000 25,500 3,800 25,000 2,630 12,000 20,000 13,210 3,000 230 6,000 2,300 4,500 3,000 33,500 12,300 1,650 910 4,250 5,700 3,000 111,240 111,240 6,000 9,000 26,000 10,000 680 3,000 98,460 98,460Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started