Question
Acct. No. Account Title Dr. Cr. 100 Cash 562,480.00 102 Accounts Receivable 822,633.00 103 Allowance for Doubtful Accounts 25,643.00 104 Merchandise Inventory 440,980.00 105 Estimated
Acct. No. Account Title Dr. Cr. 100 Cash 562,480.00 102 Accounts Receivable 822,633.00 103 Allowance for Doubtful Accounts 25,643.00 104 Merchandise Inventory 440,980.00 105 Estimated Returns Inventory 56,450.00 106 Office Supplies 1,250.00 107 Prepaid Rent 12,500.00 120 Investments - Trading 59,650.00 122 Investments - Held to Maturity 23,850.00 140 Land 1,743,777.65 145 Building 1,893,723.48 146 Accumulated Depreciation - Building 1,504,955.01 151 Equipment 51,000.00 152 Accumulated Depreciation - Equipment 28,000.00 153 Office Furniture 32,500.00 154 Accumulated Depreciation - Office Furniture 3,500.00 201 Accounts Payable 1,156,000.00 202 Wages Payable - 203 Interest Payable - 204 Dividends Payable - 205 Unearned Rent 6,000.00 206 Customer Refunds Payable 35,682.00 250 Notes Payable 12,000.00 251 Bonds Payable 200,000.00 252 Premium on Bonds Payable - 253 Discount on Bonds Payable - 252 Mortgage (Warehouse) Payable 248,000.00 300 Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding 50,000.00 301 Paid In Capital - Excess of Par 356,000.00 330 Retained Earnings 2,351,379.11 331 Cash Dividends - 340 Treasury Stock 38,000.00 500 Sales 1,142,580.00 600 Cost of Goods Sold 450,199.00 700 Wage Expense (hourly workers) 594,515.01 701 Salaries Expense (Exempt Staff) 89,000.00 702 Marketing Expense 65,000.00 703 Travel and Entertainment Expense 525.00 704 Bad Debt Expense 5,816.88 705 Property Tax Expense 111,104.10 706 Office Maintenance & Repair Expense - 707 Legal Expenses - 708 Insurance Expense 1,500.00 709 Miscellaneous Expense 48,985.00 710 Office Supplies Expense 400.00 711 Telecommunications Expense - 712 Depreciation Expense - Building - 713 Depreciation Expense - Equipment 4,000.00 714 Depreciation Expense - Office Furniture 500.00 800 Rent Income - 802 Realized Gain - Investment Securities - 900 Interest Expense 5,400.00 902 Realized Loss - Investment Securities 4,000.00 Total 7,119,739.120 7,119,739.120 1,380,944.99 1,142,580.00 Net Income (Loss) (238,364.99) Total Difference -
Step 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