Answered step by step
Verified Expert Solution
Question
1 Approved Answer
CALCULATE The unadjusted trial balance of Coronado Construction Company on December 31, 2017, contained the following accounts at the end of the company calendar year.
CALCULATE The unadjusted trial balance of Coronado Construction Company on December 31, 2017, contained the following accounts at the end of the company calendar year. CORONADO CONSTRUCTION COMPANY Unadjusted Trial Balance December 31, 2017 Debit Credit Cash $220,000 Notes Receivable 23,000 Accounts Receivable 23,000 Inventory, 12/31/16 46,000 Prepaid Insurance 4,400 Prepaid Rent 8,800 Supplies 3,100 Land 28,000 Equipment 91,000 Accumulated Depreciation - Equipment $18,200 Accounts Payable 27,000 Uneamed Rent Revenue 12,900 Mortgage Payable (due 2019) 75,000 Owner's Capital 125,400 Owner's Drawings 4,600 Sales Revenue 275,000 Sales Returns and Allowances 2,100 1,900 Sales Discounts 49,000 Purchases 800 1,200 Purchases Returns and Allowances Purchases Discounts Freight-in Rent Expense Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Interest Revenue Rent Revenue 2,900 20,200 18,700 2,800 1,800 2,200 15,500 2,500 $553,500 Totals $553,500 The company uses the periodic inventory system. In addition, the following year-end information was available to the accountant: 1. Inventory taken on 12/31/17 was $41,000. 2. Depreciation on equipment was $9,100. 3. Unpaid accrued salaries were $2,800. 4. Unexpired rent amounted to $2,400. 5. Supplies on hand were $1,800. Accrued sales revenue on 12/31/17 was $3,600. 7. Expired insurance amounted to $2,100. 8. Interest on the company's notes receivable at year-end amounted to $400. 9. Unearned rent revenue earned at year-end amounted to $4,400. 6. va nts.) No. Date Account Titles and Explanation 2017 Debit Credit 1. Dec. 31 2. Dec. 31 3. Dec. 31 4. Dec. 31 5. Dec. 31 6. Dec. 31 7. Dec. 31 8. Dec. 31 9. Dec. 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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