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Cheyenne Corps unadjusted trial balance at December 1, 2022, is presented below. Credit Debit $20,100 38,600 11,000 0 34,700 3,600 20,900 141,000 59,000 9,900 Cash

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Cheyenne Corps unadjusted trial balance at December 1, 2022, is presented below. Credit Debit $20,100 38,600 11,000 0 34,700 3,600 20,900 141,000 59,000 9,900 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2023) Income Taxes Payable Interest Payable Notes Payable (due in 2028) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold $500 47,000 23.600 25.300 0 10,500 0 0 32,100 49.000 92.700 12.000 919.000 0 0 0 674,000 0 0 0 Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 0 65,900 0 109,000 $1.199,700 $1,199.700 The following transactions occurred during December. Dec 2 Purchased equipment for $14,600. plus sales taxes of $700 (paid in cash). 2 Cheyenne sold for $3,800 equipment which originally cost $4,800. Accumulated depreciation on this equipment at January 1, 2022, was $1,800; 2022 depreciation prior to the sale of equipment was $775. Cheyenne sold for $5,500 on account inventory that cost $3,800. 23 Salaries and wages of 57,100 were paid for December 15 1 2 3 Adjustment data: Cheyenne estimates that uncollectible accounts receivable at year-end are $3.700. The note receivable is a 1-year, 8% note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $3,600, 6-month premium on September 1, 2022 The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $1.500, 7 The patent was acquired on January 1, 2022, and has a useful life of years from that date, Unpaid salaries at December 31.2022 total $2.400 Bodd2010 Inter 6 8. Question 1 of 2 0.77 / 2.5 salvage value of $1,500. 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2022, total $2,400. 2. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $13,000. It was unpaid at December 31, (a) Your Answer Correct Answer (Used) Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Equipment 15,300 Credit Cash 15,300 Depreciation Expense 775 775 Accumulated Depreciation-Equipment (To record depreciation expense on equipment.) Cash 3,800 Accumulated Depreciation Equipment 2,575 Equipment 4.800 estion 1 of 2 0.77 / 2.5 TIPS Debit Account Titles and Explanation Equipment Credit 15,300 Cash 15,300 Depreciation Expense 775 Accumulated Depreciation Equipment (To record depreciation expense on equipment.) 775 Cash 3,800 Accumulated Depreciation-Equipment 2,575 4,800 Equipment Gain on Disposal of Plant Assets (To record sale of equipment.) Accounts Receivable 1.575 5,500 5,500 3,800 Sales Revenue To record sales revenue.) Cost of Goods Sold Inventory (To record cost of goods sold.) Salaries and Wages Expense 3,800 7.100 Cash 7.100 1. Bad Debt Expense 3,200 cion 1 of 2 0.77 / 2.5 2. Interest Receivable 660 Interest Revenue 660 3 Insurance Expense 2.400 Prepaid Insurance 2,400 4. 3,600 Depreciation Expense Accumulated Depreciation Buildings 3,600 5. Depreciation Expense 9,756 9.756 Accumulated Depreciation-Equipment Depreciation Expense 6. 230 Accumulated Depreciation Equipment 230 7. Amortization Expense 1.100 Patents 1,100 8. Salaries and Wages Expense 2.400 2.400 Salaries and Wages Payable Interest Expense 9 4,260 Interest Payable 4.260 10. Income Tax Expense 13,000 Income Taxes Payable 13.000 Question 1 of 2 0.77/2.5 Pepe JUST FIRETOT ZVEZ CHEYENNE CORP. Adjusted Trial Balance December 31, 2022 Debit Credit Cash Accounts Receivable Equipment Notes Payable Accounts Payable Cost of Goods Sold Inventory Notes Receivable Interest Receivable Prepaid Insurance Land Buildings Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Amadditioninment Question 1 of 2 > Accumulated Depreciation Buildings 0.77 12.5 Accumulated Depreciation Equipment Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Salaries and Wages Expense Insurance Expense Bad Debt Expense Income Tax Expense Other Operating Expenses Amortization Expense Question 1 of 2 0.7712.5 Salaries and Wages Expense Insurance Expense Bad Debt Expense Income Tax Expense Other Operating Expenses Amortization Expense Totals e Textbook and Media Assistance Used e Textbook 1 e Textbook 2 e Textbook 3 e Textbook 4 e Textbooks List of Accounts Save for Later Attempts: 1 of 5 used Submit

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