Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Data needed for the adjusting entries include the following: a.Supplies on hand at year end, $2,000 b.Depreciation on furniture and fixtures, $20,000 c.Depreciation on Building,

image text in transcribed

Data needed for the adjusting entries include the following:

a.Supplies on hand at year end, $2,000

b.Depreciation on furniture and fixtures, $20,000

c.Depreciation on Building, $10,000

d.Salaries owed but not yet paid, $5,000

e.Accrued services revenues, $12,000

f.Of the $45,000 balance of unearned service revenue, $32,000 was earned during the year

g.Accrued income tax expense, $35,000.

(?) Journalize the Goldsmith Company adjusting entries at December 31, 2019.

image text in transcribed
Goldhill Company Trial Balance December 31, 2019 Dr ($) Cr ($) Cash 198,000 Accounts receivable 370,000 Supplies 6,000 Furniture and fixtures 100,000 Accumulated depreciation - furniture and fixtures 40,000 Building 250,000 Accumulated depreciation - building 130,000 Accounts payable 380,000 Salary payable Unearned service revenue 45,000 Income tax payable Share capital 100,000 Retained earnings 193,000 Dividends 65,000 Service revenue 286,000 Salary expense 172,000 Supplies expense Depreciation expense - furniture and fixtures Depreciation expense - building Income tax expense Miscellaneous expense 13,000 Total 1,174,000 1,174,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2019

Authors: Jeanette Landin, Paulette Schirmer

5th edition

125991707X, 978-1259917073

More Books

Students also viewed these Accounting questions

Question

82 + 2(4 8)2 (-2) Perform the indicated operations by hand.

Answered: 1 week ago