Exercise 13-19B Preparing a trial balance Required On December 31, Year 1. Wees Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Common Stock Salaries Expense Office Supplies Advertising Expense Retained Earnings, 1/1 Year 1 Unearned Revenue Accounts Receivable Cash Service Revenue Dividends Prepaid Insurance Land Rent Expense Accounts Payable $ 50,000 32,000 3,600 5,000 28,400 36,000 13,000 120,000 152,000 10.000 12,800 44,000 30,000 4,000 Wages Company Trial Balance Account Titles . Debit Credit att Norkaper360 character Protected View View. Enable Editing LO 14 Exercise 13-21B Preparing closing entries The following financial Information was taken from the books of Serenity Spa Account Balances as of December 31, Year 1 Accounts Receivable Accounts Payable Advertising Expense Common Stock Dividends Land Prepaid Rent $ 54.000 15.000 7.000 80.500 40.000 10.000 27.000 6400 15.500 SOO 64.000 22500 153000 ar1 Bened Eaming t Sales Expense Sales Peye Service Revenge Suces Supot Expense 300 5000 Required 2. Prepare the journal entries necesary to close the temporary accounts December Year 1. for Serenity What is the balance in the Retained Earnings account after the closing entries are posted Closing Entries Debit Credit Retained Earnings, Year 1 D Focus 16 ces Mailings Review View Help min viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing LO 13-5 Exercise 13-23B Determining the book value of assets The following information was drawn from the accounting records of Schafer Company 1. On January 1. Year I, Schafer paid $72,000 cash to purchase a truck. The truck had a seven-year useful life and a $9,000 salvage value 2. As of December 31, Year 1. Schafer Company had an $84,000 bulance in its Accounts Receivable account and a nero balance in its Allowance for Doubtful Accounts account. Sales on account for Year 1 amounted to $450,000. Schafer estimates that 3 percent of credit sales will be uncollectible. Required Record the year end adjusting entry for depreciation expense on the truck in Taccounts b. Determine the book value of the truck that will appear on the December 31, Year 1, balance sheet Schafer Company T-Accounts Liabilities Assets Stockholders' Equity View ases. Unless you need to edit, it's safer to stay in Protected View. Enable Editing EXERCISE 13-23B (cont.) c. Record the year-end adjusting entry of uncollectible accounts expense. d. Determine the net realizable value of receivables that will appear on the December 31, Year 1, bal- ance sheet. Schafer Company T-Accounts Liabilities Assets + Stockholders' Equity
