Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi sorry this is kind of a long question I would love if someone could help me complete this its due at midnight thanks The

hi sorry this is kind of a long question I would love if someone could help me complete this its due at midnight thanks
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Pharoah Company operved for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Pharoah Company Trial Balance May 31, 2022 Debit Credit Account Number 101 Cash $ 4,480 126 Supplies 2,672 130 3,072 Prepaid Insurance Land 140 15,360 141 Buildings 76,800 149 17,760 Equipment Notes Payable 200 $ 51,200 201 Accounts Payable 14,320 200 Unearned Rent Revenue 4.224 311 Common Stock 14800 429 Rent Revenge 11,744 429 Rent Revenue 11.744 610 768 726 Advertising Expense Salaries and Wages Expense Utilities Expense 4.224 732 1.152 $ 126,288 $126,288 In addition to those accounts listed on the trial balance, the chart of accounts for Pharoah Company also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation - Equipment. No 212 Salaries and Wages Payable, No 230 Interest Payable, No 619 Depreciation Expense No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense Other data 1 2 Prepaid insurance a 1-year policy starting May 1, 2022 A count of supplies shows $ 960 of unused supplies on May 31 Annual depreciation is $3,840 on the buildings and $1,776 on equipment The note payable interest rate is 12%. (The note was taken out on May 1 and will be repaid along with interest in 2 years.) 3 4 5 Two-thirds of the unearned rent revenue has been earned 6 Salaries and water of 5 885 are unpaid and unrecorded at May 31 No. Date Account Titles and Explanation Debit Credit 1 May 31 Insurance Expense 360 Prepaid Insurance 360 2 May 31 Supplies Expenses 1430 Supplies 1430 3. May Depreciation Expense 570 31 Accumulated Depreciation Buildings 310 Accumulated Depreciation Equipment 260 4 May 31 Interest Expense 160 Interest Payable 160 May BRERA 2540 CCM DOO pen 160 4 May 31 Interest Expense 160 Interest Payable 2540 5. May 31 Unward Rent 2540 Rent Revende Sant Revenue 780 16 May 31 Slim Wam 730 Salaries and Wales Payable

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

Step: 3

blur-text-image

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

Measuring Business Interruption Losses And Other Commercial Damages An Economic Approach

Authors: Patrick A. Gaughan

3rd Edition

1119647916, 9781119647911

More Books

Students also viewed these Accounting questions

Question

Define a bond at premiun

Answered: 1 week ago

Question

What are the advantages of arbitration?

Answered: 1 week ago