Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I Cannot get trial balance to balance out. please help. I've posted what I have below. On December 1, 2015, Aaron Company had the following

I Cannot get trial balance to balance out. please help. I've posted what I have below.

On December 1, 2015, Aaron Company had the following account balances. Debits Credits Cash $ 67,000 Accumulated depn, equip $ 12,000 Accounts receivable 34,000 Accounts payable 29,500 Inventory 52,700 Wages payable 3,800 Supplies 2,400 Common stock 100,000 Equipment 120,000 Retained earnings 130,800 $ 276,100 $ 276,100 During December, the company completed the following summary transactions: Dec 1 Paid $6,000 for six months rent. 2 Purchased new equipment that cost $50,000 by signing a 3-year, 6% note payable. The note and related interest will be paid in December 2018. 5 Paid $4,500 for wages due employees, of which $700 is for the month of December. 8 Received $18,700 from customers in payment on their accounts (no discount is applicable). 10 Sold merchandise for cash, $9,450. The cost of the merchandise sold was $5,670. 14 Purchased merchandise on account from Elizabeth Company, $16,000, terms 2/10, n/30. 15 Purchased supplies for cash, $500. 16 Returned merchandise to Elizabeth Company, $1,000. 17 Sold merchandise on account to Perry Company $43,400, terms 3/15, n/30. The cost of the merchandise was $26,040. 19 Paid $4,500 for wages due employees. 20 Perry Company returned defective merchandise to Aaron Company, $900. The fair value of the goods was $500. 22 Paid Elizabeth Company. 29 Received payment for total amount due from Perry Company. Additional information: a. Aaron Company uses a perpetual inventory system and has a monthly accounting cycle. b. Accrued salaries payable, $4,000. c. Depreciation for the month, $2,000. d. Supplies on hand, $750.

cash 106175
Accounts Receivable 15300
inventory 36190
supplies 750
equipment 170000
accumlated depreciation 14000
accounts pyable 29500
wages payable 0
common stock 100000
retianed earnings 130,800
rent expense 6000
notes payable 50000
wages expense 5200
sales 52850
cost of goods sold 31510
sales return 900
sales discount 1275
salries payable 4000
salries expense 4000
depreciation expense 2000
supplies expense 2150
interest expense 247
interest payable 247
381697 381397

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

Environmental Audit Consultant Because Freaking Awesome Is Not An Official Job Title

Authors: Sophia Brown

1st Edition

1083152106, 978-1083152107

More Books

Students also viewed these Accounting questions

Question

Is the visual set off by adequate white space or borders? (278)

Answered: 1 week ago

Question

dy dx Find the derivative of the function y=(4x+3)5(2x+1)2.

Answered: 1 week ago

Question

Does it use a maximum of two typefaces or fonts?

Answered: 1 week ago