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I need help with the T accounts and post closing trial. Sorry if the pictures are out of order. Balance Sheet December 31, 2018 Liabilities

I need help with the T accounts and post closing trial. Sorry if the pictures are out of order. image text in transcribed
image text in transcribed
image text in transcribed
Balance Sheet December 31, 2018 Liabilities and Stockholders' Equity: Current Liabilities 7 Assets: 8 Current Assets 7.600 Accounts Payable 10.200 Cash 2.000 Interest Payable 12.480 10 Accounts Receivable 200 (6.250) Salary and Wages Payable Less Allowance for Doubtful AcCounts 11 $ 9.800 Total Current Liabilities 12 Inventory 13 Prepaid Insurance 14 Supplies 12,620 2.000 Long Term Liabilities 410 $50.000 *** Bonds Payable, 8 % , 10 year 31.460 Total Current Assets 15 16 17 Property, Plant and Equipment 18 Building 19 Less Accumulated Depreciation 20 Equipment $59.800 Total Liabilities $ 100.000 (30.000) Stockholders' Equity 60.000 $ 55.000 Common Stock (35.855) Less Accumulated Depreciation Total Property, Plant and Equipment 21 10.805 Retained Earnings $ 94.145 22 $ 65.805 Total Stockholders' Equity 23 24 25 26 $125.605 Total Liabilities and Stockholders' Equity $ 125.605 27 Total Assets 28 29 Interest payable Jan. 1 and July 1 30 "Inventory balance is 31 5000 units at $1.60 each 32 2800 units at $1.65 each Total Inventory 8.000 $ 4.620 12.620 $ 33 T-Accounts Balance Sheet Dec 2018 Journal Entries 100% Gereed 11:04 AM x NLD 11/22/2019 Journal Entries: 1. Dresser paid the interest due on the Bonds Payable on January 1 2. Dresser paid $750 of salaries and wages, which includes the amount accrued as of December 31, 2018 3. Dresser sold 4,000 units of inventory for $13.00 each. 4. Dresser purchased supplies on account for $1,200 Dresser purchased 3,000 units of inventory for $1.70 each. 5 6. Dresser sold 2,800 units of inventory for $14.00 each. 7. Dresser wrote off as uncollectible the accounts of Barker Corporation ($3,200) and Elm Company ($2,500) 8 Dresser paid the interest due on the Bonds Payable on July 1. 9 Dresser purchased 1,500 units of inventory for $1.72 each. 10. Dresser collected $1,000 from Elm Company, part of the balance previously written off 11. Dresser paid salaries and wages of $64,000. 12.Dresser paid $7,200 for insurance coverage from May 1, 2019 thru April 30, 2020 13. Dresser sold 2,500 units of inventory for $15.00 each. 14. Dresser collected $98,900 from customers on account 15. Dresser purchased 3,800 units of inventory for $1.75 each. 16. Dresser paid $12,300 on accounts payable. 17 Dresser sold 600 units of inventory for $14.50 each as a cash sale 18.Dresser paid $1,800 selling expenses and $2,650 administrative expenses 19.Dresser declared and paid $4,000 in dividends to its stockholders 20.Dresser accepted a $55,000, 6%, 3 year note receivable from a trusted customer for 3,000 units of inventory on October 1. The market rate of interest on Oct. 1 was 5%. Interest is received semiannually on April 1 and Oct. 1 Adjusting Journal Entries: 1. Prepaid insurance expires evenly each month. 2 A count of supplies at year end revealed $380 of supplies on hand. 3. Interest is recorded on the long-term note receivable 4. Interest is recorded on the Bonds Payable 5 Depreciation on the equipment is calcu lated using the sum-of-years-digits method. The salvage value is $2,000, life is 10 years, and 4 years are depreciated as of Dec. 31, 2018. 6 Depreciation on the building is calcu lated using the straight-line method. The salvage value is $10,000, life is 30 years, and 10 years are depreciated as of Dec. 31, 2018 7 Salaries and wages payable at year end amounted to $1,000 8 Dresser performed an aging analysis of its year end Accounts Receivable as follows: 0-30 days 31-60 days 61-90 days 90 days A/R Balance % $ (balance) 50% 25% 15% 10%

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