Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

looking for C-E of the last picture Knights, Inc., is an Agritourism Operations in Terra Alta, West Virginia. The following Trail Balance was prepared by

looking for C-E of the last picture
image text in transcribed
image text in transcribed
image text in transcribed
Knights, Inc., is an Agritourism Operations in Terra Alta, West Virginia. The following Trail Balance was prepared by Dee Knights for the Business, dated September, 2021. KNIGHTS, INC. TRIAL BALANCE SEPTEMBER 1, 2021 TRANSACTION DEBIT CREDIT 1,000 Cash $ 5,900 Notes receivable 2,000 Cooking supplies Notes payable $ 800 Dividends payable 1000 Dividends 1000 Capital stock 6,200 Retained earnings 1,400 Admission Fee revenue 6,300 Salaries expense 3,300 Advertising expense 1,700 Utility expense 800 TOTAL $ 15,700 B $15,700 Additionally, Knights Inc. added the following transactions for September, 2021. a) Sept. 4 Collected a $1,500 notes receivable from North Elementary School b) Sept. 12 Purchased cleaning supplies for $900 cash. c) Sept. 16 Paid $500 of outstanding notes payable. d) Sept. 21 Dee Knights bought additional shares of capital stock for $4,300 cash. e) Sept. 25 Recorded $7,000 of admission fee revenue to be collected in 30 days. f) Sept. 28 Paid employee salaries of $1,200. g) Sept. 29 Recorded and paid Sept advertising expenses of $700, h) Sept. 30 Recorded $500 in utility expenses to Mon Power. Payment is due Oct. 12. c. Prepare a Trial Balance dated September 30th, 2021. d. Has the company paid all of the dividends that it has declared? Explain fully - use the relevant accounting numbers to support your answer. e. Based in your answer to (d) above, will the $1,000 dividend decrease the company's income? Explain fully. Key: Part A: B: C: D: EF: G: H: Transaction Cash Debit $1,500 $4,300 Credit ($900) ($500) ($1,200) (700) ($500) ($1,500) $7,000 Notes receivable $900 $500 ($4,300) Cleaning Supplies Notes payable Dividends payable Dividends Capital Stock Retained Earnings Admission Fee Revenue Salaries Expense Advertising Expense Utility Expense Total $7,000 $1,200 $700 $500 $16,600 $16,600 ates) Focu DET 18 ce etv NA Am 11 MacBook 000 DOO F4 ca F7 oll FB 15 F6

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

Computer Accounting With QuickBooks 2021

Authors: Donna Kay

20th Edition

1264069197, 9781264069194

More Books

Students also viewed these Accounting questions

Question

List and define three types of mergers.

Answered: 1 week ago

Question

d. In what sports does the person consult?

Answered: 1 week ago

Question

If a firm does not know its demand, it faces uncertainty in pricing

Answered: 1 week ago

Question

List the four parts of the self-motivation model.

Answered: 1 week ago

Question

Identify the four parts of the model for writing objectives.

Answered: 1 week ago