Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help ASAP Wildhorse Corporation's trial balance at December 31,2022 is presented below. All 2022 transactions have been recorded except for. the items described below.
Need help ASAP
Wildhorse Corporation's trial balance at December 31,2022 is presented below. All 2022 transactions have been recorded except for. the items described below. Unrecorded transactions and adjustments: 1. On January 1, 2022, Wildhorse issued 1,300 shares of $20 par, 6\% preferred stock for $28,600. 2. On January 1, 2022, Wildhorse abso issued 1,300 shares of common stock for $29,900. 3. Wildhorse reacquired 390 shares of its common stock on July 1,2022, for $49 per share. 4. On December 31, 2022, Wildhorse declared the annual cash dividend on the preferred stock and a 51.50 per share dividend on the outstanding common stock, all payable on January 15,2023. 5. Wildhorse estimates that uncollectible accounts receivable at year-end are $6.630. 6. The bullding is being depreciated using the straight-line method over 30 years. The salvage value is $6,500. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $5,200. 8. The unearned rent was collected on October 1, 202.2 It was receipt of 4 months' rent in advance (October 1,2022 through January 31,2023), 9. The 10 sb bonds payable pay interest every January 1. The interest for the 12 months ended December 31,2022, has not been paid or recorded. No. Account Titles and Explanation 1. Cash Preferred Stock Paid-in Capital in Excess of Par.Preferred Stock 2. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 3. Treasury 5tock 4. Cash Dividends 5. Bad Debt Expense. Allowance for Doubtful Accounts 6. Depreciation Expense Accumulated Depreciation-Bulidines 7. Depreciation Expense Prepare an updated December 31, 2022, trial balance, reflecting the journal entries in part(a) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started