Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Nowak Carp prepar arterly and statements. The post closing trial balance at December 31, 2021, is presented below NOVAK CORP Post-Cloning Trial Balance December 31,
Nowak Carp prepar arterly and statements. The post closing trial balance at December 31, 2021, is presented below NOVAK CORP Post-Cloning Trial Balance December 31, 2021 Debit Credit $23.800 22.000 Accounts Receivable Allowance for Doubt Accounts $1.300 17 000 Equipment Accumulated Depreciation Equipment Buildings 12.000 Accumulated Depreciation Buildings 12.000 Land Accounts Payable 12.30 Common Stock 87.000 Detained Earnings 61.110 $185.800 $185.000 During the first quarter of 2022. the following transactions occurred 1. On February 1 Novak collected fees of $7200 in advance The company pro $600 of servicesech month from February 1 2022. to January 31 2018 2 On February 1 Novak purchased computer equipment for $11.250 plus sales of $750 $3,750 cash waspaid with the rest on account Check 455 was used 3 On March 1 Novak acquired aptent with a 10-year for $12.000 cash Check 456 was used 4. Os March 28. Novak recorded the quarter's sites in a single entry During this period ik had total sales of $170.000 not including the sales referred to intematow All the sales were encount. 5. On March 29 Novak collected $163.000 from customers on court & On March 29. Novak paid $16.30 on counts payable. Check 457 was used 7. On March 29. Novak paid other operating expenses of 597500. Check 458 was used On March 31 Novak wrote off a receivable of $300 for customer who declared bankruptcy 9. On March 31, Novsk sold for 51620 equipment that originally cost $11.000 thadan t ed lite oty d ve S1000 Accumulated depreciation as of December 31, 2021 8.000 using the strane method it Record depreciation on the equipment sold then record these March 2 March 29 Accounts 63000 March 29 Accounts Payab March 29 7. Other Operating L ES 97500 Cash March 31 Accounts Receivable March 31 9. Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) (To record sale oferulment
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669be1c647f1b_909669be1c58d17e.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669be1c75c160_910669be1c68e8d0.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started