Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP !!! ASAP ILL GIVE THUMBS UP!! Concord Corporation's balance sheet at December 31,2021 , is presented below. ing 2022, the following transactions occurred.

PLEASE HELP !!! ASAP ILL GIVE THUMBS UP!!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Concord Corporation's balance sheet at December 31,2021 , is presented below. ing 2022, the following transactions occurred. On January 1, Concord issued 2,760 shares of $40 par, 7% preferred stock for $113,160. On January 1. Concord also issued 2,070 shares of the $10 par value common stock for $48,300. Concord performed services for $736,000 on account. On April 1, 2022. Concord collected fees of $82,800 in advance for services to be performed from April 1, 2022, to March 31,2023. Concord collected $634,800 from customers on account. Concord bought $80,730 of supplies on account. 7. Concord paid $74,060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $432,860. 0. On December 31, 2022, Concord declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15,2023. 1. An account receivable of $3.910 which originated in 2022 is written off as uncollectible. During 2022, the following transactions occurred. 1. On January 1. Concord iscued 2.760 shares of $40 par, 7% preferred stock for $113.160. 2. On January 1, Concord also issued 2.070 shares of the $10 par value common stock for $48,300. 3. Concord performed services for $736,000 on account. 4. On April 1,2022, Concord collected fees of $82,800 in advance for services to be performed from April 1, 2022, to March 31,2023. 5. Concord collected $634,800 from customers on account. 6. Concord bought $80.730 of supplies on account. 7. Concord paid $74.060 on accounts payable. 8. Concord reacquired 920 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $432.860. 10. On December 31. 2022, Concord dectared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15,2023. 11. An account recelvable of $3.910 which originated in 2022 is written off as uncollectible Adjusting entries 1. Supplies Expense: Supplies 2. Unearned Service Revenue Service Revenue 3. Bad Debt Expense Allowance for Doubtful Accounts 4. Depreciation Expense- Accumulated Depreciation-Bulldines 5. Income Tax Expense Income Taxes Payable Attempts: 3 of 3 used 6. Supplier Accounts Payable 7. Accounts Payable Cath 8. Treasury Stodk 2570 9. Other Optratine Expemes Cimh 10. Casholvidends Dividendi Pyrable Prenare an adiusted trial balance at December 31.2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

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

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

Financial and Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

13th edition

1285866304, 978-1285866307

Students also viewed these Accounting questions

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago