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Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month. CASH
Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month.
| CASH | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 03-Jan-X8 | Journal Page 1 | 250,000 | - | 250,000 | |
| 10-Jan-X8 | Journal Page 1 | - | 75,000 | 175,000 | |
| 14-Jan-X8 | Journal Page 1 | - | 15,000 | 160,000 | |
| 18-Jan-X8 | Journal Page 2 | 40,000 | - | 200,000 | |
| 21-Jan-X8 | Journal Page 2 | 4,000 | 196,000 | ||
| 26-Jan-X8 | Journal Page 2 | 3,000 | 193,000 | ||
| 31-Jan-X8 | Journal Page 2 | 26,000 | - | 219,000 | |
| ACCOUNTS RECEIVABLE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 06-Jan-X8 | Journal Page 1 | 55,000 | - | 55,000 | |
| 18-Jan-X8 | Journal Page 2 | - | 40,000 | 15,000 | |
| LAND | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 10-Jan-X8 | Journal Page 1 | 75,000 | - | 75,000 | |
| SALARIES PAYABLE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 31-Jan-X8 | Journal Page 2 | - | 18,000 | 18,000 | |
| CAPITAL STOCK | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 03-Jan-X8 | Journal Page 1 | - | 250,000 | 250,000 | |
| REVENUES | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | - | - | - | ||
| 06-Jan-X8 | Journal Page 1 | - | 55,000 | 55,000 | |
| 31-Jan-X8 | Journal Page 2 | - | 26,000 | 81,000 | |
| SUPPLIES EXPENSE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | - | - | - | ||
| 26-Jan-X8 | Journal Page 2 | 3,000 | - | 3,000 | |
| UTILITIES EXPENSE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | - | - | - | ||
| 21-Jan-X8 | Journal Page 2 | 4,000 | - | 4,000 | |
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Principles Of Financial Accounting
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st Edition
0077525264, 978-0077525262
