Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare an ADJUSTED TRIAL BALANCE. Sorry I'm working off a laptop and tried to screen shot the best I can. Some of the accounts may
Prepare an ADJUSTED TRIAL BALANCE. Sorry I'm working off a laptop and tried to screen shot the best I can. Some of the accounts may have been captured twice by accident. Thank you!
Cash Accounts Payable Sales Revenue Bal. 731,233 350,000 Bal. 2,090,000 Bal. Bal. 731,233 350,000 Bal. 2,090,000 Bal. Petty Cash Interest Revenue Interest Payable Adj. 30,000 (9) Bal. 300 9,900 Bal. Adj. 6,533 (d) 30,000 Bal. Bal. 300 16,433 Bal. Note Payable 300,000 Bal. Accounts Receivable Cost of Goods Sold Bal. 240,000 Bal. 1,112,000 300,000 Bal. Bal. 240,000 Bal. 1,112,000 Balfort, Capital Franchise Fee Expense Allowance for Bad Debts Adj. 14,400 (b) 590,000 Bal. Bal. 146,300 14,400 Bal. 590,000 Bal. Bal. 146,300 Merchandise Inventory Balfort, Withdrawals Salaries Expense Bal. 18,000 Bal. 12,000 Bal. 140,000 Bal. 18,000 Bal. 12.000 Bal. 140,000 Office Supplies Utilities Expense Bal. 1,654 Bal. 13,500 Adj. 1,404 (c) Bal. 250 Bal. 13,500 Prepaid Insurance Insurance Expense Adj. (a) Bal. 3,000 1,500 Adj. 1,500 (a) Bal. 1,500 Bal. 1,500 Supplies Expense Adj. (C) Interest Receivable 1,404 Adj. (d) 6,533 Bal. 1,404 Bal. 6,533 Bad Debts Expense Adj. (b) Notes Receivable 14,4001 14,400 Bal. 280,000 Bal. Bal. 280,000 Bank Expense Bal. 1,750 Land Bal. 130,000 Bal. 1,750 Bal. 130,000 Credit Card Expense Bal. 130,000 Credit Card Expense Bal. 1,650 Building Bal. 310,000 Bal. 1,650 Bal. 310,000 Depr. ExpenseBuilding Adj. (e) 10,000 Bal. 10,000 Accum. Depr.Building Adj. 10,000 (e) 10,000 Bal. Depr. ExpenseStore Fixtures ALI: 10,000 Bal. Depr. ExpenseStore Fixtures Adj. 5,500 Store Fixtures Bal. 5,500 Bal. 82,500 Depr. Expense-Office Equipment Adj. 26,000 Bal. 82,500 Bal. 26,000 Accum. Depr.Store Fixtures Adj. 5,500 (e) Amortization Expense-Franchise Adj.(f) 5,100 5,500 Bal. Accum. Depr.Store Fixtures Adj. 5,500 (e) Amortization ExpenseFranchise Adj.(f) 5,100 5,500 Bal. Bal. 5,100 Office Equipment Bal. 65,000 Interest Expense Adj. (g) 30,000 Bal. 65,000 Bal. 30,000 Cash Short and Over Accum. Depr.Office Equipment Adj. 26,000 (e) 26,000 Bal. Bal. 13 Bal. 13 Franchise Bal. 51,000 5,100 Adj. (f) Bal. 45,900Step 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