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Presented above is the trial balance of Flounder Corporation at December 31, 2017. I am able to fix some of my mistakes above, but I
Presented above is the trial balance of Flounder Corporation at December 31, 2017.
I am able to fix some of my mistakes above, but I am having trouble figuring out all of them.
Thank you in advance.
Debit Credit Cash Sales Debt Investments (trading) (cost, $145,000)154,350 Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital in Excess of Par $ 200,300 $8,101,350 4,800,000 302,300 280,300 91,350 456,350 2,001,350 64,630 261,350 1,043,300 139,300 97,350 436,350 152,000 26,350 901,630 212,630 600,300 81,630 903,300 601,350 1,003,300 60,000 160,000 1,001,350 192,350 195,000 81,300 83,300 $12,342,860 $12,342,860 TotalsStep by Step Solution
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