Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 4-3 Prepare work sheet, adjusting entries, and closing entries (L.O.2.4) The following trial balance and additional data are for Sure Sale Realty Company: SURE

image text in transcribed
Problem 4-3 Prepare work sheet, adjusting entries, and closing entries (L.O.2.4) The following trial balance and additional data are for Sure Sale Realty Company: SURE SALE REALTY COMPANY Trial Balance December 31, 2018 Debits Credits Cash $62,800 Accounts Receivable 117,120 Prepaid Rent 46,080 Equipment 173,760 Accumulated Depreciation Equipment $ 21,120 Accounts Payable 62,400 Capital Stock 96,000 Retained Earnings, January 1, 2018 49,920 Dividends 46,080 Commissions Revenue 653,200 Salaries Expense 321,600 Travel Expense 96,480 Miscellaneous Expense 18,720 $ 882,640 $ 882,640 Additional data 1. The prepaid rent is for the period July 1, 2018, to March 31, 2019. 2. The equipment has an expected life of 10 years with no salvage value. 3. Accrued salaries are $14,760. 4. Travel expenses accrued but unreimbursed to sales staff at December 31 were $19,380. a. Prepare a 12-column work sheet for the year ended December 31, 2018. You need not include account numbers or explanations of adjustments. b. Prepare adjusting journal entries. c. Prepare closing journal entries. | Required

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Auditing For Dummies

Authors: Maire Loughran

1st Edition

0470530715, 978-0470530719

More Books

Students also viewed these Accounting questions

Question

Defi ne selling and distribution overhead.

Answered: 1 week ago