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See the one I prepared above I don't think the horizontal model I prepared above is 100% correct. Can you prepare one so i can
See the one I prepared above
I don't think the horizontal model I prepared above is 100% correct. Can you prepare one so i can compare yours with mine?
WADDELL COMPANY Accounting Equation Assets + Date Cash Prepaid Rent Liabilities Salaries Payable Supplies Accounts Receivable 52,000 Interest Receivable Land Accounts Payable 27,000 Unearned Revenue Stockholders' Equity Common Retained Stock Earnings 90,000 + 19,000 52,000 + Bal. 30,000 = Jan. 1 Feb. 1 5,100 = + 54,000 52,000 (5,100) (2,700) (30,000) (11,000) 8,600 ++++++ Mar. 1 + + (2,700) 30,000 = + (11,000) + April 1 May 1 July 1 Sept. 1 Oct. 1 8,600| + +++++ 18,000 (18,000) = 970 970 + Dec. 31 67,000 67,000 Dec. 31 52,000 (52,000) 13,000 Dec. 31 Dec. 31 4,900 (13,000) (4,900 (830) Dec. 31 (830) Dec. 31 126 (4,675) Dec. 31 Dec. 31 126 (4,675) 4,300 = (4,300) Dec. 31 Bal. 135,800 67,000 425 140 126 42,000 = 29,970 4,900 4,300 + 142,000 + 64,321 Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts Receivable Land $ 54,000 52,000 30,000 $136,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings $ 27,000 90,000 19,000 $136,000 Totals The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Feb. 1 Mar. 1 April 1 May 1 July 1 Sept. 1 Oct. 1 Dec. 31 31 31 31 31 31 31 Acquired $52,000 cash from the issue of common stock. Paid $5,100 cash in advance for a one-year lease for office space. Paid a $2,700 cash dividend to the stockholders. Purchased additional land that cost $30,000 cash. Made a cash payment on accounts payable of $11,000. Received $8,600 cash in advance as a retainer for services to be performed monthly over the coming year. Sold land for $18,000 cash that had originally cost $18,000. Purchased $970 of supplies on account. Earned $67,000 of service revenue on account during the year. Received cash collections from accounts receivable amounting to $52,000. Incurred other operating expenses on account during the year that amounted to $13,000. Recognized accrued salaries expense of $4,900. Had $140 of supplies on hand at the end of the period. The land purchased on April 1 had a market value of $44,000. Recognized $126 of accrued interest revenueStep by Step Solution
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