Question
Selected amounts from James's trial balance of 12/31/19 appear below: 1. Accounts Payable 190,000 2. Accounts Receivable 150,000 3. Accumulated DepreciationEquipment 200,000 4. Allowance for
Selected amounts from James's trial balance of 12/31/19 appear below:
1. Accounts Payable 190,000
2. Accounts Receivable 150,000
3. Accumulated DepreciationEquipment 200,000
4. Allowance for Doubtful Accounts 20,000
5. Bonds Payable 500,000
6. Cash 150,000
7. Equipment 840,000
8. Insurance Expense 30,000
9. Interest Expense 10,000
10. Inventory 300,000
11. Notes Payable (due 6/1/20) 200,000
12. Prepaid Rent 180,000
13. Retained Earnings 818,000
14. Salaries and Wages Expense 328,000
15. Share CapitalOrdinary 60,000
(All of the above accounts have their standard or normal debit or credit balance.)
At December 31, 2019, based on the following supplemental information.
a. The equipment has a useful life of 40 years with no salvage value. (Straight-line method being used.)
b. Interest accrued on the bonds payable is 16,000 as of 12/31/19.
c. Expired insurance at 12/31/19 is 12,000.
d. The rent payment of 180,000 covered the six months from November 30, 2019 through May 31, 2020.
e. Salaries and wages incurred but unpaid at 12/31/19, 20,000.
Required: Prepare 10 colume worsheet
Step 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