Question
The following is a December 31, 2016, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash 69,000 Accounts receivable 53,000 Inventories
| The following is a December 31, 2016, post-closing trial balance for Culver City Lighting, Inc. |
| Account Title | Debits | Credits | ||||||
| Cash | 69,000 | |||||||
| Accounts receivable | 53,000 | |||||||
| Inventories | 59,000 | |||||||
| Prepaid insurance | 29,000 | |||||||
| Equipment | 130,000 | |||||||
| Accumulated depreciationequipment | 48,000 | |||||||
| Patent, net | 54,000 | |||||||
| Accounts payable | 19,000 | |||||||
| Interest payable | 9,000 | |||||||
| Note payable (due in 10, equal annual installments) | 150,000 | |||||||
| Common stock | 84,000 | |||||||
| Retained earnings | 84,000 | |||||||
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| Totals | 394,000 | 394,000 | ||||||
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External Auditing And Quality Accounting Finance Sustainability Governance And Fraud Theory And Application
Authors: Iffet Kesimli
1st Edition
9811305250, 978-9811305252
