Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Trial Balance Dec 31, 2018 Debit Credit 29,300 2,200 10,700 13,500 1,300 1,600 15,000 Sales revenue Cash Accounts receivable Inventory Allowance for bad debts Interest

image text in transcribed

Trial Balance Dec 31, 2018 Debit Credit 29,300 2,200 10,700 13,500 1,300 1,600 15,000 Sales revenue Cash Accounts receivable Inventory Allowance for bad debts Interest expense cost of goods sold Accum depreciation (PPE) retained earnings Share capital prop plant and equipment (net) Dividends paid Long term loan gain on sale of asset salary expense other operating expense accounts payable depreciation expense rent expense 8,500 6,900 16,000 44,600 1,800 26,300 800 5,600 1,700 10,900 1,800 1,500 Opening balances, Jan 1, 2018 Cash 4,700 A/R (net) 9,500 Inventory 14,100 A/P 7,000 Share capital 13,000 Equipment with a carrying value of $2,000 was sold for cash Principle payments on the long term loan were $15,000 PREPARE ALL FOUR FINANCIAL STATEMENTS, INCLUDING APPROPRIATE HEADINGS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions