The trial balance of Dealer”s Choice Wholesale Company contained the accounts shown at December 31, the end of the company”s fiscal year.
| DEALER”S CHOICE WHOLESALE COMPANY Don't use plagiarized sources. Get Your Custom Essay on the trial balance of dealer s choice wholesale company contained the accounts shown 533587 For $10/Page 0nly | ||
| Debit | Credit | |
| Cash | $ 31,400 | |
| Accounts Receivable | 37,600 | |
| Inventory | 70,000 | |
| Land | 92,000 | |
| Buildings | 200,000 | |
| Accumulated Depreciation—Buildings | $ 60,000 | |
| Equipment | 83,500 | |
| Accumulated Depreciation—Equipment | 40,500 | |
| Notes Payable | 54,700 | |
| Accounts Payable | 17,500 | |
| Common Stock | 160,000 | |
| Retained Earnings | 67,200 | |
| Dividends | 10000 | |
| Sales Revenue | 922100 | |
| Sales Discounts | 6,000 | |
| Cost of Goods Sold | 709,900 | |
| Salaries and Wages Expense | 51,300 | |
| Utilities Expense | 11,400 | |
| Maintenance and Repairs Expense | 8,900 | |
| Advertising Expense | 5,200 | |
| Insurance Expense | 4,800 | |
| $1,322,000 | $1,322,000 | |
Adjustment data:
1. Depreciation is $8,000 on buildings and $7,000 on equipment. (Both are operating expenses.)
2. Interest of $4,500 is due and unpaid on notes payable at December 31.
3. Income tax due and unpaid at December 31 is $24,000.
Other data: $15,000 of the notes payable are payable next year.
Instructions
(a) Journalize the adjusting entries.
(b) Create T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries.
(c) Prepare an adjusted trial balance.
(d) Prepare a multiple-step income statement and a retained earnings statement for the year, and a classified balance sheet at December 31, 2012.
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…