43- The balance in the office supplies account on June 1 was $7,500, supplies pu
ID: 2380795 • Letter: 4
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43-The balance in the office supplies account on June 1 was $7,500, supplies purchased during June were $3,100, and the supplies on hand at June 30 were $2,300. The amount to be used for the appropriate adjusting entry is
Stockton Company
Adjusted Trial Balance
For the Year ended December 31, 20XX
Cash $ 6,530
Accounts Receivable 2,100
Prepaid Expenses 700
Equipment 13,700
Accumulated Depreciation $ 1,100
Accounts Payable 1,900
Notes Payable 4,300
Bob Steely, Capital 12,940
Bob Steely, Withdrawals (-) 790
Fees Earned 9,250
Wages Expense 2,500
Rent Expense 1,960
Utilities Expense 775
Depreciation Expense 250
Miscellaneous Expense 185
Totals $29,490 $29,490
a-. $2,100 b-$6,700 c-$12,900 d-$8,300
44- The accounts in the ledger of Monroe Entertainment Co. are listed in alphabetical order. All accounts have normal balances.
Prepare a trial balance. The total of the debits is a. $11,200 b. $13,900 c. $12,700 d-$9,700
46-Use the following information in the adjusted trial balance for Stockton Company to answer the following questions.
Stockton Company
Adjusted Trial Balance
For the Year ended December 31, 20XX
Cash $ 6,530
Accounts Receivable 2,100
Prepaid Expenses 700
Equipment 13,700
Accumulated Depreciation $ 1,100
Accounts Payable 1,900
Notes Payable 4,300
Bob Steely, Capital 12,940
Bob Steely, Withdrawals (-) 790
Fees Earned 9,250
Wages Expense 2,500
Rent Expense 1,960
Utilities Expense 775
Depreciation Expense 250
Miscellaneous Expense 185
Totals $29,490 $29,490
PART A-Determine the net income (loss) for the period. a. Net Loss $790 b. Net Income $3,580 c. Net Income $9,250 d. Net Loss $5,670
PART B-Determine the total liabilities for the period. a. $6,200 b. $1,900 c. $20,240 d. $4,300 47-The unearned rent account has a balance of $72,000. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is a. $90,000 b. $54,000 c. $18,000 d-36,000
50-Donner Company is selling a piece of land adjacent to their business premises. An appraisal reported the market value of the land to be $220,000. The Focus Company initially offered to buy the land for $177,000. The companies settled on a purchase price of $212,000. On the same day, another piece of land on the same block sold for $232,000. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company? a. $177,000 b. $220,000 c. $212,000 d. $232,000
The balance in the office supplies account on June 1 was $7,500, supplies purchased during June were $3,100, and the supplies on hand at June 30 were $2,300. The amount to be used for the appropriate adjusting entry is The accounts in the ledger of Monroe Entertainment Co. are listed in alphabetical order. All accounts have normal balances. Prepare a trial balance. The total of the debits is Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Determine the net income (loss) for the period. Determine the total liabilities for the period. The unearned rent account has a balance of $72,000. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is Donner Company is selling a piece of land adjacent to their business premises. An appraisal reported the market value of the land to be $220,000. The Focus Company initially offered to buy the land for $177,000. The companies settled on a purchase price of $212,000. On the same day, another piece of land on the same block sold for $232,000. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company?
Explanation / Answer
a) x+7500+3100 = 2300
x = -8300
b)debits = acc payble + wages + capital = 12700
c)expenses + depreciation = 2500+1960+775+250+185 = 7470
fees earned= 9250
total income = 3580
d) total liabilities= Accounts Payable 1,900 + Notes Payable 4,300
total liabilities = 1900 + 4300 =6200$
e) 72000-18000 = 54000
f) for focus company it should be only 212,000
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