$26,500 54,000 22,700 67,100 91,300 30,000 Cash Accounts Receivable Equipment Al
ID: 2459323 • Letter: #
Question
$26,500 54,000 22,700 67,100 91,300 30,000 Cash Accounts Receivable Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds payable (10%) Common Stock ($10 par) Paid-in Capital in Excess of Par-Common 28,500 12,600 29,000 5,800 Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense 28,900 37,500 Total 783,100 $783,100 Unrecorded transactions and adjustments: 1. On January 1, 2017, Quigley issued 1,200 shares of $20 par, 6% preferred stock for 527,600 2. On January 1, 2017, Quigley also issued 1,200 shares of common stock for $30,000 3. Quigley reacquired 250 shares of its common stock on July 1, 2017, for $47 per share. 4. On December 31, 2017, Quigley declared the annual cash dividend on the preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2018. 5. Quigley estimates that uncollectible accounts receivable at year-end is $5,400. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,800 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,000 8· The unearned rent was collected on October 1, 2017, It was receipt of 4 months' rent in advance (October 1, 2017 through January 31, 2018) 9· The 1096 bonds payable pay interest every January 1·The interest for the 12 months ended December 31, 2017, has not been paid or recorded.Explanation / Answer
Answer :
Quigley Corporation Trial Balance Opening Trial Balance Adjustment Updated Trial Balance Debit Credit Debit Credit Debit Credit Cash 26500 57600 11750 72350 Account Receivable 54000 54000 Inventory 22700 22700 Land 67100 67100 Building 91300 91300 Equipment 30000 30000 Allowance for doubtful accounts 500 5400 5900 Accumulated Depreciation – Building 28500 2850 31350 Accumulated Depreciation – Equipment 12600 2700 15300 Account Payable 19000 19000 Interest Payable 0 4600 4600 Dividend Payable 0 6060 6060 Unearned Rent revenue 6800 5100 1700 Bond Payable (10%) 46000 46000 Common Stock ($ 10 at Par) 29000 12000 41000 Paid in capital in Excess of par – Common stock 5800 18000 23800 Preferred Stock ($ 20 at Par) 0 24000 24000 Paid in capital in Excess of par – preferred stock 0 3600 3600 Retained Earning 28900 28900 Treasury Stock 0 11750 11750 Cash Dividend 0 6060 6060 Sales Revenue 606000 606000 Rent Revenue 0 5100 5100 Bad Debt Expenses 0 5400 5400 Interest Expenses 0 4600 4600 Cost of Goods Sold 390000 390000 Depreciation Expenses 0 5550 5550 Other operating expenses 37500 37500 Salary & Wages Expenses 64000 64000 --------------- --------------- --------------- --------------- --------------- --------------- Total 783100 783100 96060 96060 862310 862310 --------------- --------------- --------------- --------------- --------------- ---------------Related Questions
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