Bisbee Mountain Company Trial Balance 11/30/17 Cr Cash Accounts Receivable Allow

Question

Bisbee Mountain Company Trial Balance 11/30/17 Cr Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies Inventory Equipment Building Accumulated Depreciation Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock - $1.25 par Paid In Capital In Excess of Par CS Preferred Stock $5 par Paid In Capital In Excess of Par - PS Treasury Stock Retained Earnings Dividends Sales Revenue Sales Returns & Allowances Sales Discounts Cost of Goods Sold Bad Debts Expense Depreciation Expense Wages Expense Rent Expense Insurance Expense Supplies Expense Interest Revenue Interest Expense Gain on Sale of Equipment Income Tax Expense Total 172,000 124,000 1,000 50,000 55,000 62,000 75,000 0 32,000 94,000 12,000 24,000 22,500 300,000 26,840 105,000 86,000 1,000 50,000 3,500 2,000 390,160 7,000 3,000 46,000 5,000 16,000 167,500 98,000 25,000 16,000 1,000 15,000 1,070,000 1,070,000 6,500 46,000

Explanation / Answer

Answer a. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Dec Building                                                   Dr.    300,000.00    To LT Mortgage Payable    300,000.00 25-Dec Cash                                                           Dr.        6,000.00    To CommonStock        1,250.00 1,000 Shares X $1.25    To Paid in Capital in excess of Par - CS        4,750.00 1,000 Shares X $4.75 29-Dec Dividends                                                 Dr.    255,000.00 85,000 Shares X $3    To Dividends Payable    255,000.00 31-Dec LT Mortgage Payable                         Dr.        1,800.00 $3,800 - $2,000 Interest Expenses                               Dr.        2,000.00 $300,000 X 8% X 1/12    To Cash        3,800.00 31-Dec Interest Expenses                               Dr.            300.00 $22500 X 8% X 2/12    To Interest Payable            300.00 31-Dec Interest Expenses                               Dr.      26,147.20 $326,840 X 8% Premium on Bonds Payable           Dr.        3,852.80 $30,000 - $26,147    To Interest Payable      30,000.00 $300,000 X 10% 31-Dec Unearned Revenue                            Dr      14,000.00 $24,000 - $10,000    To Sales Revenue      14,000.00 $24,000 - $10,000 31-Dec Trearury Stock                                      Dr.            550.00 50 shares X $11    To Cash            550.00 50 shares X $11 Building LT Mortgage Payable Cash Beg. Bal.                      -   Beg. Bal.                     -   Beg. Bal.          172,000               3,800 31-Dec 1-Dec          300,000 31-Dec            1,800          300,000 1-Dec 25-Dec              6,000                  550 31-Dec End. Bal.          300,000 End. Bal.          298,200 End. Bal.          173,650 CommonStock Paid in Capital in Excess of Par CS Dividend Payable Beg. Bal.          105,000 Beg. Bal.            86,000 Beg. Bal.                      -                1,250 25-Dec              4,750 25-Dec          255,000 29-Dec End. Bal.          106,250 End. Bal.            90,750 End. Bal.          255,000 Dividends Interest Expenses Interest Payable Beg. Bal.               2,000 Beg. Bal.            6,500 Beg. Bal.                      -   29-Dec          255,000 31-Dec            2,000                  300 31-Dec 31-Dec                300            30,000 31-Dec 31-Dec          26,147 End. Bal.          257,000 End. Bal.          34,947 End. Bal.            30,300 Premium on Bonds Payable Unearned Revenue Sales Revenue Beg. Bal.            26,840 Beg. Bal.            24,000 Beg. Bal.          390,160 31-Dec               3,853 31-Dec          14,000            14,000 31-Dec End. Bal.            22,987 End. Bal.            10,000 End. Bal.          404,160 Treasury Stock Beg. Bal.                      -   31-Dec                  550 End. Bal.                  550 Trial Balance for the Year Ended Dec 31, 2017 Adjusted Trial Balance Dr. Cr. Cash              173,650 Accounts Receivable              124,000 Allowance for Doubtful Accounts                  1,000 Short Term Notes Receivable                50,000 Supplies                55,000 Inventory                62,000 Equipment                75,000 Buildings              300,000 Accumulated Dep.                32,000 Copyright                94,000 Accounts Payable                12,000 Dividends Payable              255,000 Interest Payable                30,300 Unearned Revenue                10,000 ST Note Payable                22,500 LT Mortgage Payable              298,200 Bonds Payable              300,000 Premium on Bonds Payable                22,987 Common Stock - $1.25 par              106,250 Paid in Capital in Excess of Par - CS                90,750 Preferred Stock - $5 par                  1,000 Paid in Capital in Excess of Par - PS                50,000 Treasury Stock                      550 Retained Earnings                  3,500 Dividends              257,000 Sales Revenue              404,160 Sales Return & Allowances                  7,000 Sales Discount                  3,000 Cost of Goods Sold                46,000 Bad Debts Expenses                  5,000 Depreciation Expenses                16,000 Wage Expenses              167,500 Rent Expenses                98,000 Insurance Expenses                25,000 Supplies Expenses                16,000 Interest Revenue                  1,000 Interest Expense                34,947 Gain on Sale of Equipment                15,000 Income Tax Expense                46,000 Total          1,655,647          1,655,647

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