1. LO 4.4 Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). $ 18,000 4,000 88,000 19,000 30,000 16,000 20,000 8,000 26,000 55,000 37,000 115,000 Accounts payable Accounts receivable Investments Cash Common stock Dividends Prepaid insurance Insurance expense Land Notes payable (long term) Salaries expense Sales revenue Adjustments needed: Accrued interest revenue on investments at period end, $2,200 Insurance still unexpired at end of the period, $12,000 Solution Adjusted Trial Balance Debit Credit

1. LO 4.4 Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). $ 18,000 4,000 88,000 19,000 30,000 16,000 20,000 8,000 26,000 55,000 37,000 115,000 Accounts payable Accounts receivable Investments Cash Common stock Dividends Prepaid insurance Insurance expense Land Notes payable (long term) Salaries expense Sales revenue Adjustments needed: Accrued interest revenue on investments at period end, $2,200 Insurance still unexpired at end of the period, $12,000 Solution Adjusted Trial Balance Debit Credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 17DQ

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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,809 Accounts Receivable 12 2,710 Prepaid Expenses 13 764 Equipment 18 13,545 Accumulated Depreciation 19 1,359 Accounts Payable 21 1,472 Notes Payable 22 4,388 Bob Steely, Capital 31 15,721 Bob Steely, Drawing 32 791 Fees Earned 41 6,067 Wages Expense 51 3,029 Rent Expense 52 734 Utilities Expense 53 302 Depreciation Expense 54 260 Miscellaneous Expense 59 63 Totals 29,007 29,007 Use the adjusted trial balance for Stockton Company. Determine the current assets. a.$9,519 b.$29,007 c.$22,469 d.$10,283
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