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Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Account Title Cash Accounts receivable Supplies Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable (long-term) Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals Debits $61,185 25,500 3, 200 26,000 61,500 77,000 7,875 125,000 0 46,750 0 8 5,650 $ 439,660 Credits $ 10,010 32, 100 4,200 30, 300 105,000 18, 050 240,000 439, 660 Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. 2. Accrued salaries at year-end should be $6,300. 3. The company borrowed $30,300 on September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $520. 5. Prepaid rent expired during the period is $14,200. Cash dividends paid to shareholders during the year amounted to $7,875.

Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Account Title Cash Accounts receivable Supplies Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable (long-term) Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals Debits $61,185 25,500 3, 200 26,000 61,500 77,000 7,875 125,000 0 46,750 0 8 5,650 $ 439,660 Credits $ 10,010 32, 100 4,200 30, 300 105,000 18, 050 240,000 439, 660 Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. 2. Accrued salaries at year-end should be $6,300. 3. The company borrowed $30,300 on September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $520. 5. Prepaid rent expired during the period is $14,200. Cash dividends paid to shareholders during the year amounted to $7,875.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 4PA: Here are the accounts in the ledger of Mishas Jewel Box, with the balances as of December 31, the...
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Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Credits Account Title Cash Accounts receivable Supplies Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable (long-term) Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals Debits $61,185 25,500 3, 200 26,000 61, 500 77,000 7,875 125,000 0 46, 750 Required: 0 0 5,650 $ 439, 660 $10,010 32, 100 4, 200 30, 300 105,000 18, 050 240,000 Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. $ 439, 660 2. Accrued salaries at year-end should be $6,300. 3. The company borrowed $30,300 on September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $520. 5. Prepaid rent expired during the period is $14,200. Cash dividends paid to shareholders during the year amounted to $7,875. < Prev 1 of 1 # Next >
Transcribed Image Text:Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Credits Account Title Cash Accounts receivable Supplies Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable (long-term) Common stock Retained earnings Dividends Sales revenue Cost of goods sold Interest expense Salaries expense Rent expense Supplies expense Utility expense Totals Debits $61,185 25,500 3, 200 26,000 61, 500 77,000 7,875 125,000 0 46, 750 Required: 0 0 5,650 $ 439, 660 $10,010 32, 100 4, 200 30, 300 105,000 18, 050 240,000 Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. $ 439, 660 2. Accrued salaries at year-end should be $6,300. 3. The company borrowed $30,300 on September 1, 2024. The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $520. 5. Prepaid rent expired during the period is $14,200. Cash dividends paid to shareholders during the year amounted to $7,875. < Prev 1 of 1 # Next >
Use the information in the worksheet to prepare a statement of shareholders' equity for 2024. EXCALIBUR CORPORATION Statement of Shareholders' Equity For the Year Ended December 31, 2024 Balance at January 1, 2024 Balance at December 31, 2024 Common Stock Req 2A Retained Earnings < Prev Total Shareholders' Equity Req 2C 1 of 1 Next >
Transcribed Image Text:Use the information in the worksheet to prepare a statement of shareholders' equity for 2024. EXCALIBUR CORPORATION Statement of Shareholders' Equity For the Year Ended December 31, 2024 Balance at January 1, 2024 Balance at December 31, 2024 Common Stock Req 2A Retained Earnings < Prev Total Shareholders' Equity Req 2C 1 of 1 Next >
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