included in its trial balance immediately prior ON TIME CORPORATION Adjusted Trial Balance At May 31, 2016 (millions of dollars) Debit Credit $4 $ 3,600 Accounts Payable Accounts Receivable Accumulated Depreciation 24 $ 5,700 20,300 5,600 Cash 3,400 Common Stock Depreciation Expense Dividends 3,100 240 39,500 4,500 1, 250 Equipment Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Receivable 1,250 170 80 Interest Revenue 90 8,400 Notes Payable (long-term) Notes Payable (short-term) Office Expenses Prepaid Rent Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Transportation Expense 650 7,610 1, 200 3,200 2,600 16,680 17,300 2,400 48,400 520 12,600 $105,170 $105,170

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion
Section: Chapter Questions
Problem 31P
icon
Related questions
Topic Video
Question
included in its trial balance immediately prior
ON TIME CORPORATION
Adjusted Trial Balance
At May 31, 2016
(millions of dollars)
Debit
Credit
$4
$ 3,600
Accounts Payable
Accounts Receivable
Accumulated Depreciation
24
$ 5,700
20,300
5,600
Cash
3,400
Common Stock
Depreciation Expense
Dividends
3,100
240
39,500
4,500
1, 250
Equipment
Goodwill
Income Tax Expense
Income Tax Payable
Interest Expense
Interest Receivable
1,250
170
80
Interest Revenue
90
8,400
Notes Payable (long-term)
Notes Payable (short-term)
Office Expenses
Prepaid Rent
Rent Expense
Repairs and Maintenance Expense
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Supplies
Transportation Expense
650
7,610
1, 200
3,200
2,600
16,680
17,300
2,400
48,400
520
12,600
$105,170
$105,170
Transcribed Image Text:included in its trial balance immediately prior ON TIME CORPORATION Adjusted Trial Balance At May 31, 2016 (millions of dollars) Debit Credit $4 $ 3,600 Accounts Payable Accounts Receivable Accumulated Depreciation 24 $ 5,700 20,300 5,600 Cash 3,400 Common Stock Depreciation Expense Dividends 3,100 240 39,500 4,500 1, 250 Equipment Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Receivable 1,250 170 80 Interest Revenue 90 8,400 Notes Payable (long-term) Notes Payable (short-term) Office Expenses Prepaid Rent Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Transportation Expense 650 7,610 1, 200 3,200 2,600 16,680 17,300 2,400 48,400 520 12,600 $105,170 $105,170
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Depreciation Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning