a. Unpaid utilities for the month of January are $7,300.b. Supplies at the end of January total $6,200..c. Depreciation on the equipment for the month of January is calculated using the straightline method. At the time the equipment was purchased, the company estimated a service life of three years and a residualvalue of $11,100..d. Accrued income taxes at the end of January are $2,200.3. Prepare an adjusted trial balance as of January 31, Year 1.Adjusted Trial BalanceJanuary 31, Year 1AccountsDebitCreditCashAccounts ReceivableSupplies On January 1, Year 1, the general ledger of a company includes the following account balances:AccountsDebitCreditCash$ 43,800Accounts Receivable46,700SuppliesEquipmentAccumulated DepreciationAccounts PayableCommon Stock, $1 par valueAdditional Paid-in Capital8,60075,000$ 10,10015,70011,00091,00046,300Retained EarningsTotals$ 174,100 $174,100During January Year 1, the following transactions occur:January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.January 9 Provide services to customers on account, $16,700.January 10 Purchase additional supplies on account, $6,000.January 12 Purchase 1,300 shares of treasury stock for $19 per share.January 15 Pay cash on accounts payable, $17,600.January 21 Provide services to customers for cash, $50,200.January 22 Receive cash on accounts receivable, $17,700.January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: The company had 11,000 shares outstanding on January 1, Year 1, and dividends are not paidon treasury stock.)January 30 Resell 800 shares of treasury stock for $21 per share.January 31 Pay cash for salaries during January, $43,100.

The trial balance is prepared as posting the transactions from journal to their specific accounts.

On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 43,800 Accounts Receivable 46,700 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 8,600 75,000 $ 10,100 15,700 11,000 91,000 46,300 Totals $ 174,100 $174,100 During January Year 1, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $16,700. January 10 Purchase additional supplies on account, $6,000. January 12 Purchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,600. January 21 Provide services to customers for cash, $50,200. January 22 Receive cash on accounts receivable, $17,700. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: The company had 1 on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $43,100.

On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 43,800 Accounts Receivable 46,700 Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings 8,600 75,000 $ 10,100 15,700 11,000 91,000 46,300 Totals $ 174,100 $174,100 During January Year 1, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to customers on account, $16,700. January 10 Purchase additional supplies on account, $6,000. January 12 Purchase 1,300 shares of treasury stock for $19 per share. January 15 Pay cash on accounts payable, $17,600. January 21 Provide services to customers for cash, $50,200. January 22 Receive cash on accounts receivable, $17,700. January 29 Declare a cash dividend of $0.30 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: The company had 1 on treasury stock.) January 30 Resell 800 shares of treasury stock for $21 per share. January 31 Pay cash for salaries during January, $43,100.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 5PA: Multiple-step income statement and balance sheet The following selected accounts and their current...

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