The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 3,700 13,500 1. March 12 2. May 2 3. June 30 $4,400 6,400 23,500 9,100 $43,400 $ 43,400 The following is a summary of the transactions for the year: Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $6,400 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,700. Purchase equipment for $7,700 cash. 6. October 19 7. December 30 Pay $1,100 cash dividends to stockholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. 7. Prepare an adjusted trial balance. Accour Cash Accoun Supplie Equipm Accumu Salaries Commo Retaine Dividen Services Salaries Repairs Deprec Supplies Total
The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 3,700 13,500 1. March 12 2. May 2 3. June 30 $4,400 6,400 23,500 9,100 $43,400 $ 43,400 The following is a summary of the transactions for the year: Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $6,400 from 2023 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,700. Purchase equipment for $7,700 cash. 6. October 19 7. December 30 Pay $1,100 cash dividends to stockholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. 7. Prepare an adjusted trial balance. Accour Cash Accoun Supplie Equipm Accumu Salaries Commo Retaine Dividen Services Salaries Repairs Deprec Supplies Total
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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