Financial Accounting
5th Edition
ISBN: 9781618531650
Author: Thomas Dyckman
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 49P
a (1)
To determine
Prepare
a(2)
To determine
Prepare adjusting entries.
b & d
To determine
Prepare T-accounts.
c.
To determine
Prepare Income statement and balanc sheet.
d.
To determine
Prepare closing entries.
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R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows:
Account title
Debit
Credit
Cash
6,000
Accounts receivable
6,000
Allowance for uncollectable accounts
1,000
Supplies
13,000
Materials
7,000
Equipment
78,000
Accumulated Depreciation
8,000
Land
Accounts payable
Wages payable
Interest payable
Income taxes payable
Long-term notes payable
Common stock (8,000 shares, $0.50 par value
4,000
Additional paid-in capital
80,000
Retained earnings
17,000
Service revenue
Wages expense
Supplies expense
Bad debt expense
Interest expense
Depreciation expense
Income tax expense
Misc. expenses
Totals
110,000
110,000
Adjusting entries:
$18,000…
R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows:
Account title
Debit
Credit
Cash
6,000
Accounts receivable
6,000
Allowance for uncollectable accounts
1,000
Supplies
13,000
Materials
7,000
Equipment
78,000
Accumulated Depreciation
8,000
Land
Accounts payable
Wages payable
Interest payable
Income taxes payable
Long-term notes payable
Common stock (8,000 shares, $0.50 par value
4,000
Additional paid-in capital
80,000
Retained earnings
17,000
Service revenue
Wages expense
Supplies expense
Bad debt expense
Interest expense
Depreciation expense
Income tax expense
Misc. expenses
Totals
110,000
110,000
Transactions during 2019:…
R&B Electrical began operations on 1/1/2017. Their annual reporting period ends 12/31. The trial balance on 1/1/2019 follows:
Account title
Debit
Credit
Cash
6,000
Accounts receivable
6,000
Allowance for uncollectable accounts
1,000
Supplies
13,000
Materials
7,000
Equipment
78,000
Accumulated Depreciation
8,000
Land
Accounts payable
Wages payable
Interest payable
Income taxes payable
Long-term notes payable
Common stock (8,000 shares, $0.50 par value
4,000
Additional paid-in capital
80,000
Retained earnings
17,000
Service revenue
Wages expense
Supplies expense
Bad debt expense
Interest expense
Depreciation expense
Income tax expense
Misc. expenses
Totals
110,000
110,000
Create an adjusted trial…
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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