Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Accounting


Home >> Accounting Basics

Question:

Need help on these adjusting entries please. Unadjusted

Adjusted
Account Title Trial Balance Adjustments Trial Balance

DR CR DR CR DR CR
Cash 240,300 -  



Accounts Receivable 925,000 -  



Allowance for Doubtful Accounts -   49,000



Interest Receivable -  




Merchandise Inventory 187,500 -  



Prepaid Insurance 9,000 -  



Prepaid Advertising -   -  



Prepaid Rent -   -  



Office Supplies 7,800 -  



Note Receivable 75,000 -  



Available for Sale Securities 380,000 -  



Office Building 4,250,000 -  



Accumulated Depreciation - Office Building -   221,500



Storage Building 1,650,000 -  



Accumulated Depreciation - Storage Building -   -  



Land 450,000 -  



Leasehold Improvements 190,000 -  



Accumulated Depreciation - Leasehold Improvements -   -  



Office Equipment 125,000 -  



Accumulated Depreciation - Office Equipment -   42,000



Patent 250,000 -  



Accounts Payable -   145,000



Sales Tax Payable -   -  



Salaries Payable -   -  



Payroll Taxes Payable -   -  



Interest Payable -   -  



Income Tax Payable -   -  



Unearned Rent Revenue -   96,000



Loan Payable - Onstar Bank -   500,000



Loan Payable - Coldstar Bank -   2,250,000



Common Stock -   425,000



Additional Paid in Capital -   2,800,000



Retained Earnings -   1,379,420



Accumulated Other Comprehensive Income -   8,500



Dividends 280,000 -  



Sales -   4,380,250



Sales Returns and Allowances 19,500 -  



Sales Discounts 14,600 -  



Cost of Goods Sold 1,817,900 -  



Sales Salaries Expense 676,400 -  



Office Salaries Expense 434,000 -  



Advertising Expense 54,000 -  



Depreciation Expense - Office Building -   -  



Depreciation Expense - Leasehold Improvements -   -  



Depreciation Expense - Office Equipment -   -  



Leasing Expense - Stores 132,000 -  



Miscellaneous Selling Expense 16,950 -  



Rent Expense - Storage Facility 18,000 -  



Insurance Expense 2,000 -  



Office Supplies Expense 28,500 -  



Warranty Expense 5,000




Miscellaneous Administrative Expense 9,220 -  



Rent Revenue -   -  



Interest Revenue on Note Receivable -   -  



Dividend Revenue on AFS Securities -   18,000



Bad Debt Expense 67,000 -  




12,314,670 12,314,670



1. On December 1, 2017 DeeDee paid ABC Advertising $16,000 for a four month campaign of advertising services. Equal services are provided each month. All other advertising paid for during the year has been consumed.

2. On August 1, 2017, DeeDee rented a portion of one store to Marketing Majors Inc. The contract was for 19 (enter the last digit of your student number) months and DeeDee required all of the cash up front. The rent is being earned equally each month. This is the only item in which rent is being earned by the company.

3. As of 12/31/2017 the Available for Sale Securities have a fair value of $291,000 (enter the last digit of your student number in place of the X). Due to the market conditions, the company does not plan on selling the assets in 2017, but their intent is to sell at some point in time. You can ignore the tax effect on unrealized gains and losses. (Hint: Unrealized Gains and Losses are closed to Accumulated Other Comprehensive Income at the end of the year.)

4. DeeDee uses the DDB method to depreciate office equipment. No office equipment was added during 2017. It is estimated that the office equipment has a useful life of 10 years with a salvage value of $2,000. Prior depreciation was correctly calculated based on period of time held.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92569844

Have any Question?


Related Questions in Accounting Basics

Question - dillons camping equipment was burglarized on

Question - Dillon's Camping Equipment was burglarized on 3/10/15. It is unclear how many items were stolen. Dillon and its insurance company are currently working to estimate the dollar value of the stolen goods in order ...

Question - the annual report can be downloaded from the

Question - The Annual Report can be downloaded from the website for Fletcher Building annual-report. Refer to Note-4 on page 65 of the Annual Report 2017, identify what are the "significant items" in 2017 and discuss the ...

Qestion - a racing bike is listed for 129344 less 18 9

Question - A racing bike is listed for $1293.44 less 18 %, 9 %, and 3%. a. What is the net price? b. What is the total amount of discount that was allowed? c. What is the exact single rate of discount that was allowed?

Question - sanchez consulting companymark sanchez

Question - Sanchez Consulting Company Mark Sanchez established Sanchez Consulting Company on September 1, 2018, as a backup plan since he is now a free agent and has been suspended for the first four games of the season. ...

Question - cosos internal control - integrated framework

Question - COSO's Internal Control - Integrated Framework discusses technology general controls and application controls. What are technology general controls and application controls? How do technology general controls ...

Question - bob smith borrowed 200000 on january 1 2015 the

Question - Bob Smith borrowed $200,000 on January 1, 2015. The interest rate of 8% is compounded semiannually to be repaid January 1, 2025. To repay this Bob wants to start making five equal annual deposits into fund tha ...

Question - crane company had 590000 shares of common stock

Question - Crane Company had 590000 shares of common stock outstanding on January 1, issued 890000 shares on July 1, and had income applicable to common stock of $2930000 for the year ending December 31, 2018. Earnings p ...

Question - simple and compound interest computations - alan

Question - Simple and Compound Interest Computations - Alan Jackson invests $20,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan w ...

Question - on january 1 2017 pina corporation sold a

Question - On January 1, 2017, Pina Corporation sold a building that cost $258,210 and that had accumulated depreciation of $105,500 on the date of sale. Pina received as consideration a $248,210 non-interest-bearing not ...

Question in this case management is presented with several

Question: In this case, management is presented with several decision options. For this assignment, you are required to provide a two to three single-spaced written memo evaluating options and providing recommendations. ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved