Account Titles and Explanation Debit Credit Totals Blossom Corporation\'s trial

Question

Account Titles and Explanation Debit Credit Totals Blossom Corporation's trial balance at December 31, 2020, is presented below. All 2020 tra recorded except for the items described below. actions have been Debit Credit Cash Accounts Receivable n Inventory Land 94,400 Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Bonds Payable (10%) Common Stock ($10 par) 29,500 19,500 8,000 54,000 27,000 5,400 ount Paid-in Capital in Excess of Par-Common Preferred Stock ($20 par) Paid-in Capital in Excess of Par-Preferred -Eq Retained Earnings Treasury Stock Cash Dividends 33,960 590,000 Rent Revenue of Interest Expense Cost of Goods Sold 391,000 37,700 Salaries and Wages Expense 63,400 Total $780,400 $780,400

Explanation / Answer

Answer: The trial balance after the reflecting journal entries in part A would be as follows: Trial Balance Debit Credit Cash $     65,860.00 (26600+27600+25000-13340) Account receivable $     51,000.00 Inventory $     22,600.00 Land $     63,700.00 Building $     94,400.00 Equipment $     30,000.00 Allowance for doubtful account $           5,100.00 (440+4660) Accumulated depreciation-Building $         32,450.00 (29500+2950) Accumulated depreciation-Equipment $         15,300.00 (12600+2700) Account Payable $         19,500.00 Interest payable $           5,400.00 Dividend payable $           5,873.00 Unearned rent revenue $           2,000.00 (8000-6000) Bonds Payable(10%) $         54,000.00 Common Stocks $         37,000.00 (27000+10000) Paid-in capital in excess of par-Common stock $         20,400.00 (5400+15000) Preferred Stock $         24,000.00 Paid-in capital in excess of par-Preferred stock $           3,600.00 Retained earning $         33,960.00 Treasury Stock $     13,340.00 Cash dividend $        5,873.00 Sales Revenue $      5,90,000.00 Rent Revenue $           6,000.00 Bad Debt expenses $        4,660.00 Interest expenses $        5,400.00 Cost of goods sold $ 3,91,000.00 Depreciation expenses $        5,650.00 (2950+2700) Other operating expenses $     37,700.00 Salaries and wages expenses $     63,400.00 Total $ 8,54,583.00 $      8,54,583.00

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