The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting

Question

The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end. Credits Debits 7,900 9,250 3,700 240,000 72,500 29,000 108,000 43,200 30,600 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 270,000 49,200 89,500 5,200 6,600 38,000 23,700 20,250 523,300 523,300

Explanation / Answer

Post Closing Tral balance Account Tittle Debit Credit Cash $7,900.00 Account Receivable $9,250.00 Prepaid Insurance( $3700-1850) $1,850.00 Land $240,000.00 Building $72,500.00 Accumulated De-Building (29000+72500/50) $30,450.00 Equipment $108,000.00 Accu. Dep- Equipment (43200+(108000*10%)) $54,000.00 Accoutn Payable $30,600.00 Salaries Payable $1,550.00 Unearned Rent $1,050.00 Common Stock $270,000.00 Retaine dEarning (As per W/Note) $51,850.00 Total $439,500.00 $439,500.00 Computation of Closing Balance of Retained Earning Sales Revenue $89,500.00 Interest Revenue $5,200.00 Rent Revenue($6600-1050) $5,550.00 Total Revenue $100,250.00 Salaries Exense $39,550.00 Depreciation Expense (1450+10800) $12,250.00 Insuranc eExpense $1,850.00 Utility Expense $23,700.00 Maintinance Expense $20,250.00 Total Expense $97,600.00 Net income $2,650.00 Beginning Balance of Retained Earning $49,200.00 Adjusted Balances of Retiane dEarning $51,850.00

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.