Leon Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts

Question

Leon Company Adjusted Trial Balance December 31, 2017 DEBIT CREDIT Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciation Expense Amortization Expense Wages Expense Rent Expense Office Expense Supplies Expense Selling Expense Interest Expense Interest Revenue Income Tax Expense Totals 1,300 4,445 370 500 100 50 1,900 150 8,570 1,800 430 650 65 150 1,200 5,000 300 3,700 5,500 43,400 130 75 25,550 80 770 90 4,500 1,000 400 250 550 200 365 460 57,000 57,000

Explanation / Answer

Statement of profit and loss

90

9710+200-365+460= 10010

Statement showing retained earning

Total stock holders equity

Common stock =5000

+Paid in capital excess of par= 300

+ closing Retained earning balance= 7910

= 13210

Balance sheet

Total current assets= 15275- copyright-equipment= 8075

Total liabilities and shareholders equity= 15275

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Particular Amount Particular Amount Supplies exp 250 Sales 43400 Cost of goods sold 25550 (-) Returns (130) Wages 4500 (-) Disct (75) Gross profit 12895 43195 Bad debts 80 By gross profit 12895 Dep 770 by interest revenue 365 Amortization exp

90

Rent 1000 Office exp 400 Selling exp 550 Interest exp 200 Income tax exp 460 To net profit 9710 13260 13260

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