Bal 15,000 (K) 23,000 (CE) ______ What is the CE amount? Solved: R Solved R Brot

Question

Bal 15,000

(K) 23,000 (CE) ______

What is the CE amount?

Solved: R Solved R Brothers Not secure |ezto.mheducation.com/hm.tpx ::: Apps ? Bookmarks D ? Blackboard M McGraw-Hill Connect Pearson OM D MACRO D Maple Just 11 Really Helpfu @GMU Account GMU Parking os Mason Mail Other bookmarks Brothers Mike and Tim Hargen began operations of their tool and die shop (H & H Tool, Inc. on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2017, follows Account Titles Credit Cash Accounts receivable 5,000 4,000 13,000 Equipment 80,000 10,000 9,000 Other ossets Inot detailed to simplify) Accounts payable Wages payable Intereet peyeble Income texes payable Long-term notes payable Common stock (8,00O shares, $.50 par value) Additional poid-in capital Retained eamings 4,000 82.000 5,000 Depreciation expense Supplies expense Wages expense Interest expense ncome tex expense Remaining expenses (not detaled to simplity 111.000 111000 Transactions cluring 2017 follow: a Borrowed $24,000 cash on a 5.year, 10 percent note payable, dated March 1, 2017 b. Purchased land for a future building site on March 15, 2017; paid cash, $13,000. c. Earned $231,000 in revenue. Transactions dated August 30, 2017, including $51,000 on credit and the rest in cash. dl Sold 4,000 odditional shares of copital stock for cash at $1 market value per shore on Jonuory 1, 2017 . Incurred $118,000 in remaining exp?nses for 2017, invoices dated October 15, 2017, including $22,000 on credit and 1h? rest paid in cash. f Collected accounts receivables on November 10, 2017, $36,000. g Purchasedl other assets on November 15, 2017, $13.000 cash. h. Purchased supplies on account for future use on December 1, 2017, $25,000 L Peid accounts payable on December 15, 2017, $24,000. J. Signed a three-year $31,000 service contract on December 17, 2017 to start February 1, 2018. k. Declared and paid cash dividends on December 20, 2017, $23,000 IMG 1466 (1).HEIC D IMG 1466 HEIC Show all X O Type here to search 9 10 14 AM 4/28/2018

Explanation / Answer

11000

No. Accounts Title Dr Cr a Cash $24,000 Long Term Notes Payable $24,000 borrowed cash against notes payable recorded) b Land $24,000 Cash $24,000 (being land purchased recorded) c Cash $180,000 Accounts Receivable 51000 Service Revenue 231000 d Cash $4,000 Common stock $4,000 (being common stock issued) e Remaining Expenses $118,000 Cash (118000-22000) $96,000 Accounts payable 22000 f Cash $36,000 Accounts Receivable $36,000 (being cash received from customer) g Other assets $13,000 Cash $13,000 h Supplies $25,000 Accounts payable $25,000 i Accounts payable $24,000 Cash $24,000 j No entry required k Retained earnings $23,000 Dividend Payable $23,000 Dividend Payable $23,000 Cash $23,000 Adjusting Entries Supplies expenses 22000 Supplies (13000+25000-16000) 22000 Depreciation expenses 12000 Accumulated Depreciation-Equipment 12000 Interest expenses (24000*10%10/12) 2000 Interest payable 2000 Wages expenses 15000 Wages payable 15000 Income tax expenses 11000 Income tax payable

11000

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