Bisbee Mountain Company Trial Balance 11/30/17 Cr Cash Accounts Receivable Allow
ID: 2577473 • Letter: B
Question
Bisbee Mountain Company Trial Balance 11/30/17 Cr Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies Inventory Equipment Building Accumulated Depreciation Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock - $1.25 par Paid In Capital In Excess of Par CS Preferred Stock $5 par Paid In Capital In Excess of Par - PS Treasury Stock Retained Earnings Dividends Sales Revenue Sales Returns & Allowances Sales Discounts Cost of Goods Sold Bad Debts Expense Depreciation Expense Wages Expense Rent Expense Insurance Expense Supplies Expense Interest Revenue Interest Expense Gain on Sale of Equipment Income Tax Expense Total 172,000 124,000 1,000 50,000 55,000 62,000 75,000 0 32,000 94,000 12,000 24,000 22,500 300,000 26,840 105,000 86,000 1,000 50,000 3,500 2,000 390,160 7,000 3,000 46,000 5,000 16,000 167,500 98,000 25,000 16,000 1,000 15,000 1,070,000 1,070,000 6,500 46,000Explanation / Answer
Answer a. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Dec Building Dr. 300,000.00 To LT Mortgage Payable 300,000.00 25-Dec Cash Dr. 6,000.00 To CommonStock 1,250.00 1,000 Shares X $1.25 To Paid in Caital in excess of Par - CS 4,750.00 1,000 Shares X $4.75 29-Dec Retained Earnings Dr. 255,000.00 85,000 Shares X $3 To Dividends Payable 255,000.00 31-Dec LT Mortgage Payable Dr. 1,800.00 $3,800 - $2,000 Interest Expenses Dr. 2,000.00 $300,000 X 8% X 1/12 To Cash 3,800.00 31-Dec Interest Expenses Dr. 300.00 $22500 X 8% X 2/12 To Interest Payable 300.00 31-Dec Interest Expenses Dr. 26,147.20 $326,840 X 8% Premium on Bonds Payable Dr. 3,852.80 $30,000 - $26,147 To Interest Payable 30,000.00 $300,000 X 10% 31-Dec Unearned Revenue Dr 14,000.00 $24,000 - $10,000 To Sales Revenue 14,000.00 $24,000 - $10,000 31-Dec Trearury Stock Dr. 550.00 50 shares X $11 To Cash 550.00 50 shares X $11 Building LT Mortgage Payable Cash Beg. Bal. - Beg. Bal. - Beg. Bal. 172,000 3,800 31-Dec 1-Dec 300,000 31-Dec 1,800 300,000 1-Dec 25-Dec 6,000 550 31-Dec End. Bal. 300,000 End. Bal. 298,200 End. Bal. 173,650 CommonStock Paid in Capital in Excess of Par CS Dividend Payable Beg. Bal. 105,000 Beg. Bal. 86,000 Beg. Bal. - 1,250 25-Dec 4,750 25-Dec 255,000 29-Dec End. Bal. 106,250 End. Bal. 90,750 End. Bal. 255,000 Retained Earnings Interest Expenses Interest Payable Beg. Bal. 3,500 Beg. Bal. 6,500 Beg. Bal. - 29-Dec 255,000 31-Dec 2,000 300 31-Dec 31-Dec 300 30,000 31-Dec 31-Dec 26,147 End. Bal. 251,500 End. Bal. 34,947 End. Bal. 30,300 Premium on Bonds Payable Unearned Revenue Sales Revenue Beg. Bal. 26,840 Beg. Bal. 24,000 Beg. Bal. 390,160 31-Dec 3,853 31-Dec 14,000 14,000 31-Dec End. Bal. 22,987 End. Bal. 10,000 End. Bal. 404,160 Treasury Stock Beg. Bal. - 31-Dec 550 End. Bal. 550 Answer c. Trial Balance for the Year Ended Dec 31, 2017 Unadjusted Trial Balance Adjustment Adjusted Trial Balance Dr. Cr. Dr. Cr. Dr. Cr. Cash 172,000 6,000.00 4,350 173,650 Accounts Receivable 124,000 124,000 Allowance for Doubtful Accounts 1,000 1,000 Short Term Notes Receivable 50,000 50,000 Supplies 55,000 55,000 Inventory 62,000 62,000 Equipment 75,000 75,000 Buildings - 300,000.00 300,000 Accumulated Dep. 32,000 32,000 Copyright 94,000 94,000 Accounts Payable 12,000 12,000 Dividends Payable - 255,000 255,000 Interest Payable - 30,300 30,300 Unearned Revenue 24,000 14,000.00 10,000 ST Note Payable 22,500 22,500 LT Mortgage Payable - 1,800.00 300,000 298,200 Bonds Payable 300,000 300,000 Premium on Bonds Payable 26,840 3,852.80 22,987 Common Stock - $1.25 par 105,000 1,250 106,250 Paid in Capital in Excess of Par - CS 86,000 4,750 90,750 Preferred Stock - $5 par 1,000 1,000 Paid in Capital in Excess of Par - PS 50,000 50,000 Treasury Stock - 550.00 550 Retained Earnings 3,500 255,000.00 251,500 Dividends 2,000 2,000 Sales Revenue 390,160 14,000 404,160 Sales Return & Allowances 7,000 7,000 Sales Discount 3,000 3,000 Cost of Goods Sold 46,000 46,000 Bad Debts Expenses 5,000 5,000 Depreciation Expenses 16,000 16,000 Wage Expenses 167,500 167,500 Rent Expenses 98,000 98,000 Insurance Expenses 25,000 25,000 Supplies Expenses 16,000 16,000 Interest Revenue 1,000 1,000 Interest Expense 6,500 28,447.20 34,947 Gain on Sale of Equipment 15,000 15,000 Income Tax Expense 46,000 46,000 Total 1,070,000 1,070,000 609,650.00 609,650 1,652,147 1,652,147
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.