Comprehensive Accounting Cycle Review 9-2 (Part Level Submission) Novak Corp. pr

Question

Comprehensive Accounting Cycle Review 9-2 (Part Level Submission) Novak Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is presented below NOVAK CORP Post-Closing Trial Balance December 31, 2016 Debit $23,800 22,000 Credit Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings Land Accounts Payable Common Stock Retained Earnings $1,300 17,000 12,000 103,000 12,000 20,000 12,390 87,000 61,110 $185,800 $185,800

Explanation / Answer

Detailed trial balance

NOVAK CORP. Trial balance as at March 31, 2017 Unadjusted Account Debit Credit Cash 65980 Accounts receivable 28700 Allowancefor doubtful accounts 1000 Equipment 18000 Accululated depreciation - Equipment 4000 Buildings 103000 Accululated depreciation - Buildings 12000 Land 20000 Patent 12000 Accounts Payable 4250 Unearned revenue 7200 Common Stock 87000 Retained earnings 61110 Sales revenue 170000 Los onsale of equipment 880 Other operating expenses 97500 Depreciation expense 500 T o t a l 346560 346560

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