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ABC CORPORATION
LISTING OF ACCOUNTS
DECEMBER 31, 2015
ACCOUNTS PAYABLE 30,000
ACCOUNTS RECEIVABLE 56,000
ACCUMULATED DEPRECIATION 24,000
BANK LOAN ($20,000 DUE JUNE 1, 2016) 70,000
CASH 12,700
COMMON SHARES 100,000
DEPRECIATION EXPENSE 4,156
INTEREST EXPENSE 2,163
INVENTORY 45,000
PREPAID EXPENSE 12,000
PROPERTY, PLANT & EQUIPMENT 170,000
RENT EXPENSE 24,500
RENT REVENUE 5,100
RETAINED EARNINGS 28,123
SALARY EXPENSE 72,654
SALES DISCOUNTS 3,426
SALES REVENUE 230,200
SUPPLIES EXPENSE 5,274
UNEARNED REVENUE 29,000
UTILITIES EXPENSE 5,000
TO DO:
1) PREPARE AN ADJUSTING ENTRY FOR INVENTORY. A PHYSICAL COUNT REVEALED THAT
JOURNAL
Date 2016 Account Titles and Explaincation PR DEBIT CREDIT
31-Dec Inventory 500
Cost of Sale 500
Adjusted physical count of invetory
Is this correct
ABC CORPORATION HAD $45,500 OF INVENTORY IN THE WAREHOUSE.
2) PREPARE A TRIAL BALANCE
ABC Corporation
Trail Balance
Dec 31 2015
Account DR CR
Cash 12700
Accounts Recieveable 56000
Prepaid Expense 7844
common shares 100000
Inventory 45500
PPE 170000
Accumlated Deprciation 24000
Accounts Payable 30000
UNEARNED REVENUE 29000
BANK LOAN 70000
retained earnings 28123
Sales Revenue 230200
Rent Revenue 5100
SUPPLIES EXPENSE 5,274
RENT EXPENSE 24500
Sales Discount 3,426
SALARY EXPENSE 72654
UTILITIES EXPENSE 5,000
INTEREST EXPENSE 2163
DEPRECIATION EXPENSE 4,156
Total 409217 516423
The credit and debit dont balance. What can I be doing wrong. Are common shares suppose to be trial balance.
LISTING OF ACCOUNTS
DECEMBER 31, 2015
ACCOUNTS PAYABLE 30,000
ACCOUNTS RECEIVABLE 56,000
ACCUMULATED DEPRECIATION 24,000
BANK LOAN ($20,000 DUE JUNE 1, 2016) 70,000
CASH 12,700
COMMON SHARES 100,000
DEPRECIATION EXPENSE 4,156
INTEREST EXPENSE 2,163
INVENTORY 45,000
PREPAID EXPENSE 12,000
PROPERTY, PLANT & EQUIPMENT 170,000
RENT EXPENSE 24,500
RENT REVENUE 5,100
RETAINED EARNINGS 28,123
SALARY EXPENSE 72,654
SALES DISCOUNTS 3,426
SALES REVENUE 230,200
SUPPLIES EXPENSE 5,274
UNEARNED REVENUE 29,000
UTILITIES EXPENSE 5,000
TO DO:
1) PREPARE AN ADJUSTING ENTRY FOR INVENTORY. A PHYSICAL COUNT REVEALED THAT
JOURNAL
Date 2016 Account Titles and Explaincation PR DEBIT CREDIT
31-Dec Inventory 500
Cost of Sale 500
Adjusted physical count of invetory
Is this correct
ABC CORPORATION HAD $45,500 OF INVENTORY IN THE WAREHOUSE.
2) PREPARE A TRIAL BALANCE
ABC Corporation
Trail Balance
Dec 31 2015
Account DR CR
Cash 12700
Accounts Recieveable 56000
Prepaid Expense 7844
common shares 100000
Inventory 45500
PPE 170000
Accumlated Deprciation 24000
Accounts Payable 30000
UNEARNED REVENUE 29000
BANK LOAN 70000
retained earnings 28123
Sales Revenue 230200
Rent Revenue 5100
SUPPLIES EXPENSE 5,274
RENT EXPENSE 24500
Sales Discount 3,426
SALARY EXPENSE 72654
UTILITIES EXPENSE 5,000
INTEREST EXPENSE 2163
DEPRECIATION EXPENSE 4,156
Total 409217 516423
The credit and debit dont balance. What can I be doing wrong. Are common shares suppose to be trial balance.
