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XYZ Company’s December 31, 2014 trial balance is as follows:
XYZ Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 53,500 Allowance for Doubtful Accounts 1,500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000
XYZ Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 53,500 Allowance for Doubtful Accounts 1,500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000
XYZ Corporation
XYZ Corporation
XYZ Corporation
Trial Balance
Trial Balance
Trial Balance
December 31, 2014
December 31, 2014
December 31, 2014
Account Debit Credit
Account
Account
Account
Debit
Debit
Debit
Credit
Credit
Credit
Cash $43,500
Cash
Cash
$43,500
$43,500

Accounts Receivable 53,500
Accounts Receivable
Accounts Receivable
53,500
53,500

Allowance for Doubtful Accounts 1,500
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
1,500
1,500

Notes Receivable 30,000
Notes Receivable
Notes Receivable
30,000
30,000

Merchandise Inventory 55,000
Merchandise Inventory
Merchandise Inventory
55,000
55,000

Land 20,000
Land
Land
20,000
20,000

Building 150,000
Building
Building
150,000
150,000

Accumulated Depreciation, Building $15,000
Accumulated Depreciation, Building
Accumulated Depreciation, Building

$15,000
$15,000
Equipment 50,000
Equipment
Equipment
50,000
50,000

Accumulated Depreciation, Equipment 21,000
Accumulated Depreciation, Equipment
Accumulated Depreciation, Equipment

21,000
21,000
Goodwill 26,000
Goodwill
Goodwill
26,000
26,000

Accounts Payable 25,000
Accounts Payable
Accounts Payable

25,000
25,000
Long Term Notes Payable 75,000
Long Term Notes Payable
Long Term Notes Payable

75,000
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
Common Stock, $10 par, 2,000 shares authorized & outstanding

20,000
20,000
Retained Earnings 147,000
Retained Earnings
Retained Earnings

147,000
147,000
Sales Revenue 700,000
Sales Revenue
Sales Revenue

700,000
700,000
Salaries Expense 150,000
Salaries Expense
Salaries Expense
150,000
150,000

Utilities Expense 3,500
Utilities Expense
Utilities Expense
3,500
3,500

Cost of Goods Sold 350,000
Cost of Goods Sold
Cost of Goods Sold
350,000
350,000

Administrative Expenses 55,000
Administrative Expenses
Administrative Expenses
55,000
55,000

Sales Expenses 15,000 _______
Sales Expenses
Sales Expenses
15,000
15,000
15,000
_______
_______
_______
Totals $1,003,000 $1,003,000
Totals
Totals
$1,003,000
$1,003,000
$1,003,000
$1,003,000
$1,003,000
$1,003,000
XYZ is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.

Acct220 Page 1 of 9

Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. XYZ discovered, on December 30th, that the inexperienced bookkeeper recorded in the general journal and general ledger that day’s $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
th
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. XYZ estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014

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