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ACCT 382 - Week 2 - Chapter 2 Homework - Question 6

ACCT 382 - Week 2 - Chapter 2 Homework - Question 6
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ACCT 382 - Week 2 - Chapter 2 Homework - Question 6

Question 6

The December 31, 2013, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

   

  Account Title  

Debits

Credits

  Cash

21,000   

 

  Accounts receivable

300,000   

 

  Prepaid rent

10,000   

 

  Inventory

50,000   

 

  Equipment

600,000   

 

  Accumulated depreciation—equipment

 

250,000   

  Accounts payable

 

60,000   

  Note payable (due in six months)

 

60,000   

  Salaries payable

 

8,000   

  Interest payable

 

2,000   

  Common stock

 

400,000   

  Retained earnings

 

100,000   

  Sales revenue

 

800,000   

  Cost of goods sold

480,000   

 

  Salaries expense

120,000   

 

  Rent expense

30,000   

 

  Depreciation expense

60,000   

 

  Interest expense

4,000   

 

  Advertising expense

5,000   

 

 



      Totals

1,680,000   

1,680,000