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ACCT 382 - Week 3 - Chapter 3 Homework - Question 3

ACCT 382 - Week 3 - Chapter 3 Homework - Question 3
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ACCT 382 - Week 3 - Chapter 3 Homework - Question 3

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Question 3

The following is a December 31, 2013, post-closing trial balance for the Jackson Corporation.

  Account Title

Debits

Credits

  Cash

40,000

 

 

 

  Accounts receivable

34,000

 

 

 

  Inventories

75,000

 

 

 

  Prepaid rent

16,000

 

 

 

  Marketable securities (short term)

10,000

 

 

 

  Machinery

145,000

 

 

 

  Accumulated depreciation—machinery

 

 

11,000

 

  Patent (net of amortization)

83,000

 

 

 

  Accounts payable

 

 

8,000

 

  Wages payable

 

 

4,000

 

  Taxes payable

 

 

32,000

 

  Bonds payable (due in 10 years)

 

 

200,000

 

  Common stock

 

 

100,000

 

  Retained earnings

 

 

48,000

 

  





      Totals

403,000

 

403,000