The unadjusted trial balance of Blue Spruce Corp., a private company following ASPE, at December 31,...
Homework Answers
| Spruce Corp Pvt Ltd | ||||
| Year End Adjustment Entries as at Dec 2020 | ||||
| Adj No | Month/Yr | Particulars | Debit | Credit |
| 1 | Dec-20 | Rent Received | 8000 | |
| Rent Received in advance | 8000 | |||
| 2 | Dec-20 | Bad Debts | 2735 | |
| Alloance for Doubtful debts | 2735 | |||
| Sales Revenue | 1100 | |||
| Accounts Receivable | 1100 | |||
| 3 | Dec-20 | Cost of goods sold | 141000 | |
| Inventory(ending) | 82000 | |||
| Purchase Discount | 2300 | |||
| Freight out | 9150 | |||
| Purchasses | 174500 | |||
| Inventory (Beginning) | 56400 | |||
| Freight in | 3550 | |||
| 4 | Dec-20 | Insurance Expenses | 726 | |
| Prepaid Insurance | 726 | |||
| 5 | Dec-20 | Depreciation Expenses | 900 | |
| Accumulated Depreciation | 900 | |||
| 6 | Dec-20 | Cash | 60000 | |
| 12% Bonds Payable | 60000 | |||
| Dec-20 | Interest Expense | 3600 | ||
| cash | 3600 | |||
| Dec-20 | Interest Expens | 1800 | ||
| Interest Payable | 1800 | |||
| 8 | Dec-20 | Rent Expenses | 6853 | |
| Prepaid Rent | 6853 | |||
| 9 | Dec-20 | FV NI Investment | 1000 | |
| Increase in fair value (income stmt) | 1000 | |||
| 10 | Dec-20 | Decrease in FV | 5100 | |
| FV OCI Investment | 5100 |
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The unadjusted trial balance of Blue Spruce Corp., a private
company following ASPE, at December 31,...
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The unadjusted trial balance of Peace Hill Inc. at December 31, 2017, is as follows: Additional...
The unadjusted trial balance of Peace Hill Inc. at December 31,
2017, is as follows:
Additional information:
1.
Actual advertising costs amounted to $1,350 per month. The
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2.
The building was purchased and occupied on January 1, 2015,
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3.
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The adjusted trial balance of Blue Spruce Wholesale Inc. contained the following accounts at December 31,...
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contained the following accounts at December 31, the company’s year
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The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Cash Debit $17,690 109,600 $3,380 61,300 Accounts receivable Allowance for doubtful accounts Inventory Prepaid insurance Bond investment at amortized cost Land 4,692 48,000 30,000 150,100 11,890 32,400 5,400 16,600 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Goodwill Accounts payable Bonds payable (20-year, 7%) Common shares Retained earnings Sales revenue Rent revenue Rent expense Supplies expense Purchases 101,900 180,000 120,600 48,847 180,000...
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The unadjusted trial balance of Peace Hill Inc. at December 31,
2017, is as follows:
Additional information:
1.
Actual advertising costs amounted to $1,350 per month. The
company has already paid for advertisements in Crizza
MMagazine for the first quarter of 2018.
2.
The building was purchased and occupied on January 1, 2015,
with an estimated useful life of 20 years, and residual value of
$31,800. (The company uses straight-line depreciation.)
3.
Prepaid insurance contains the premium costs of several...
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The adjusted trial balance of Blue Spruce Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
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