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Presentation/PPT
27/08/2022
Good Day,
I need assistance with the below question. Especially question be for the updated Trial Balance for December 2017.
Quigley Corporation’s trial balance at December 31, 2017, is presented below. All 2017 transactions have been recorded except for the items described below.
Debit
Credit
Cash
$27,400
Accounts Receivable
59,000
Inventory
22,600
Land
62,900
Buildings
96,900
Equipment
42,000
Allowance for Doubtful Accounts
$430
Accumulated Depreciation—Buildings
30,500
Accumulated Depreciation—Equipment
15,000
Accounts Payable
19,300
Interest Payable
-0-
Dividends Payable
-0-
Unearned Rent Revenue
8,800
Bonds Payable (10%)
54,000
Common Stock ($10 par)
34,000
Paid-in Capital in Excess of Par—Common Stock
6,800
Preferred Stock ($20 par)
-0-
Paid-in Capital in Excess of Par—Preferred Stock
-0-
Retained Earnings
72,970
Treasury Stock
-0-
Cash Dividends
-0-
Sales Revenue
576,000
Rent Revenue
-0-
Bad Debt Expense
-0-
Interest Expense
-0-
Cost of Goods Sold
404,000
Depreciation Expense
-0-
Other Operating Expenses
39,900
Salaries and Wages Expense
63,100
Total$817,800
$817,800
Unrecorded transactions and adjustments:
1.On January 1, 2017, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $21,000.
2.On January 1, 2017, Quigley also issued 1,100 shares of common stock for $27,500.
3.Quigley reacquired 300 shares of its common stock on July 1, 2017, for $46 per share.
4.On December 31, 2017, Quigley declared the annual cash dividend on the preferred stock and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2018.
5.Quigley estimates that uncollectible accounts receivable at year-end is $5,900.
6.The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,400.
7.The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,200.
8.The unearned rent was collected on October 1, 2017. It was receipt of 4 months’ rent in advance (October 1, 2017 through January 31, 2018).
9.The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2017, has not been paid or recorded.
(Ignore income taxes.)
a)Prepare journal entries for the transactions and adjustment listed above
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