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Presentation/PPT
27/08/2022
I need help answering A, B and C please!Instructions(You may want to set up T accounts to determine ending balances.)(a) Prepare journal entries for the transactions listed above and adjusting entries.(b) Prepare an adjusted trial balance at December 31, 2010.Totals $671,350(c) Closing Entries are again REQUIREDUse the following information to complete A, B and C:Hiatt Corporation’s balance sheet at December 31, 2009, is presented below.HIATT CORPORATIONBalance SheetDecember 31, 2009Cash $ 24,600 Accounts payable $ 25,600Accounts receivable 45,500 Common stock ($10 par) 80,000Allowance for doubtful accounts (1,500) Retained earnings 127,400$233,000Supplies 4,400Land 40,000Building 142,000Accumulated depreciation-building (22,000)$233,000During 2010, the following transactions occurred.1. On January 1, 2010, Hiatt issued 1,500 shares of $20 par, 7% preferred stock for $33,000.2. On January 1, 2010, Hiatt also issued 900 shares of the $10 par value common stock for $21,000.3. Hiatt performed services for $280,000 on account.4. On April 1, 2010, Hiatt collected fees of $36,000 in advance for services to be performed from April 1, 2010, to March 31, 2011.5. Hiatt collected $267,000 from customers on account.6. Hiatt bought $35,100 of supplies on account.7. Hiatt paid $32,200 on accounts payable.8. Hiatt reacquired 400 shares of its common stock on June 1, 2010, for $38 per share.9. Paid other operating expenses of $188,200.10. On December 31, 2010, Hiatt declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2011.11. An account receivable of $1,300 which originated in 2009 is written off as uncollectible.Adjustment data:1. A count of supplies indicates that $5,900 of supplies remain unused at year-end.2. Recorded revenue earned from item 4 above.3. The allowance for doubtful accounts should have a balance of $3,500 at year end.4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,000.5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)The adjusted trial balance should total $671,350
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