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The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2: Cash $ 3,995 Accounts Receivable 13,240 Allowance for Doubtful Accounts 120 Inventory-April 1, 20X1 22,800 Prepaid Insurance 360 Supplies on Hand 520 Equipment 15,000 Accumulated Depreciation-Equipment 4,500 Accounts Payable 11,870 Taxes Payable 390 Capital Stock 25,000 Retained Earnings 11,920 Dividends 9,000 Sales 89,490 Sales Returns and Allowances 920 Sales Discounts 1,330 Purchases 56,320 Purchase Returns and Allowances 490 Purchase Discounts 1,125 Transportation-In 880 Sales Salaries 11,800 Rent Expense 3,600 Advertising Expense 2,700 Utilities Expense 1,880 Maintenance Expense 560 Additional data: a. Merchandise inventory at March 31, 20X2, was $23,300. b. The Allowance for Doubtful Accounts should be increased by $600. c. Prepaid insurance represents a three-year policy purchased April 1, 20X1. d. Supplies on hand were estimated to be $170 on March 31, 20X2. e. The cost of the equipment is being depreciated over a 15-year estimated life using the straight-line method. Salvage value should be ignored. f. Unpaid sales salaries on March 31, 20X2, amounted to $200. REQUIRED: 1. Prepare a work sheet. (Adjusted trial balance columns may be omitted.) 2. Prepare an income statement. 3. Prepare a statement of retained earnings. 4. Prepare a balance sheet. 5. Prepare the closing entries.
Q. Show Credit and debit rules for expense? The credit and debit rules for expense and Dividends accounts and for revenue accounts follow logically if you remember that expense
briefly explain the accounting concepts which guide the accountant at the recording stage
How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280
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Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called
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