Libby solutions Ch 4

Libby solutions Ch 4 - E4–1 Paige Consultants Inc...

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Unformatted text preview: E4–1. Paige Consultants, Inc. Unadjusted Trial Balance At September 30, 2012 Debit Credit Cash $ 153,000 Accounts receivable 225,400 Supplies 12,200 Prepaid expenses 10,200 Investments 145,000 Buildings and equipment 323,040 Accumulated depreciation $ 18,100 Land 60,000 Accounts payable 96,830 Accrued expenses payable 25,650 Unearned consulting fees 32,500 Income taxes payable 3,030 Notes payable 160,000 Contributed capital 223,370 Retained earnings * 144,510 Consulting fees revenue 2,564,200 Investment income 10,800 Gain on sale of land 6,000 Wages and benefits expense 1,610,000 Utilities expense 25,230 Travel expense 23,990 Rent expense 152,080 Professional development expense 18,600 Other operating expenses 188,000 General and administrative expenses 321,050 Interest expense 17,200 Totals $3,284,990 $3,284,990 * Since debits are supposed to equal credits in a trial balance, the balance in Retained Earnings is determined as the amount in the credit column necessary to make debits equal credits (a “plugged” figure). E4–16. Req. 1 a. Rent receivable (+A).................................... 2,500 Revenues (rent) (+R, +SE)................... 2,500 b. Expenses (depreciation) (+E, - SE).................
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Libby solutions Ch 4 - E4–1 Paige Consultants Inc...

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