Talassets 3399200 liabilitiesandstockholdersequity

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Unformatted text preview: ,200 Effective rate per six­month period of 5% $1,600 = Face value of $20,000 Stated rate per six­month period of 8% P14–19 Continued Adjusting entries (a ) Depreciation Expense (E, –SE) Accumulated Depreciation (–A) Depreciated fixed assets. * (b ) 140,000* 140,000 $140,000 = ($750,000 Cost – $50,000 Salvage value) ÷ 5 year useful life Insurance Expense (E, –SE) Prepaid Insurance (–A) Expiration of a portion of insurance policy. Unrealized Loss on MarketableSecurities (Lo, –SE) Allowance for Unrealized Loss on Marketable Securities (–A) Adjusted short­term portfolio to LCM. (e ) 75,000 Bad Debt Expense (E, –SE) Allowance for Doubtful Accounts (–A) Estimated bad debts. (d ) 25,000 Miscellaneous Expenses (E, –SE) Miscellaneous Payables (+L) Incurred, but did not pay, miscellaneous expenses. (c) 20,000 70,400* * (f) 20,000 25,000 75,000 70,400 $70,400 = Credit sales of $880,000 Uncollectible percentage of 8% Loss on Inventory Write­down (Lo, –SE) Inventory (–A) Adjusted inventory to LCM. Cash B.B. 5,000 5,000 Marketable Securities 0 (1 a ) 1,500,000 (1 b ) (3 ) (6 a ) (9c) 102,000 29,200 2,050,000 500,000 E.B. B.B. B.B. (2 ) 0 750,000 (c) 1,075,000 80,000 250,000 500,000 1,600 1,524,600 (5 b ) (7 ) (8 ) (1 0 ) (1 2 ) E.B. Accounts Receivable B.B. B.B. (9 a ) (5 a ) 0 0 880,000 2,000,000 Allowance for D. A. (9c) (6 b ) 500,000 875,000 (8 ) 25,000 250,000 E.B. 25,000 250,000 Inventory 0 (e ) 70,400 E.B. 70,400 490,000 (f) 380,000 630,000 0 B.B. (9 b ) E.B. E.B. Allow. for Unr. Loss on M. S. 5,000 P14–19 Continued Prepaid Insurance B.B. B.B. (7 ) 0 0 80,000 (2 ) E.B. 60,000 E.B. Land Fixed Assets B.B. (4 ) 40,000 E.B. 750,000 (b ) 0 40,000 20,000 750,000 Accumulated Depreciation Accounts Payable B.B. B.B. (a ) 0 0 140,000 (d ) E.B. E.B. Miscellaneous Payables 140,000 75,000 2,000,000 Dividends Payable Bonds Payable B.B. (5 b ) 75,000 1,075,000 E.B. 0 (5 a ) 925,000 Premium on Bonds Pay. 140 Preferred Stock 0 0 100,000 9,200 B.B. 0 (3 ) 20...
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This homework help was uploaded on 03/03/2014 for the course ACCT 5053 taught by Professor Staff during the Fall '08 term at Oklahoma State.

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