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2. Qu. 219 The adjusted trial balance for China Tea...
The adjusted trial balance for China Tea Company at December 31, 2018 is presented below:
Accounts
Debit
Credit
Cash
$
20,000
Accounts receivable
166,000
Prepaid rent
7,000
Supplies
28,000
Equipment
380,000
Accumulated depreciation
$
127,000
Accounts payable
17,000
Salaries payable
3,400
Interest payable
1,200
Notes payable - due in two years
29,000
Common stock
170,000
Retained earnings
222,500
Dividends
24,000
Service revenue
400,000
Salaries expense
181,000
Advertising expense
71,000
Rent expense
19,000
Depreciation expense
31,000
Interest expense
2,100
Utilities expense
41,000
Totals
$
970,100
$
970,100
Prepare the closing entries for China Tea Company for the year ended December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
6. Consider the following transactions for Mittel Corporation:
a. Sell common stock for $15,000. b. Purchase equipment for $11,400 cash. c. Pay employees’ salaries of $3,800. d. Provide services to customers for $7,000 cash.
1. Post these transactions to the cash T-account. Assume the balance of cash before these transactions is $4,200.
2. Calculate the ending balance of the cash account.
7. Rite Shoes was involved in the transactions described below. Record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
(a) Purchased $8,200 of supplies on account. (b) Paid weekly salaries, $950. (c) Provide services to customers: Cash: $7,200; On account: $5,700. (d) Paid for supplies purchased in (a) above. (e) Placed an order for $6,500 of supplies.
There needs to be 5 journal entries.
a.
b.
c.
d.
e.
rev: 02_18_2015_QC_CS-8207
12. The year-end adjusted trial balance included the following account balances: Cash, $3,000; Equipment, $30,000; Accounts payable, $7,000; Common stock, $20,000; Retained earnings, $7,000; Dividends, $3,000; Service revenue, $16,000; Salaries expense, $8,000; and Utilities expense, $6,000.
Prepare the post-closing trial balance.
rev: 02_18_2015_QC_CS-8207
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