Maurice Tutor

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$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 14 Aug 2017 My Price 7.00

Fisk Corporation

The following trial balance was taken from the books of Fisk Corporation on December 31, 2012. Account --------------------------------- Debit -----------------------Credit Cash ------------------------------------$ 9,000DR Accounts Receivable -----------------40,000DR Notes Receivable-----------------------10,000DR Allowance for Doubtful Account-------1,800DR Inventory-----------------------------------44,000DR Prepaid Insurance-----------------------4,800DR Equipment-------------------------------110,000DR Accumulated Depreciation--Equip---15,000DR Accounts Payable----------------------------------------------------10,800CR Common Stock---------------------------------------------------------44,000CR Retained Earnings----------------------------------------------------75,000CR Sales Revenue--------------------------------------------------------260,000CR Cost of Goods Sold-----------------------126,000DR Salaries and wages Expense------------50,000DR Rent Expense---------------------------------12,800 DR Totals -------------------------------------$406,600DR ------------------ $406,600CR At year end, the following items have not yet been recorded. a. Insurance expired during the year, $2,000. b. Estimated bad debts, 1% of gross sales. c. Depreciation on equipment, 10% per year. d. Interest at 6% is receivable on the note for one full year. *e. Rent paid in advance at December 31, $5,400 (originally charged to expense). f. Accrued salaries and wages at December 31, $5,800. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries.

Answers

Maurice Tutor
(5)
Status NEW Posted 14 Aug 2017 02:08 PM My Price 7.00

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