ACCT 2301 Week 3 | Assignment 1 Help | Central Texas College
- Central Texas College / ACCT 2301
- 01 May 2021
- Price: $25
- Accounting & Economics Assignment Help / Accounting basics
ACCT 2301 Week 3 | Assignment 2 Help | Central Texas College
Problem 3-02A a-c, d1-d3 (Video)
(Part Level Submission)
The Cullumber Company opened for business on May 1,
2020. Its trial balance before adjustment on May 31 is as follows.
|
Cullumber
Company |
||||||
|
Account
Number |
Debit |
Credit |
||||
|
101 |
Cash |
$ 3,400 |
||||
|
126 |
Supplies |
2,000 |
||||
|
130 |
Prepaid Insurance |
1,800 |
||||
|
140 |
Land |
12,000 |
||||
|
141 |
Buildings |
58,800 |
||||
|
149 |
Equipment |
14,400 |
||||
|
201 |
Accounts Payable |
$ 11,000 |
||||
|
208 |
Unearned Rent Revenue |
3,000 |
||||
|
275 |
Mortgage Payable |
40,000 |
||||
|
311 |
Common Stock |
35,000 |
||||
|
429 |
Rent Revenue |
8,000 |
||||
|
610 |
Advertising Expense |
550 |
||||
|
726 |
Salaries and Wages Expense |
3,200 |
||||
|
732 |
Utilities Expense |
850 |
|
|||
|
$97,000 |
$97,000 |
|||||
In addition to those accounts listed on the trial balance, the chart of
accounts for Cullumber Company also contains the following accounts and account
numbers: No. 142 Accumulated Depreciation—Buildings, No. 150 Accumulated
Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest
Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718
Interest Expense, and No. 722 Insurance Expense.
Other data:
|
1. |
Prepaid insurance is a 1-year policy
starting May 1, 2020. |
|
|
2. |
A count of supplies shows $700 of
unused supplies on May 31. |
|
|
3. |
Annual depreciation is $2,940 on the
buildings and $1,440 on equipment. |
|
|
4. |
The mortgage interest rate is 12%.
(The mortgage was taken out on May 1.) |
|
|
5. |
Two-thirds of the unearned rent
revenue has been earned. |
|
|
6. |
Salaries of $700 are accrued and
unpaid at May 31. |
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