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$498,346 $498,346 Additional information:

Question : $498,346 $498,346 Additional information: : 2440

$498,346

$498,346

Additional information:

During the month of May, $6,000 of common shares were issued.

Prepare the T-Accounts and the Journal Entries

Cash

 

$7,630

 

 

 

Accounts receivable

 

13,080

 

 

 

Supplies

 

6,550

 

 

 

Prepaid insurance

 

4,565

 

 

 

Land

 

108,100

 

 

 

Buildings

 

170,160

 

 

 

Accumulated depreciation—building

 

 

 

$ 20,800

 

Furniture

 

34,620

 

 

 

Accumulated depreciation—furniture

 

 

 

15,670

 

Accounts payable

 

 

 

8,360

 

Unearned revenue

 

 

 

22,225

 

Mortgage payable, due in 2019

 

 

 

126,750

 

Common shares

 

 

 

62,700

 

Retained earnings

 

 

 

51,180

 

Dividends

 

2,870

 

 

 

Rent revenue

 

 

 

190,661

 

Salaries expense

 

98,670

 

 

 

Utilities expense

 

27,780

 

 

 

Interest expense

 

9,330

 

 

 

Insurance expense

 

6,391

 

 

 

Advertising expense

 

1,170

 

 

 

Income tax expense

 

7,430

 

 

 

 

 

$498,346

 

$498,346

 

 

Solution
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Accounting 1 Year Ago 275 Views
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