60.1K

Verified Solution

Link Copied!

Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month.

	CASH
	Date	Description	Debit	Credit	Balance
	02-Jan-X8	Balance forward	-	-	-
	03-Jan-X8	Journal Page 1	250,000	-	250,000
	10-Jan-X8	Journal Page 1	-	75,000	175,000
	14-Jan-X8	Journal Page 1	-	15,000	160,000
	18-Jan-X8	Journal Page 2	40,000	-	200,000
	21-Jan-X8	Journal Page 2		4,000	196,000
	26-Jan-X8	Journal Page 2		3,000	193,000
	31-Jan-X8	Journal Page 2	26,000	-	219,000
	ACCOUNTS RECEIVABLE
	Date	Description	Debit	Credit	Balance
	02-Jan-X8	Balance forward	-	-	-
	06-Jan-X8	Journal Page 1	55,000	-	55,000
	18-Jan-X8	Journal Page 2	-	40,000	15,000
	LAND
	Date	Description	Debit	Credit	Balance
	02-Jan-X8	Balance forward	-	-	-
	10-Jan-X8	Journal Page 1	75,000	-	75,000
	SALARIES PAYABLE
	Date	Description	Debit	Credit	Balance
	02-Jan-X8	Balance forward	-	-	-
	31-Jan-X8	Journal Page 2	-	18,000	18,000
	CAPITAL STOCK
	Date	Description	Debit	Credit	Balance
	02-Jan-X8	Balance forward	-	-	-
	03-Jan-X8	Journal Page 1	-	250,000	250,000
	REVENUES
	Date	Description	Debit	Credit	Balance
	02-Jan-X8		-	-	-
	06-Jan-X8	Journal Page 1	-	55,000	55,000
	31-Jan-X8	Journal Page 2	-	26,000	81,000
	SUPPLIES EXPENSE
	Date	Description	Debit	Credit	Balance
	02-Jan-X8		-	-	-
	26-Jan-X8	Journal Page 2	3,000	-	3,000
	UTILITIES EXPENSE
	Date	Description	Debit	Credit	Balance
	02-Jan-X8		-	-	-
	21-Jan-X8	Journal Page 2	4,000	-	4,000

Answer & Explanation Solved by verified expert

See Answer