QUESTION 61 The following balances were taken from the ADJUS

QUESTION 61 The following balances were taken from the ADJUSTED TRIAL BALANCE f Terapin Corp. for the fiscal year ending December 31, 2003. Cash Prepaid Rent Accumulated DepreciationEquipment 5,500 Unearned Revenue B,500 2,000 25, 000 42,000 7,000 2,000 1,000 30,000 1,000 21,500 1,000 Accounts Receivabie Equipment Accounts Payable Hages Payable Retained Earning, 1/1/2003 5,000 Service Revenue Rent Expense Hages Expense Notes Payabie, Due 5/1/2004 1,000 Dividenda Notes Payable, Due 5/1/2005 Interest Expense Depreciation Expense -Equipmen3,500 30,000 3,000 17,000 The Adjusted Trial Balance has a total CREDIT balance of $ 102,000 103,000 s104,000 $ 130,000 None of the above

Answer

Accounts Title

Debits

Credits

Cash

$ 8,500.00

Prepaid Rent

$ 2,000.00

Accumulated Depreciation - Equipment

$ 5,500.00

unearned revenue

$ 1,000.00

Common Stock

$ 30,000.00

Dividends

$ 1,000.00

Notes Payable 5/1/05

$ 21,500.00

Interest expense

$ 1,000.00

Depreciation expense Equipment

$ 3,500.00

Accounts receivables

$ 25,000.00

Equipment

$ 42,000.00

Accounts payable

$ 7,000.00

Wages payable

$ 2,000.00

Retained earnings

$ 5,000.00

Service revenue

$ 30,000.00

Rent Expenses

$ 3,000.00

Wages Expenses

$ 17,000.00

notes payable 5/1/04

$ 1,000.00

Totals

$ 1,03,000.00

Accounts Title	Debits	Credits
Cash	$ 8,500.00
Prepaid Rent	$ 2,000.00
Accumulated Depreciation - Equipment		$ 5,500.00
unearned revenue		$ 1,000.00
Common Stock		$ 30,000.00
Dividends	$ 1,000.00
Notes Payable 5/1/05		$ 21,500.00
Interest expense	$ 1,000.00
Depreciation expense Equipment	$ 3,500.00
Accounts receivables	$ 25,000.00
Equipment	$ 42,000.00
Accounts payable		$ 7,000.00
Wages payable		$ 2,000.00
Retained earnings		$ 5,000.00
Service revenue		$ 30,000.00
Rent Expenses	$ 3,000.00
Wages Expenses	$ 17,000.00
notes payable 5/1/04		$ 1,000.00
Totals	$ 1,03,000.00	$ 1,03,000.00

QUESTION 61 The following balances were taken from the ADJUSTED TRIAL BALANCE f Terapin Corp. for the fiscal year ending December 31, 2003. Cash Prepaid Rent A

QUESTION 61 The following balances were taken from the ADJUS

Solution

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