Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Rece
ived $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Hecht Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,000. 20 Paid salaries $1,800. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data:
1 answer:
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<u>The Unadjusted Balance of Trial Balance is $82,350.</u>
<u>The Net Income for January 2018 is $21,300.</u>
Further Explanation:
1. and 2.
Please refer to attached Table: (1) for T-accounts and their balances.
3.
For computation of Unadjusted Balance of Trial Balance, please refer to attached Table: (2)
The balance of unadjusted trial balance is $82,350.
4.
For computation of Net Income for January 2018, please refer to attached Table: (3)
The net income for January 2018 is $21,300.
Learn More:
1. Learn more about the goal of the budget
2. Learn more about the profit margins
3. Learn more about the large expenditure
Answer details:
Grade: Middle School
Subject: Accounting
Chapter: Journal Entry and Trial Balance
Keywords: T- Account transactions, net profit, net loss, journal entry, trial balance, ledger accounts, unadjusted balance, miscellaneous expenses, rent expense, blue print expense, salary expense, automobile expense, prepaid expenses, supplies, accounts receivable, accounts payable, equipment, notes payable, common stock, professional fee, cash account, other ledger accounts, debit balance credit balance.
