Page 189 - Accounting Principles (A Business Perspective)

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Alternate problems
Alternate problem A The following adjusted trial balance is for Dream Home Realty Company:
DREAM HOME REALTY COMPANY
Adjusted Trial Balance
2010 June 30
Debits Credits
Cash $ 98,000
Accounts Receivable 40,000
Office Equipment 35,000
Accumulated Depreciation—Office Equipment $ 14,000
Automobiles 40,000
Accumulated Depreciation—Automobiles 20,000
Accounts Payable 63,000
Capital Stock 75,000
Retained Earnings, 2009 July 1 54,700
Dividends 5,000
Commissions Revenue 170,000
Salaries Expense 25,000
Commissions Expense 120,000
Gas and Oil Expense 4,000
Rent Expense 14,800
Supplies Expense 1,400
Utilities Expense 2,000
Depreciation Expense—Office Equipment 3,500
Depreciation Expense—Automobiles 8,000
$ 396,700 $ 396,700
Prepare the closing journal entries at the end of the fiscal year, 2010 June 30.
Alternate problem B The adjusted trial balance for Penrod Insurance Consultants, Inc., follows:
Penrod Insurance Consultants, Inc.
Adjusted Trial Balance
2010 December 31

Debits Credits
Cash $ 107,200
Accounts Receivable 68,000
Interest Receivable 400
Notes Receivable 20,000
Prepaid Insurance 2,400
Supplies on Hand 1,800
Land 32,000
Buildings 190,000
Accumulated Depreciation—Buildings $ 40,000
Office Equipment 28,000
Accumulated Depreciation—Office Equipment 8,000
Accounts Payable 48,000
Salaries Payable 8,500
Interest Payable 900

Accounting Principles: A Business Perspective 190 A Global Text