Prepare a corrected balance sheet

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Reference no: EM13298599

Prepare journal entries for each of the following transactions. Prepare a corrected Balance Sheet for the Keyser Soze Corporation following Generally Accepted Accounting Principles, and in proper accounting three-column format.

Keyser Soze prepared an aging schedule for its accounts receivable, and estimated that $16,000 would prove uncollectible.The pre-adjustment balance in Soze's Allowance for Doubtful Accounts was $10,000 (CR).

Equipment with an acquisition cost of $640,000 are being depreciated over a twenty-year life span, with a $60,000 provision for salvage. The carrying amount of the Equipment is $524,000 at the beginning of the period.

Accrued salaries at year end amounted to $37,500.

On November 01 Keyser Soze Corporation accepted a $75,000 Note Receivable from a customer to settle an open account.
The six-month note bears an interest rate of 12%. Both principal and interest are to be paid at maturity.

Keyser Soze paid two years worth of rent on a storage facility on August 01, recording the $168,000 payment in a Prepaid Rent account.

Keyser Soze's ledger for Office Supplies has a $60,000 balance prior to adjustment. A physical count indicates that $37,000 are on hand.

Reference no: EM13298599

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