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Question - Oakland Floor Coverings reported the following summarized data at December 31, 2013. Accounts appear in no particular order.
Accounts Debit Credit
Building $77,000
Accounts Receivable 9,000
Prepaid expense 2,700
Cash 10,340
Equipment 37,500
Land 38,000
Insurance expense 1,040
Depreciation expense 4,400
Interest expense 1,600
Owner's capital $67,000
Accumulated depreciation- Building 22,000
Accounts Payable 7,400
Notes Payable 60,000
Accumulated depreciation- Equipment 11,000
Interest payable 1,600
Service revenues 12,580
Total $2,08,100 $155,060
Requirement - Prepare a corrected trial balance?
Prepare journal entries for the following transactions:
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