(Solved Homework): Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month….

Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company’s profit for its first month.

CASH
Date Description Debit Credit Balance
02-Jan-X8 Balance forward                     –                     –                     –
03-Jan-X8 Journal Page 1          250,000                     –          250,000
10-Jan-X8 Journal Page 1                     –            75,000          175,000
14-Jan-X8 Journal Page 1                     –            15,000          160,000
18-Jan-X8 Journal Page 2            40,000                     –          200,000
21-Jan-X8 Journal Page 2              4,000          196,000
26-Jan-X8 Journal Page 2              3,000          193,000
31-Jan-X8 Journal Page 2            26,000                     –          219,000
ACCOUNTS RECEIVABLE
Date Description Debit Credit Balance
02-Jan-X8 Balance forward                     –                     –                     –
06-Jan-X8 Journal Page 1            55,000                     –            55,000
18-Jan-X8 Journal Page 2                     –            40,000            15,000
LAND
Date Description Debit Credit Balance
02-Jan-X8 Balance forward                     –                     –                     –
10-Jan-X8 Journal Page 1            75,000                     –            75,000
SALARIES PAYABLE
Date Description Debit Credit Balance
02-Jan-X8 Balance forward                     –                     –                     –
31-Jan-X8 Journal Page 2                     –            18,000            18,000
CAPITAL STOCK
Date Description Debit Credit Balance
02-Jan-X8 Balance forward                     –                     –                     –
03-Jan-X8 Journal Page 1                     –          250,000          250,000
REVENUES
Date Description Debit Credit Balance
02-Jan-X8                     –                     –                     –
06-Jan-X8 Journal Page 1                     –            55,000            55,000
31-Jan-X8 Journal Page 2                     –            26,000            81,000
SUPPLIES EXPENSE
Date Description Debit Credit Balance
02-Jan-X8                     –                     –                     –
26-Jan-X8 Journal Page 2              3,000                     –              3,000
UTILITIES EXPENSE
Date Description Debit Credit Balance
02-Jan-X8                     –                     –                     –
21-Jan-X8 Journal Page 2              4,000                     –              4,000

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Trial Balance
Account Titles Debit Credit
Cash $219,000
Accounts Receivable $15,000
Land $75,000
Salaries Payable $18,000
Capital Stock $250,000
Revenues $81,000
Supplies Expense $3,000
Utilities Expense $4,000
Salaries Expense $33,000
Total $349,000 $349,000
Salaries Expense = Salaries paid + Salaries Payable = $15000 + $18000 = $33000
Calculation of Company’s profit for first month
Revenues $81,000
Less : Expenses
Supplies Expense $3,000
Utilities Expense $4,000
Salaries Expense $33,000
Profit $41,000

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