(Solved Homework): The following information is provided for Restoration, Inc. at December 31, 2016: Monthly Account Balances (in thousands of dollars) A…

The following information is provided for Restoration, Inc. at December 31, 2016: Monthly Account Balances (in thousands of dollars) Accounts payable Accounts receivable Accrued wages payable Cash Common stock Dividends payable Interest payable Interest receivable Investments Land Long-term notes payable (due June 15, 2018) Prepaid expenses Other noncurrent assets Plant and equipment Retained earnings Short-term notes payable Supplies Balance $ 7,750 6,440 3,600 20,000 14,600 1,500 1,100 50 2,660 5,000 4,000 1,800 800 15,200 10,400 11,000 2,000

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The following information is provided for Restoration, Inc. at December 31, 2016: Monthly Account Balances (in thousands of dollars) Accounts payable Accounts receivable Accrued wages payable Cash Common stock Dividends payable Interest payable Interest receivable Investments Land Long-term notes payable (due June 15, 2018) Prepaid expenses Other noncurrent assets Plant and equipment Retained earnings Short-term notes payable Supplies Balance $ 7,750 6,440 3,600 20,000 14,600 1,500 1,100 50 2,660 5,000 4,000 1,800 800 15,200 10,400 11,000 2,000

Expert Answer

 

1 Accrued wages payable 3600
                    Cash 3600
2 Cash 5600
        Accounts receivable 5600
3 Accounts payable 7000
               Cash 7000
4 Cash 8000
            Common stock 8000
5 Short term notes payable 11000
Interest expense 750
             Cash 11750
6 Supplies 1850
             Accounts payable 1850
7 No entry
8 Cash 2710
        Interest revenue 50
        Investment 2660
9 Shop equipment 23000
         Cash 8000
         Notes payable 15000

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