Question : 84. Inferex CorporationThe following transactions were incurred by the Inferex Corporation : 1224866

 

84. Inferex CorporationThe following transactions were incurred by the Inferex Corporation during June 2012. 

June 1

Inferex purchased a vehicle for $19,400, paying $1,400 now and issuing a note payable for the balance; the note is due in monthly installments of $500 plus 10% interest on the unpaid principal balance.

 

 

June 8

Inferex recorded service revenue earned; $25,000 cash from customers and $45,000 for customers billed for completed services.

 

 

June 22

Inferex issued common stock in exchange for land having a fair value of $65,000.

 

 

June 30

An invoice for $1,400 was received from the company’s advertising agency for radio and television ads which were run during June; the invoice is due in 30 days.

 

 

Refer to the information presented for Inferex Corporation. Set up T-accounts and post each transaction to the T-accounts. (Ignore beginning balances.)

 

85. Inferex CorporationThe following transactions were incurred by the Inferex Corporation during June 2012. 

June 1

Inferex purchased a vehicle for $19,400, paying $1,400 now and issuing a note payable for the balance; the note is due in monthly installments of $500 plus 10% interest on the unpaid principal balance.

 

 

June 8

Inferex recorded service revenue earned; $25,000 cash from customers and $45,000 for customers billed for completed services.

 

 

June 22

Inferex issued common stock in exchange for land having a fair value of $65,000.

 

 

June 30

An invoice for $1,400 was received from the company’s advertising agency for radio and television ads which were run during June; the invoice is due in 30 days.

 

 

Refer to the information presented for Inferex Corporation. Prepare a trial balance in proper format. Assume that Inferex had no additional accounts or balances other than those created from the June transactions.

 

86. The T-accounts presented below are taken from the general ledger of Battern Corporation on March 31, 2011. Determine the balance of each account and present them in proper trial balance format. 

Cash

 

Accounts Payable

 

Common Stock

10,000

1,200

 

5,000

8,500

 

 

30,000

17,000

20,000

 

 

 

 

 

24,000

45,000

1,200

 

 

 

 

 

 

36,000

21,000

 

 

 

 

 

 

10,000

1,200

 

Salaries Payable

 

Service Revenue

5,000

20,500

 

 

6,000

 

 

25,000

24,000

5,000

 

 

 

 

 

17,000

 

7,750

 

 

 

 

 

30,000

 

 

 

 

 

 

 

36,000

 

 

 

 

 

 

 

 

Accounts Receivable

 

Unearned Revenue

 

Advertising Expense

25,000

10,000

 

30,000

45,000

 

8,500

 

 

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid Insurance

 

Notes Payable

 

Salaries Expense

2,400

200

 

 

17,500

 

20,000

 

 

200

 

 

 

 

21,000

 

 

200

 

 

 

 

20,500

 

 

 

 

 

 

 

6,000

 

 

 

 

 

 

 

 

 

Equipment

 

 

 

 

Rent Expense

35,100

 

 

 

 

 

1,200

 

 

 

 

 

 

 

1,200

 

 

 

 

 

 

 

1,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Expense

 

 

 

 

 

 

200

 

 

 

 

 

 

 

200

 

 

 

 

 

 

 

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

7,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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