Mackenzie In1QuestionMackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2019: Mackenzie Inc. ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2,800.00 2 Accounts Receivable 3,500.00 3 Allowance for Doubtfu...
78,960.00 78,960.00 For classification purposes: Note payable is due July 1,
2023 Interest payable is due July 1, 2023 Common Stock (1,500 shares) solve
, for income statement and statement of retained earning and balance sheet and
general journal
Answer & Explanation
To prepare the financial statements and general journal entries for Mackenzie
Inc., we will follow these steps:
Income Statement
1. Revenues:
o Sales Revenue: $36,090
o Rent Revenue: $1,440
o Total Revenues: $37,530
2. Expenses:
o Cost of Goods Sold (COGS): $14,910
o Selling Expenses: $4,800
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller newage. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
