P 3-8LO 2LO 4Prepare a trial balance as of May 31, 2017.Unifying Concepts: T-Accounts, Trial Balance, and Statement of Comprehensive IncomeThe following list is a selection of transactions from GOGORA, Inc.'s business activities during 2017,the first year of operations.a. Received $50,000 cash for capital stock.b. Paid $5,000 cash for equipment.C.Purchased a truck costing $18,000 on account.Provided $25,000 of services to customers on account.e. Signed a note with a bank for a $10,000 loan.f. Collected $9,500 cash from customers.8. Purchased land, $10,000, and a building, $60,000, for $15,000 cash and a 30-year mortgage of$55,000.TOPPTd.h.i.j.k.Lm.n.0.P.q.Made a first payment of $2,750 on the mortgage principal plus $2,750 in interest.Paid $12,000 of accounts payable.2.3.Purchased $1,500 of supplies on account.Paid $2,500 of accounts payable.Paid $7,500 in wages earned during the year.Received $10,000 cash and $3,000 of notes in settlement of customers' accounts.Received $3,250 in payment of a note receivable of $3,000 plus interest of $250.Paid $600 cash for a utility bill.Sold excess land for its cost of $3,000.Received $1,500 in rent for an unused part of a building.Paid off $10,000 note, plus interest of $1,200.Required:1.Set up T-accounts, and appropriately record the debits and credits for each transaction directly inthe T-accounts. Leave room for a number of entries in the cash account.Prepare a trial balance.Prepare a statement of comprehensive income for the period. (Ignore income taxes, othercomprehensive income, and the EPS computation.)

1. Set up T-accounts, and appropriately record the debits and credits for each transa the T-accounts. Leave room for a number of entries in the cash account. 2. Prepare a trial balance. 3. Prepare a statement of comprehensive income for the period. (Ignore income taxes, other comprehensive income, and the EPS computation.)

1. Set up T-accounts, and appropriately record the debits and credits for each transa the T-accounts. Leave room for a number of entries in the cash account. 2. Prepare a trial balance. 3. Prepare a statement of comprehensive income for the period. (Ignore income taxes, other comprehensive income, and the EPS computation.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.33E

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