This trial balance of Michels Co. does not balance.

Sabas company has 20,000 shares of $100 par, 1% non-cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Year 1: $10,000 Year 2: 15,000 Year 3: 90,000  Determine the dividends per share for preferred and common stock for each year.

211.  This trial balance of Michels Co. does not balance.

MICHELS COMPANY
Trial Balance
 

June 30, 2012

Debit Credit
Cash $3,394
Accounts Receivable $3,764
Supplies 1,243
Equipment 3,304
Accounts Payable 3,970
Unearned Revenue 1,643
Common Stock 9,304
Dividends 800
Service Revenue 3,784
Salaries Expense 3,526
Office Expense  

910

 

$15,190

 

$20,452

Each of the listed accounts has a normal balance per the general ledger. An
examination of the ledger and journal reveals the following errors:

 

1. Cash received from a customer on account was debited for $580,
and Accounts Receivable was credited for the same amount. The actual collection
was for $980.
2. The purchase of a typewriter on account for $369 was recorded as
a debit to Supplies for $369 and a credit to Accounts Payable for
$369.
3. Services were performed on account for a client for $800.
Accounts Receivable was debited for $80 and Service Revenue was credited for
$800.
4. A debit posting to Salaries Expense of $574 was
omitted.
5. A payment on account for $206 was credited to Cash for $206 and
credited to Accounts Payable for $260.
6. Payment of a $612 cash dividend to Michels’ stockholders was
debited to Salaries Expense for $612 and credited to Cash for
$612.

Complete the correct trial balance. (If answer is
zero please enter 0, do not leave any fields blank.)

 MICHELS COMPANY
Trial Balance
June 30, 2012
Debit Credit
Cash $ $
Accounts Receivable
Supplies
Equipment
Accounts Payable
Unearned Revenue
Common Stock
Dividends
Service Revenue
Salaries Expense
Office expense

212. Using the gross profit Using the gross profit

Net
sales, first month
 

$13,000

 

Normal
gross profit

 

45%

 

Beginning inventory

 

8,000

 

Net
purchases

 

7,000

Using the gross profit
method, the Estimated ending inventory balance would be

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