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Alright, let's take a step-by-step approach to solve this problem by preparing the unadjusted trial balance for Cheyenne Corp. at December 1, 2025, and extracting the necessary financial information.
### Step 1: List of Debit and Credit Balances
We start by organizing the debit and credit balances given in the unadjusted trial balance.
1. Debit Balances:
- Cash: [tex]$26,400 - Accounts Receivable: $[/tex]44,160
- Notes Receivable: [tex]$12,000 - Interest Receivable: $[/tex]0
- Inventory: [tex]$43,440 - Prepaid Insurance: $[/tex]4,320
- Land: [tex]$24,000 - Buildings: $[/tex]180,000
- Equipment: [tex]$72,000 - Patent: $[/tex]10,800
2. Credit Balances:
- Allowance for Doubtful Accounts: [tex]$600 - Accumulated Depreciation-Buildings: $[/tex]60,000
- Accumulated Depreciation-Equipment: [tex]$28,800 ### Step 2: Summing the Balances Next, sum up the total debits and credits. 1. Total Debits: \[ 26,400 \, (\text{Cash}) + 44,160 \, (\text{Accounts Receivable}) + 12,000 \, (\text{Notes Receivable}) + 0 \, (\text{Interest Receivable}) + 43,440 \, (\text{Inventory}) + 4,320 \, (\text{Prepaid Insurance}) + 24,000 \, (\text{Land}) + 180,000 \, (\text{Buildings}) + 72,000 \, (\text{Equipment}) + 10,800 \, (\text{Patent}) = 417,120 \] Therefore, the total debit amount is $[/tex]417,120.
2. Total Credits:
[tex]\[ 600 \, (\text{Allowance for Doubtful Accounts}) + 60,000 \, (\text{Accumulated Depreciation-Buildings}) + 28,800 \, (\text{Accumulated Depreciation-Equipment}) = 89,400 \][/tex]
Therefore, the total credit amount is [tex]$89,400. ### Step 3: Presenting the Debit and Credit Balances Finally, let's present the debit and credit balances separately: 1. Debit Balances: - Cash: $[/tex]26,400
- Accounts Receivable: [tex]$44,160 - Notes Receivable: $[/tex]12,000
- Inventory: [tex]$43,440 - Prepaid Insurance: $[/tex]4,320
- Land: [tex]$24,000 - Buildings: $[/tex]180,000
- Equipment: [tex]$72,000 - Patent: $[/tex]10,800
2. Credit Balances:
- Allowance for Doubtful Accounts: [tex]$600 - Accumulated Depreciation-Buildings: $[/tex]60,000
- Accumulated Depreciation-Equipment: [tex]$28,800 ### Conclusion The total debits and credits from the unadjusted trial balance for Cheyenne Corp. at December 1, 2025, are calculated as: - Total Debits: $[/tex]417,120
- Total Credits: [tex]$89,400 The breakdown of balances is as follows: - Debit Balances: {'Cash': $[/tex]26,400, 'Accounts Receivable': [tex]$44,160, 'Notes Receivable': $[/tex]12,000, 'Inventory': [tex]$43,440, 'Prepaid Insurance': $[/tex]4,320, 'Land': [tex]$24,000, 'Buildings': $[/tex]180,000, 'Equipment': [tex]$72,000, 'Patent': $[/tex]10,800}
- Credit Balances: {'Allowance for Doubtful Accounts': [tex]$600, 'Accumulated Depreciation-Buildings': $[/tex]60,000, 'Accumulated Depreciation-Equipment': $28,800}
This detailed solution provides a clear, structured approach to understanding and verifying the unadjusted trial balance presented.
### Step 1: List of Debit and Credit Balances
We start by organizing the debit and credit balances given in the unadjusted trial balance.
1. Debit Balances:
- Cash: [tex]$26,400 - Accounts Receivable: $[/tex]44,160
- Notes Receivable: [tex]$12,000 - Interest Receivable: $[/tex]0
- Inventory: [tex]$43,440 - Prepaid Insurance: $[/tex]4,320
- Land: [tex]$24,000 - Buildings: $[/tex]180,000
- Equipment: [tex]$72,000 - Patent: $[/tex]10,800
2. Credit Balances:
- Allowance for Doubtful Accounts: [tex]$600 - Accumulated Depreciation-Buildings: $[/tex]60,000
- Accumulated Depreciation-Equipment: [tex]$28,800 ### Step 2: Summing the Balances Next, sum up the total debits and credits. 1. Total Debits: \[ 26,400 \, (\text{Cash}) + 44,160 \, (\text{Accounts Receivable}) + 12,000 \, (\text{Notes Receivable}) + 0 \, (\text{Interest Receivable}) + 43,440 \, (\text{Inventory}) + 4,320 \, (\text{Prepaid Insurance}) + 24,000 \, (\text{Land}) + 180,000 \, (\text{Buildings}) + 72,000 \, (\text{Equipment}) + 10,800 \, (\text{Patent}) = 417,120 \] Therefore, the total debit amount is $[/tex]417,120.
2. Total Credits:
[tex]\[ 600 \, (\text{Allowance for Doubtful Accounts}) + 60,000 \, (\text{Accumulated Depreciation-Buildings}) + 28,800 \, (\text{Accumulated Depreciation-Equipment}) = 89,400 \][/tex]
Therefore, the total credit amount is [tex]$89,400. ### Step 3: Presenting the Debit and Credit Balances Finally, let's present the debit and credit balances separately: 1. Debit Balances: - Cash: $[/tex]26,400
- Accounts Receivable: [tex]$44,160 - Notes Receivable: $[/tex]12,000
- Inventory: [tex]$43,440 - Prepaid Insurance: $[/tex]4,320
- Land: [tex]$24,000 - Buildings: $[/tex]180,000
- Equipment: [tex]$72,000 - Patent: $[/tex]10,800
2. Credit Balances:
- Allowance for Doubtful Accounts: [tex]$600 - Accumulated Depreciation-Buildings: $[/tex]60,000
- Accumulated Depreciation-Equipment: [tex]$28,800 ### Conclusion The total debits and credits from the unadjusted trial balance for Cheyenne Corp. at December 1, 2025, are calculated as: - Total Debits: $[/tex]417,120
- Total Credits: [tex]$89,400 The breakdown of balances is as follows: - Debit Balances: {'Cash': $[/tex]26,400, 'Accounts Receivable': [tex]$44,160, 'Notes Receivable': $[/tex]12,000, 'Inventory': [tex]$43,440, 'Prepaid Insurance': $[/tex]4,320, 'Land': [tex]$24,000, 'Buildings': $[/tex]180,000, 'Equipment': [tex]$72,000, 'Patent': $[/tex]10,800}
- Credit Balances: {'Allowance for Doubtful Accounts': [tex]$600, 'Accumulated Depreciation-Buildings': $[/tex]60,000, 'Accumulated Depreciation-Equipment': $28,800}
This detailed solution provides a clear, structured approach to understanding and verifying the unadjusted trial balance presented.
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