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Category minutes, proctored, closed book closed notes) Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting
Category minutes, proctored, closed book closed notes) Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting y is December 31. The unadjusted trial balance as of December 31, 2024, appears below. Account Title Debits $ 35,200 Credits 42,800 Cesh Accounts receivable 2,900 62,800 Supplies Inventory 22,800 Notes receivable 0 Interest receivable 2,400 Prepaid rent 8,800 Prepaid insurance 91,200 Office equipment $ 34,200 Accumulated depreciation 33,800 Accounts payable 0 Salaries payable Notes payable 52,800 Interest payable 0 Deferred sales revenue 3,400 Common stock 79,600 Retained earnings 35,500 Dividends 6,800 Sales revenue Interest revenue 160,000 Cost of goods sold 0 Salaries expense 84,000 Rent expense 20,300 Depreciation expense 12,400 Interest expense Supplies expense 0 Insurance expense 0 Advertising expense 2,500 0 Totals 4,400 $399,300 $399,300 Information necessary to prepare the year-end adjusting entries appears below. 1 Depreciation on the office equipment for the year is $11,400. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2024, were $1,450. 3. On October 1, 2024, Pastina borrowed $52,800 from a local bank and signed a note. The note requires Interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4 On March 1, 2024, the company lent a supplier $22,800, and a note was signed requiring principal and Interest at 8% to De paid on February 28, 2025. 5 On April 1, 2024, the company paid an Insurance company $8,800 for a one-year fire insurance policy. The entire SE 800 was debited to prepaid insurance at the time of the payment. 6 $890 of supplies remained on hand on December 31, 2024. 7 The company received $3,400 from a customer in December for 1,450 pounds of spaghetti to be delivered in January 2025 Pastina created deferred sales revenue at the time cash was received. 8 On December 1, 2024, $2.400 rent was paid to the owner of the building. The payment represented rent for December 2024 and January 2025 at $1.200 per month. The entire amount was debited to prepaid rent at the time of the earch F 9 Prev 29 1:10:12 Required: 2024 payment 1 to 3. First, post the unadjusted balances from the unadjusted trial balance that was given and the adjusting entries that were made in Problem 2-3 into the appropriate T-accounts (on the T-accounts tab). Then prepare an adjusted trial balance. 4-a. Prepare an Income statement for the year ended December 31, 2024. Assume that no common stock was issued during the year and that $6,800 in cash dividends were paid to shareholders during the year. 4-b. Prepare a statement of shareholders' equity for the year ended December 31, 2024. Assume that no common stock was issued during the year and that $6,800 in cash dividends were paid to shareholders during the year. 4-c. Prepare a classified balance sheet as of December 31, 2024. Assume that no common stock was issued during the year and that $6,800 in cash dividends were paid to shareholders during the year. 5. Prepare closing entries and post to the T-accounts (on the T-accounts tab). 6. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4A Req 4B Req 4C Req 5 T accounts Req 6 the Taccounts tab) Then prepare an
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