Question
Could someone please help me balance this using the adjustment data below? I've made adjusted entries on the right, but they're not quite right. BRAMBLE
Could someone please help me balance this using the adjustment data below? I've made adjusted entries on the right, but they're not quite right.
BRAMBLE INC. | BRAMBLE INC. | |||
Unadjusted Trial Balance | Adjusted Trial Balance | |||
31-Dec-18 | 31-Dec-18 | |||
Debit | Credit | Debit | Credit | |
Cash | $8,200 | $8,200 | ||
Accounts receivable | 31,300 | 31,300 | ||
Inventory | 28,800 | 21,422 | ||
Supplies | 3,000 | 2,227 | ||
Prepaid insurance | 3,000 | 2,750 | ||
Land | 30,000 | 30,000 | ||
Buildings | 165,000 | 165,000 | ||
Accumulated depreciationbuildings | $26,400 | $33,000 | ||
Equipment | 43,000 | 43,000 | ||
Accumulated depreciationequipment | 17,200 | 21,500 | ||
Accounts payable | 31,400 | 31,400 | ||
Unearned revenue | 4,100 | 3,098 | ||
Bank loan payable | 148,100 | 137,444 | ||
Common shares | 13,200 | 16,110 | ||
Retained earnings | 31,000 | 31,000 | ||
Dividends declared | 1,800 | 1,800 | ||
Sales | 267,600 | 266,598 | ||
Sales returns and allowances | 2,200 | 2,200 | ||
Sales discounts | 3,400 | 3,400 | ||
Cost of goods sold | 172,000 | 173,800 | ||
Salaries expense | 28,600 | 29,373 | ||
Utilities expense | 5,300 | 5,300 | ||
Interest expense | 8,500 | 9,175 | ||
Income tax expense | 4,900 | 4,430 | ||
$539,000 | $539,000 | $533,377 | $540,150 |
Additional information and adjustment data:
1. | The 12-month insurance policy was purchased and was effective February 1, 2018. | ||
2. | There was $773 of supplies on hand on December 31. | ||
3. | Depreciation expense for the year is $6,600 for the buildings and $4,300 for the equipment. | ||
4. | Salaries of $773 are accrued and unpaid at December 31. | ||
5. | Accrued interest expense at December 31 is $675. | ||
6. | Unearned revenue of $1,002 is still unearned at December 31. On the sales revenue that was earned, the cost of goods sold was $1,800. | ||
7. | Of the bank loan payable, $10,656 is payable next year. | ||
8. | Income tax of $470 is due and unpaid. | ||
9. | A physical count of inventory indicates $21,422 on hand at December 31. | ||
10. | Common shares of $2,910 were issued during the year. |
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