Excalibur Corporation

The following information applies to the questions displayed below Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2016, appears below. December 31 is the company's fiscal year-end. The company uses the perpetual inventory system. Account Title Cash Accounts receivable Supplies Prepaid rent Inventory Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Note payable Common stock Retained earnings Sales revenue Cost of goods sold Interest expense salaries and wage expense Rent expense Supplies expense Utility expense Debits Credits 61,620 22,000 0 0 51,000 63,000 8,190 24.400 2,800 28,200 70,000 14,200 205,000 107,500 0 29,950 11,600 1,520 4,600 Totals 352.790 352,790 Cash dividends paid to shareholders during the year amounted to $5.250 Information necessary to prepare the year-end adjusting entries appears below. . The office equipment was purchased in 2014 and is being depreciated using the straight-ine method over an eight-year useful life with no salvage value 2. Accrued salaries and wages at year-end should be $4.200 3. The company borrowed $28.200 on September 1, 2016. The principal is due to be repaid in 10 years Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10% The company debits supplies expense when supplies are purchased. Supplies on hand at year end cost $380 4. 5. Prepaid rent at year-end should be $800 Type here to search