Fargo Assignment
ACG 3103 Case: Fargo e adjusted trial balance of Fargo Company as of July 31, 2017 is presented below. (Read that again, think t what that means about where Fargo is in the accounting cycle.) Notice that the total debits and credits or cach account are indicated (including the beginning balances) rather than the usual account balance. For exaimple, the cash account had transactions which resulted in a total of $67,900 debits (including the beginning balance) and a total of $59,600 credits. All adjusting entries have been made for the month of July 2017, except the adjustment for inventory. Fargo's fiscal year end is June 30. Credit $67,900 $59,600 54,400 1,100 Account Debit Cash 58,000 700 60,000 1,200 1,700 22,000 400 31,900 Accounts Receivable Allowance for Doubtful Accounts Inventory 400 1,300 1,500 7,600 40,000 800 Prepaid Advertising Office Supplies on Hand Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable 100 4,000 3,000 4,000 30,000 10,000 20,000 19,900 61,000 Dividends Payable Notes Payable Common Stock Additional Paid-In Capital Retained Earnings Sales Sales Returns Sales Discounts Purchases Purchase Returns and Allowances Purchase Discounts Salaries Expense Office Supplies Expense Insurance Expense Advertising Expense Bad Debt Expense Miscellaneous Expense Depreciation Expense 4,000 2,200 500 42,000 900 400 9,200 1,300 700 600 500 400 300 300 200 Interest Expense Loss on Sale of Office Equipment Totals S313,000$313,000 ACG 3103 Case: Fargo e adjusted trial balance of Fargo Company as of July 31, 2017 is presented below. (Read that again, think t what that means about where Fargo is in the accounting cycle.) Notice that the total debits and credits or cach account are indicated (including the beginning balances) rather than the usual account balance. For exaimple, the cash account had transactions which resulted in a total of $67,900 debits (including the beginning balance) and a total of $59,600 credits. All adjusting entries have been made for the month of July 2017, except the adjustment for inventory. Fargo's fiscal year end is June 30. Credit $67,900 $59,600 54,400 1,100 Account Debit Cash 58,000 700 60,000 1,200 1,700 22,000 400 31,900 Accounts Receivable Allowance for Doubtful Accounts Inventory 400 1,300 1,500 7,600 40,000 800 Prepaid Advertising Office Supplies on Hand Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable 100 4,000 3,000 4,000 30,000 10,000 20,000 19,900 61,000 Dividends Payable Notes Payable Common Stock Additional Paid-In Capital Retained Earnings Sales Sales Returns Sales Discounts Purchases Purchase Returns and Allowances Purchase Discounts Salaries Expense Office Supplies Expense Insurance Expense Advertising Expense Bad Debt Expense Miscellaneous Expense Depreciation Expense 4,000 2,200 500 42,000 900 400 9,200 1,300 700 600 500 400 300 300 200 Interest Expense Loss on Sale of Office Equipment Totals S313,000$313,000
