Question
: Gulistan textile mills, INC. (9) TRIAL BALANCE DECEMBER 31,2020 TITLE OF ACCOUNT DEBIT CREDIT Cash 110,350 Account receivable 54600 Note receivable 83,000 Land 100,000
: Gulistan textile mills, INC.
(9) TRIAL BALANCE DECEMBER 31,2020 TITLE OF ACCOUNT DEBIT CREDIT Cash 110,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 83,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 175,000 Sales revenue 338,000 Sales discount 1400 Sales return and allowance 2000 Interest revenue 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 TOTAL 579,800 579,800 ADJUSTMENT DATA:
1. Interest revenue earned but not yet collected Rs. 900, & Supplies on hand Rs. 300
2. Insurance expired during the year Rs. 1000 & Depreciation for the year Rs. 600
3. Interest expense incurred but not yet paid Rs. 200
4. Inventory on hand at the end of the year Rs. 42,000 5.
5% of A/c Receivable is estimated to be uncollectible.
INSTRUCTIOS: Prepare Adjusting entries, adjusting Trial Balance and Income statement.
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