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Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2018, appears below. Account Title Cash Accounts receivable Supplies Inventory Note receivable Tnterest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Note payable Interest payable Deferred revenue Common stock Retained earnings Sales revenue Interest revenuc Cost of goods sold Salaries and wages expense Rent expense Depreciation expense Interest expense Supplies expens Insurance expense Advertising expense Totals Debits Credits 48,250 45,000 1,280 65,803 18,680 1,409 6B,900 25,560 24,000 48,663 , aaa 17,808 173,000 77,858 16,200 7,780 780 3, 800 2,400 348,1e0 348,1e8 Information necessary to prepare the year-end adjusting entrles appears below. Totals 348,100 34,100 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $8,500 2. Employee salaries and wages are paid twice a month, on the 22nd for salaries and wages earned from the 1st through the 15th, and on the 7th of the tollowing month for salarles and wages earned from the 16th through the end of the 3. On October 1. 2018, Pastina borrowed $48,600 from a local bank and signed a note. The note requires interest to be 4. On March 1, 2018, the company lent a supplier $18,600 and a note was signed requiring principal and interest at 8% to 5. On April 1, 2018, the company paid an insurance company $3,800 for a two-year fire insurance policy. The entire 6. $620 of supplies remained on hand at December 31, 2018. month. Salaries and wages earned from December 16 through December 31, 2018, were $1,000. paid annually on September 30 at 12%. The principal is due in 10 years. be paid on February 28, 2019 S3.800 was debited to insurance expense 7. A customer pald Pastlna $1,200 In December for 1,000 pounds of spaghettl to be delvered In January 2019. Pastina credited sales revenue 8. On December 1, 2018, S1.400 rent was paid to the owner of the building. The payment represented rent for December 2018 and January 2019, at $700 per month. Problem 2-4 Part 6 6. Prepare a post-closing trial balance PASTINA COMPANY Post-Closing Trial Balance PASTINA COMPANY Post-Closing Trial Balance December 31, 2018 Account Title Debits Credits Accounts receivable Supplies Invenfory Note receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation-olfice equipment Accounts payable Salaries and wages payable Note payable Interest payable Deferred revenue Common stock Retained earnings Sales revenue Salaries and wages payable Note payablc Interest payable Deferred revenue Common stock Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries and wages expense Rent expense Depreciation expense nterest expense Supplies expense Insurance expense Advertising expense Totals
