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How do I solve this The trial balance of Kingbird Wholesale Company contained the following accounts shown at December 31, the end of the company's
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The trial balance of Kingbird Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. KINGBIRD WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $ 30.400 Accounts Receivable 36.200 68.500 Inventory Land 93.000 Buildings 200.900 Accumulated Depreciation-Buildings $ 61,000 Equipment 84,500 Accumulated Depreciation Equipment 41,500 55,700 Notes Payable Accounts Payable 18,500 Common Stock 160,900 Retained Earnings 68,200 Dividends 11.000 Sales Revenue 923,100 Sales Discounts 7.000 710.900 Cost of Goods Sold Salaries and Wages Expense 52.300 Utilities Expense 12.300 Maintenance and Repairs Expense 9.900 Advertising Expense 6.200 Insurance Expense 5.800 $1,328,900 $1,328,900 Adjustment data: 1. Depreciation is $9.000 on buildings and $8,000 on equipment. (Both are operating expenses.) 2. Interest of $5.500 is due and unpaid on notes payable at December 31. 3. Income tax due and unpaid at December 31 is $25.000. Other data: $16,000 of the notes payable are payable next year. Journalize the adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. I Create T-accounts for all accounts used in part a. Enter the trial balance amounts into the T-accounts and post the adjusting entries. (Post entries in the order of Journal entries posted in part a.) Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Depreciation Expense Interest Expense Interest Payable Income Tax Expense Income Taxes PayableStep by Step Solution
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