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Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 32,400 41,200 2,100 61,200 21,200 0 2,000 6,600 84,800 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 31,800 32,200 0 51,200 0 2,600 67,800 31,500 5,200 152,000 0 76,000 19,500 11,600 0 0 1,700 0 3,600 369, 100 369, 100 1. Depreciation on the office equipment for the year is $10,600. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,500. 3. On October 1, 2021, Pastina borrowed $51,200 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $21,200 and a note was signed requiring principal and interest at 9% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $6,600 for a one-year fire insurance policy. The entire $6,600 was debited to prepaid insurance. 6. $800 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $2,600 in December for 1,536 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $2,000 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022, at $1,000 per month. The entire amount was debited to prepaid rent. Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 32,400 41,200 2,100 61,200 21,200 0 2,000 6,600 84,800 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 31,800 32,200 0 51,200 0 2,600 67,800 31,500 5,200 152,000 0 76,000 19,500 11,600 0 0 1,700 0 3,600 369, 100 369, 100 1. Depreciation on the office equipment for the year is $10,600. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,500. 3. On October 1, 2021, Pastina borrowed $51,200 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $21,200 and a note was signed requiring principal and interest at 9% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $6,600 for a one-year fire insurance policy. The entire $6,600 was debited to prepaid insurance. 6. $800 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $2,600 in December for 1,536 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $2,000 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022, at $1,000 per month. The entire amount was debited to prepaid rent
