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i need help solving the post closing balance Required information [The following information applies to the questions displayed below) Pastina Company sells various types of
i need help solving the post closing balance
Required information [The following information applies to the questions displayed below) 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 Account Title Credits Cash Debits 36,400 43,600 3,300 63,600 23,600 2.800 9.600 94,400 35,400 34,600 53,600 Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance office equipment Reculated depreciation Recounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revende Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 3,800 85,200 37,500 164,000 88,000 20,700 12,800 2,900 414,100 414,100 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,800. 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 $1.700. 3. On October 1, 2021. Pastina borrowed $53,600 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 $23,600 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022 5. On April 1, 2021, the company paid an insurance company $9,600 for a two-year fire insurance policy. The entire $9,600 was debited to prepaid insurance. 6. $1,010 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $3,800 in December for 1.650 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $2,800 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,400 per month. The entire amount was debited to prepaid rent. 6. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11.800. 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 $1,700. 3. On October 1, 2021. Pastina borrowed $53,600 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 $23,600 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022 5. On April 1, 2021, the company paid an insurance company $9,600 for a two-year fire insurance policy. The entire 59,600 was debited to prepaid insurance. 6. $1,010 of supplies remained on hand at December 31, 2021. en handenecember 31 2021. 7. A customer paid Pastina $3,800 in December for 1650 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue 8. On December 1, 2021, $2.800 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,400 per month. The entire amount was debited to prepaid rent 5. Prepare closing entries. (If no entry is required for a particular transaction, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar) View transaction list View journal entry worksheet No General Journal Credit Date December 31, 2021 Sales revenue interest revenue Retained earings 2 151,598 88,000 December 31, 2021 Retained earnings Cost of goods sold Depreciation expense Rent expense Salaries expense Insurance expense Supplies expense Advertising expense interest expense 11 ROO 14.200 22,400 3,600 5,190 4,800 1 608 3 December 31, 2021 Retained earnings Dividends Step by Step Solution
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