Answered step by step
Verified Expert Solution
Question
1 Approved Answer
just need help putting these in trial balance to adjustments 1. After doing the year-end count of office supplies, Myers found that $500 of office
just need help putting these in trial balance to adjustments
1. After doing the year-end count of office supplies, Myers found that $500 of office supplies remained. |
2. After doing the year-end count of inventory, Myers determined that there was $53,200 in ending inventory. |
3. $1,400 of the prepaid insurance is unexpired at year end. |
4. Depreciation of the office equipment for the year was $12,500. |
5. Depreciation of the store equipment for the year was $15,000. |
6. The $34,000 in unearned revenue was for orders that were paid for in advance. At year end, 1/2 of the prepaid orders were fulfilled. |
7. Wages that have accrued for the year but have not been paid yet totaled $10,000. This should be split evenly between Sales Salaries and Office Salaries. |
Trail Balance | ||
Account | Debit | Credit |
Cash | $ 32,800 | |
Accounts Receivable | 45,000 | |
Office Supplies | 1,300 | |
Prepaid Store Insurance | 2,400 | |
Inventory | 55,500 | |
Store Equipment | 110,000 | |
Accumulated Depreciation - Store Equipment | $ 60,000 | |
Office Equipment | 88,000 | |
Accumulated Depreciation - Office Equipment | 32,500 | |
Accounts Payable | 38,300 | |
Salaries Payable | - | |
Unearned Revenue | 34,000 | |
Note Payable (Due in 3 years) | 50,000 | |
Common Stock | 40,000 | |
Retained Earnings | 44,500 | |
Dividends | 10,000 | |
Sales | 885,200 | |
Sales Returns and Allowances | 36,000 | |
Cost of Goods Sold | 510,000 | |
Advertising Expense | 36,000 | |
Depriciation Expense - Office Equipment | - | |
Depreciation Expense - Store Equipment | - | |
Sales Salaries Expense | 78,500 | |
Office Salaries Expense | 120,000 | |
Sells Department Rent Expense | 32,000 | |
Administration Rent Expense | 27,000 | |
Store Insurance Expense | - | |
Office Supplies Expense | - | |
$ 1,184,500 | $ 1,184,500 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started