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Levene Inc. Unadjusted trial balance For the year ended January 30, 2022 Unadjusted trial balance Debit Credit Adjusted trial balance Debit Credit Cash $ 162,000
Levene Inc. Unadjusted trial balance For the year ended January 30, 2022 Unadjusted trial balance Debit Credit Adjusted trial balance Debit Credit Cash $ 162,000 Accounts receivable 258,000 Prepaid insurance 36,000 Equipment 1,562,400 Uneamed revenue $ 48,000 114,000 Accounts payable Salaries payable Interest payable Bank loan payable 474,000 Common shares 25,000 Retained earings 519,000 Dividends declared 55,000 Service revenue 1,417,400 Supplies expense 23,000 Salaries expense 368,000 Utilities expense 9,000 Interest expense 21,000 Insurance expense 70,000 Income tax expense 33,000 Total $ 2,597,400 $ 2,597,400 Check The Company's bookkeeper had failed to record adjusting entries for the following: 1) The company's employees had eamed salaries of $21,600 during the last six working days in January. These will be paid in the first week of February 2) Interest on the bank loan was not accrued for the January. The loan bears interest at 6%. The current portion of the loans payable is $50,000. 3) No depreciation expense was recorded for the equipment for the year. The equipment is expected to have an estimated six year useful life. 4) The company provided the services related to $20,000 of the uneamed revenue
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