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ADUUSTED TRAL GALMNCE 1. Purchased $40,000 worth of shares 2. February Ist Prepaid rent for 12 months costing $12,000. 3. Feb Ist Received $25,000 cash for services to be performed over the next 12 months. 4. Feb 27 th purchased $35,000 of inventory on account with terms of 2/15 n30 5. The goods were shipped FOB shipping point for $1,500. 6. On March Ist Snow Co. received a loan tor $10,000 with a 5% interest rate, payable at the term of the loan. The loan was tor 12 months. 7. March 2nd, Snow Co. paid for the inventory purchased on Feb. 27 th. 8. Purchased a piece of equipment to help with manufacturing for $12,000. The salvage value is $2,000 and the useful life is 5 years. 9. Snow co patented their technology for $20,000. This was paid in cash. The patent has a useful life of 15 years. 10. Snow Co sold 9. Snow Co patented their technology for $20,000. This was paid in cash. The patent has a useful life of 15 years. 10. Snow Co sold merchandise for $50,000. 11. The merchandise sold in event 10 , had a cost of $33,500. 12. The shipping terms from the event in \#10, were FOB destination for $2,200. 13. On Sept Ist, Snow Co. issued a note receivable to Ball Co. for $10,000 with an interest rate of 6.5% due in 12 months, Interest is received at the term of the loan, 14. Snow Co. sold an existing piece of equipment for $2,000 and the asset was originally purchased for $12,000 and had accumulated depreciation of $8,000. AdE's (Dec. 31) 1. Rent ADJ 2. Revenue ADJ 3. Equipment ADJ 4. Patent ADJ 5. Loan ADJ 6. Note Receivable ADJ Lailay Cob17ioise Ceaceut