Pat's Retail Stores

Work Sheet

For Year Ended December $31,2021$

Unadjusted Adjusted

No$.$ Account Title Trial Balance Adjustments Trial Balance

DR CR DR CR DR CR

$201$ Accounts payable $45,000($d$)34,300-79,300$

$168$ Accumulated depreciation$-$Equipment $95,000($c$)30,000-125,000$

$633$ Advertising expenses $21,000($d$)5,00026,000-$

$101$ Cash $215,000215,000$

$301$ Common Stock $200,000-200,000$

$501$ Cost of Goods Sold $200,000($a$)13,000213,000-$

$612$ Depreciation expense $-$ Equipment $($c$)30,00030,000-$

$167$ Equipment $618,000618,000$

$637$ Insurance expense $($d$)4,3004,300-$

$684$ Interest expense $70,00070,000-$

$203$ Interest payable $30,000-30,000$

$127$ Inventory $41,000($a$)13,00028,000$

$176$ Land $70,00070,000-$

$251$ Long$-$term notes payable $136,000-136,000$

$141$ Long$-$term Receivables $59,00059,000$

$126$ Marketable Securities $70,00070,000$

$451$ Other Revenues $59,000-59,000$

$186$ Patents $15,00015,000-$

$640$ Rent expense $21,000($d$)1,00022,000-$

$208$ Rent payable $--$

$686$ Repairs expense $32,00032,000-$

$305$ Retained Earnings $336,000-336,000$

$401$ Sales $659,000($b$)4,300-663,300$

$652$ Supplies expense $($d$)3,0003,000-$

$131$ Trade Receivables $29,000($b$)4,30033,300$

$690$ Utilities expense $12,000($d$)21,00033,000-$

$683$ Wages expense $87,000($e$)5,00092,000-$

$210$ Wages payable $($e$)5,000-5,000$

Totals $1,560,0001,560,00086,60086,6001,633,6001,633,600$

Requirements:

$1)$ Complete adjusted trial balance of worksheet

$2)$ Use your completed worksheet to prepare $($a$)$ an Income Statement, $($b$)$ a Statement of Owner's Equity and $($c$)$ a Classified Balance Sheet as of December $31,2021.$