Peanuts Ltd had the following trial balance at the end of its financial year on 31 December 2016 Trial Balance of Peanuts Ltd as at 31 December, 2016 Account Cash at Bank Cash Trust Accounts Receivable Debit Credit 25 120 60000 21 730 Allowance for Doubtful Debts Inventory Equipment Accumulated Depreciation- Equipment Accounts Payable Income Tax Payable Dividend Payable Application Share Capital (50 000 shares) Retained Profits Profit and Loss Summary Interim Dividend Declared 350 27 400 65 000 15 000 9 120 60000 50 000 51 780 15 000 2 000 201 250 201 250 The bookkeeper has recorded some of the adjusting and closing entries but there are still others to be done: Applications (and cash) were received for 50 000 shares and the bookkeeper recorded the receipt of this money. The unsuccessful applicants were refunded their payments and a. In December the company offered 40 000 shares to the public at a price of $1.20 each. ful annlicants have received share certificates. The other entries needed to complete the