Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please post answer clearly. Required information [The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for the Wolkstein
please post answer clearly.
Required information [The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Account Title Debits Credits Cash 44,110 Accounts receivable 32,000 Prepaid rent 5,200 Inventory 50,000 Equipment 114,000 Accumulated depreciation 34,200 Accounts payable 36,000 0 Salaries payable Common stock 100,000 34,000 Ret ined earnings Sales revenue 493,000 295,800 98,600 Cost of goods sold Salaries expense Rent expense Depreciation expense 31,200 0 Utilities expense 19,720 6,570 Advertising expense Totals 697,200 697,200 The following year-end adjusting entries are required: a. Depreciation expense for the year on the equipment is $11,400. b. Salaries at year-end should be accrued in the amount of $6,320. Required: 1. Prepare and complete a worksheet. Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Net income Totals Unadjusted Trial Balance Dr. Cr. 44,110 32,000 5,200 50,000 114,000 34,200 36,000 0 100,000 34,000 493,000 295,800 90,600 31,200 0 19,720 6,570 697,200 697,200 WOLKSTEIN DRUG COMPANY Worksheet December 31, 2021 Adjusting Entries Dr. Cr. 11,400 6,320 6,320 11,400 17,720 Answer is not complete. Adjusted Trial Balance Dr. Cr. 44,110 32,000 5,200 50,000 114,000 45,600 36,000 6,320 100,000 34,000 493,000 17,720 295,800 104,920 31,200 11,400 19,720 6,570 714,920 714,920 Income Statement Dr. Cr. 295,800 104,920 31,200 19,720 6,570 458.210 34,790 493,000 493,000 493.000 493,000 Balance Sheet Dr. 44,110 32,000 5,200 50,000 114,000 245,310 245,310 Cr. 45,600 36,000 100,000 34,000 215.600 215,000 99 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