Answered step by step
Verified Expert Solution
Link Copied!

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.
image text in transcribed
image text in transcribed
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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Capital Budgeting

Authors: Pamela P. Peterson

1st Edition

0471218332, 9780471218333

More Books

Students also viewed these Finance questions

Question

4. Make sure students know if and when guessing is appropriate.

Answered: 1 week ago