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Prepare an adjusted trial balance for the information below Trial Balance - Dec 31, 2022 Cash Accounts receivable inventory land buildings accumulated dep - buildings
Prepare an adjusted trial balance for the information below
Trial Balance - Dec 31, 2022 Cash Accounts receivable inventory land buildings accumulated dep - buildings equipment accumulated dep-equipment notes payable accounts payable common stock retained earnings dividends sales revenue sales discount cogs salaries and wages expense utilities expense maintenaince expense advertising expense insurance expense Debit Credit $ 30,400.00 $ 36,200.00 $ 68,500.00 $ 93,000.00 $ 200,900.00 $ 61,000.00 $ 84,500.00 $ 41,500.00 $ 55,700.00 $ 18,500.00 $ 160,900.00 $ 68,200.00 $ 11,000.00 $ 923,100.00 $ 7,000.00 $ 710,900.00 $ 52,300.00 $ 12,300.00 $ 9,900.00 $ 6,200.00 $ 5,800.00 $ 1,328,900.00 $1,328,900.00 Adjustment data: 1.Depreciation is $9,000 on buildings and $8,000 on equipment. (Both are operating expenses.) 2.Interest of $5,500 is due and unpaid on notes payable at December 31 3.Income tax due and unpaid at December 31 is $25,000. Other data: $16,000 of the notes payable are payable next year. No. Account Titles and Explanation Debit Credit 1. Depreciation Expense 17000 Accumulated Depreciation Equipment 8000 Accumulated Depreciation-Buildings 9000 2. Interest Expense 5500 Interest Payable 5500 3. Income Tax Expense 25000 Income Taxes Payable 25000 Create T-accounts for all accounts used in part a. Enter the trial balance amounts into the T-accounts an entries. (Post entries in the order of journal entries posted in part a.) Accumulated Depreciation-Buildings 12/31 Bal. 61,000 12/31 9,000 12/31 Bal. 70,000 Accumulated Depreciation Equipment 12/31 Bal. 41,500 12/31 8,000 12/31 Bal. 49,500 Depreciation Expense 12/31 17,000 12/31 Bal. 17,000 Interest Expense 12/31 5,500 12/31 Bal. 5,500 Interest Payable 12/31 5,500 12/31 Bal. 5,500 Income Tax Expense 12/31 25,000 12/31 Bal. 25,000 Income Taxes Payable 12/31 25,000 12/31 Bal. 25,000Step by Step Solution
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