Prepare an adjusted trial balance. Please, correct the boxes in red that are marked incorrect.
Comprehensive Problem 5 (Part Level Submission) On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Accumulated Cash $7,500 Depreciation $2,640 -Equipment Accounts Accounts 4,600 4,900 Receivable Payable Salaries and Inventory 12,400 Wages 1,000 Payable Common Supplies 1,400 30,000 Stock Retained Equipment 26,400 13,760 Earnings $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Maglio Co. $8,900, terms 2/10, n/30. 15 Purchased supplies for cash $1,800. 18 Sold merchandise on account $12,600, terms 3/10, n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries and wages $1,500. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. Accrued salaries and wages payable $700. 2. Depreciation $240 per month. 3. Supplies on hand $1,700. Journalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Do Debit Credit No. Date Account Titles and Explanation 1. Dec. 31 | Salaries and 700 Salaries ar 700 2. Dec. 31 Depreciation 240 Accumulat 240 3. Dec. 31 Supplies Ex 1500 Supplies 1500 Post adjusting entries. (Post entries in the order of journal entries presented above.) Cash 12/1 Bal. 7,500 12/6 1,800 12/8 1,900 12/15 1,800 12/10 6,800 12/20 1,500 12/27 12,222 12/23 8,722 12/31 14,600 Bal. Accounts Receivable 12/1 Bal. 4,600 12/8 1,900 12/18 12,600 12/27 12,600 12/31 Bal. 2,700 Inventory 12/1 Bal. 12,400 12/10 4,200 12/13 8,900 12/18 8,200 12/23 178 12/31 8,722 Bal. Supplies 12/1 Bal. 1,400 12/31 12/15 1,8001 1500 12/31 Bal. 1700 Equipment 12/1 Bal. 26,4001 12/31 26,400 Bal. Accumulated Depreciation-Equipment 12/1 Bal. 2,640 12/31 240 12/31 Bal. 2880 12/23 Accounts Payable 8,900 12/1 Bal. 4,900 12/13 8,900 12/31 4,900 Bal. Salaries and Wages Payable 1,000 12/1 Bal. 12/31 12/6 1,000 700 700 12/31 Bal. Common Stock 12/1 Bal. 30,000 12/31 30,000 Bal. Retained Earnings 12/1 Bal. 13,760 12/31 13,760 Bal. Sales Revenue 12/10 6,800 12/18 12,600 12/31 19,400 Bal. Sales Discount 378 12/27 12/31 Bal. 3781 12/10 12/18 12/31 Bal. Cost of Goods Sold 4,200 8,2001 12,400 Depreciation Expense 240 12/31 12/31 Bal. 240 Salaries and Wages Expense 8001 12/6 12/20 1,5001 12/31 700 12/31 Bal. V 3000 Supplies Expense 1500 12/31 12/31 Bal. 1500 (d) Your answer is partially correct. Try again. Prepare an adjusted trial balance. PROSEN DISTRIBUTING COMPANY Adjusted Trial Balance December 31, 2017 Debit Credit Cash 14600 Inventory 12400 Accounts Re 2700 Equipment 26400 Cost of Goo 8900 Salaries and 2300 Widt|||||||| Salaries and Depreciation 2640 Accumulate Supplies 3200 Supplies Ex Sales Disco 378 Sales Rever 19400 Accounts Pa 4900 Common St 30000 Retained Ea 13760 Totals 70878 70878
