Provide a trial Balance for Dec 31, 2020 by starting with the Trial Balance for Oct 1,
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Question:
Provide a trial Balance for Dec 31, 2020 by starting with the Trial Balance for Oct 1, 2020 and posting the journal entries to the accounts for Q4 2020. The Excel template attached will assist you with completing your Trial Balance and journal entries. Further information can be found in the attached instructions document.
MASTER BUDGET PROJECT: TRIAL BALANCE TEMPLATE | |||||
ACCT 5362 | Accounting Principles | |||||
Husky Co. | |||||
Trial Balance | |||||
Oct. 1 2020 | |||||
Debit | Credit | ||||
ASSETS: | |||||
Cash | 200,000 | ||||
Savings Account | - | ||||
Accounts Receivable | - | ||||
Inventory | - | ||||
Fixed Assets - Mfg. | 2,400,000 | ||||
Fixed Assets - SG&A | 200,000 | ||||
Accum Depreciation - Mfg. | |||||
Accum Depreciation - SG&A | |||||
LIABILITIES: | |||||
Accounts Payable | - | ||||
Loans Payable | - | ||||
Income Tax Payable (Benefit) | - | ||||
OWNERS' EQUITY: | |||||
Capital Stock | 300,000 | ||||
Additional Paid in Capital | 2,500,000 | ||||
Retained Earnings | - | ||||
REVENUES: | |||||
Sales | |||||
EXPENSES: | |||||
Cost of Goods Sold | |||||
Selling, General & Administrative | |||||
Interest Expense | |||||
Income Tax Expense | |||||
Totals | 2,800,000 | 2,800,000 | |||
During the 4th Quarter of 2020, the following entries were recorded in a general journal to be posted to the accounts: | |||||
Debit | Credit | ||||
Cash | $210,000 | ||||
Accounts Receivable | $210,000 | ||||
Sales | $420,000 | ||||
SG&A Exp | $108,200 | ||||
Cash | $97,133 | ||||
Accts Payable | $6,067 | ||||
Accum Depn-SG&A | $5,000 | ||||
Inventory | $412,436 | ||||
Cash | $304,958 | ||||
Accts Payable | $47,478 | ||||
Accum Depn-Mfg | $60,000 | ||||
COGS | $290,509 | ||||
Inventory | $290,509 | ||||
Income Tax Expense | $6,387 | ||||
Income Tax Payable | $6,387 | ||||
Savings | $2,000 | ||||
Cash | $2,000 | ||||
Post the entries to produce the post-closing trial balance. (Note: the ending balance sheet for one year is the beginning balance sheet for the following year.) | |||||
The above entries produced the following post-closing trial balance: | |||||
Husky Co. | |||||
Trial Balance | |||||
Dec. 31 2020 | |||||
Debit | Credit | ||||
Cash | |||||
Savings Account | |||||
Accounts Receivable | |||||
Inventory | |||||
Fixed Assets-Mfg | |||||
Fixed Assets-SG&A | |||||
Accum Depreciation-Mfg | |||||
Accum Depreciation-SG&A | |||||
Accounts Payable | |||||
Loans Payable | |||||
Income Tax Payable (Benefit) | |||||
Capital Stock | |||||
Additional Paid in Capital | |||||
Retained Earnings | |||||
Totals | 2,939,836 | ||||
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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