Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information The following information applies to the questions displayed below.) Pastina Company sells various types of pasta to grocery chains as private labe is

image text in transcribed
Required information The following information applies to the questions displayed below.) Pastina Company sells various types of pasta to grocery chains as private labe is December 31 The unadjusted trial balance as of December 31, 2021. appe Meet Title obtru toate reporting year-end Accounts receivable Supplies Inventory Not receivable Interest receivable Prepaid rent Prepaid insurance Office equipment A lated depreciation Accounts payable Salaries payable NTV Interest payable Deferred sales revend OOOOOOO Retained earnings Dividends Sales en Interest revenue Cost of goods sold salaries expense Rent Depreciation expense Interest expense Supplies expense Insurance expense Avertising expense Totals Information necessary to prepare the year-end adjusting entries appears below 1. Depreciation on the office equipment for the year is $11,800. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month Salaries earned from December 16 through December 31, 2021 were $1700 3. On October 1, 2021. Pastina borrowed $53,600 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12% The principal is due in 10 years 4. On March 1, 2021, the company lent a supplier $23,600 and a note was signed requiring principal and interest at to be paid on February 28, 2022 5. On April 1, 2021, the company paid an insurance company 59,600 for a two-year fire insurance policy. The entire $9,600 was debited to prepaid insurance 6. 51010 of supplies remained on hand at December 31, 2021 7. A customer paid Pastina $3,800 in December for 1650 pounds of spaghetti to be delivered in January 2022. Pestina credited deferred sales revenue. 8. On December 1 2021 $2.800 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1.400 per month. The entire amount was debited to prepaid rent 6. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar PASTINA COMPANY Post.Closing Trial Balance December 31, 2021 Account Toe Debits Cash Accounts receivable

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

Financial and Managerial Accounting the basis for business decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

16th edition

0077664078, 978-0077664077, 78111048, 978-0078111044

More Books

Students also viewed these Accounting questions

Question

suggest a range of work sample exercises and design them

Answered: 1 week ago