ssignment Question 1 of 1 -/10 Bonita Ltd. is a small wholesaler of restaurant supplies. The company's post closing trial balance at December 31, 2020. the ene Its fiscal year, is presented belowi BONITA LTD. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $70,000 Accounts receivable 460,000 Allowance for doubtful accounts 23.000 Inventory 358.000 Estimated inventory returns 10.000 Equipment 1.800.000 Accumulated depreciation equipment 480,000 Accounts payable 288.000 Interest payable (pertains to bank loan payable) 4,000 Employee income tax payable 49.000 CPP pavab 26.000 El payable 10,000 Previsions 31.000 tudiility 00 000 Deferred revenue 30.000 Bank loan wat 1.200.000 Common sharms 60.000 Rendering 477.000 090.000 52598.000 30 GO DO 5 ou . (@ ! 1 23 3 $ 4 % 5 A 6 2 . ) 0 7 8 9 Q W E 20 T Y U I OP S D F G H J J K N > Z X B N M . V - | I 8 Question 1 of 1 > - / 10 were paid but no amounts were remitted to the government regarding the satanes Tor January 7. Paid a $9.000 income tax instalment Sales for the month of January were $800.000 and the cost of the inventory sold was $200.000. The company uses a perpetual inventory system. All sales were on credit. The company expects a 5% return rate. 9. Accounts receivable collected during the month were $780,000 10 A customer cwing the compary $16,000 went bankrupt during January Reviewed outstanding accounts receivable. Determined, through an aging of accounts that doubthul accounts were $30.000 a month end 12a Inventory costing 5230.000 was purchased in January on credit. 126 Office expenses of $46.000 were incurred on credit 13 During the month of January, accounts payable amounting to $325.000 were paid 14 The provisions at December 31, 2020.comsisted of estimated damages from a lawsuit, in January Fegal counsel felt that an additional $21.000 of damages had become probable that month. Any expenses relating to these damages are recorded in administrative expenses Deferred revenue consists of deposits from customers received in advance. No new deposits were received in January, but by the end of the month management has estimated that deferred revenue at that time should be $5.000. Products sold to these customers that paid deposits cost 25% of the price they were sold at The company accepted product returns from credit customers in January. The sales value of these products was 536.000 and the comparwy just reduced the receivable from the customer when the product was returned The product returned were not damaged and cost 25% of the price they were sold at The company declared and paid dividends amounting to 57.000 in January 15 16 90 85 D DO 1 : 8 ET ? ? X CV B N M at Question 1 of 1 > - / 10 Prepare Taccounts and enter the December 31 balances Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Estimated Inventory Returns Prepaid Insurance Equipment SLO 888 #2 1: Dll re 2 3 4 5 A 6 & 7 C 9 ) 0 8 W E R T Y U I S F G H J J K L N > X CV B NM Question 1 of 1 -116 Equipment Accumulated Depreciation - Equipment Accounts Payable Interest Payable Employee Income Tax Payable CPP Payable El Payable # 90 90 DU DO # F 2 $ 4 ( % 5 6 & 7 . 8 9 0 W E R T Y U I 0 P S D F G H H J K C V B > -/10 Bonita Ltd. is a small wholesaler of restaurant supplies. The company's post closing trial balance at December 31, 2020. the ene Its fiscal year, is presented belowi BONITA LTD. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $70,000 Accounts receivable 460,000 Allowance for doubtful accounts 23.000 Inventory 358.000 Estimated inventory returns 10.000 Equipment 1.800.000 Accumulated depreciation equipment 480,000 Accounts payable 288.000 Interest payable (pertains to bank loan payable) 4,000 Employee income tax payable 49.000 CPP pavab 26.000 El payable 10,000 Previsions 31.000 tudiility 00 000 Deferred revenue 30.000 Bank loan wat 1.200.000 Common sharms 60.000 Rendering 477.000 090.000 52598.000 30 GO DO 5 ou . (@ ! 1 23 3 $ 4 % 5 A 6 2 . ) 0 7 8 9 Q W E 20 T Y U I OP S D F G H J J K N > Z X B N M . V - | I 8 Question 1 of 1 > - / 10 were paid but no amounts were remitted to the government regarding the satanes Tor January 7. Paid a $9.000 income tax instalment Sales for the month of January were $800.000 and the cost of the inventory sold was $200.000. The company uses a perpetual inventory system. All sales were on credit. The company expects a 5% return rate. 9. Accounts receivable collected during the month were $780,000 10 A customer cwing the compary $16,000 went bankrupt during January Reviewed outstanding accounts receivable. Determined, through an aging of accounts that doubthul accounts were $30.000 a month end 12a Inventory costing 5230.000 was purchased in January on credit. 126 Office expenses of $46.000 were incurred on credit 13 During the month of January, accounts payable amounting to $325.000 were paid 14 The provisions at December 31, 2020.comsisted of estimated damages from a lawsuit, in January Fegal counsel felt that an additional $21.000 of damages had become probable that month. Any expenses relating to these damages are recorded in administrative expenses Deferred revenue consists of deposits from customers received in advance. No new deposits were received in January, but by the end of the month management has estimated that deferred revenue at that time should be $5.000. Products sold to these customers that paid deposits cost 25% of the price they were sold at The company accepted product returns from credit customers in January. The sales value of these products was 536.000 and the comparwy just reduced the receivable from the customer when the product was returned The product returned were not damaged and cost 25% of the price they were sold at The company declared and paid dividends amounting to 57.000 in January 15 16 90 85 D DO 1 : 8 ET ? ? X CV B N M at Question 1 of 1 > - / 10 Prepare Taccounts and enter the December 31 balances Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Estimated Inventory Returns Prepaid Insurance Equipment SLO 888 #2 1: Dll re 2 3 4 5 A 6 & 7 C 9 ) 0 8 W E R T Y U I S F G H J J K L N > X CV B NM Question 1 of 1 -116 Equipment Accumulated Depreciation - Equipment Accounts Payable Interest Payable Employee Income Tax Payable CPP Payable El Payable # 90 90 DU DO # F 2 $ 4 ( % 5 6 & 7 . 8 9 0 W E R T Y U I 0 P S D F G H H J K C V B >