Question
The following trial balance was taken from the books of Stanko Corporation on December 31, 2018. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000
The following trial balance was taken from the books of Stanko Corporation on December 31, 2018.
Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $406,600 $406,600
At year end, the following items have not yet been recorded.
a. Insurance expired during the year, $2,000. b. Depreciation on equipment, 10% per year on original cost. c. Interest at 5% is receivable on the note for one full year. d. Rent paid in advance at December 31, $5,400 (originally charged to expense). e. Accrued salaries and wages at December 31, $5,800.
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