Question
The trial balance of Peoples Choice Wholesale Company contained the following accounts shown at December 31, the end of the companys fiscal year. PEOPLES CHOICE
The trial balance of Peoples Choice Wholesale Company contained the following accounts shown at December 31, the end of the companys fiscal year.
PEOPLES CHOICE WHOLESALE COMPANY Trial Balance December 31, 2017 | ||||
Debit | Credit | |||
Cash | $ 70,650 | |||
Accounts Receivable | 84,600 | |||
Inventory | 157,500 | |||
Land | 207,000 | |||
Buildings | 450,000 | |||
Accumulated DepreciationBuildings | $ 135,000 | |||
Equipment | 187,875 | |||
Accumulated DepreciationEquipment | 91,125 | |||
Notes Payable | 123,075 | |||
Accounts Payable | 39,375 | |||
Common Stock | 360,000 | |||
Retained Earnings | 151,200 | |||
Dividends | 22,500 | |||
Sales Revenue | 2,074,725 | |||
Sales Discounts | 13,500 | |||
Cost of Goods Sold | 1,597,275 | |||
Salaries and Wages Expense | 115,425 | |||
Utilities Expense | 25,650 | |||
Maintenance and Repairs Expense | 20,025 | |||
Advertising Expense | 11,700 | |||
Insurance Expense | 10,800 | |||
Totals | $2,974,500 | $2,974,500 |
Adjustment data:
1. | Depreciation is $18,000 on buildings and $15,750 on equipment. (Both are operating expenses.) | |
2. | Interest of $10,125 is due and unpaid on notes payable at December 31. | |
3. | Income tax due and unpaid at December 31 is $54,000. |
Other data: $33,750 of the notes payable are payable next year.
Journalize the adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
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