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The unadjusted trial balance of Packer Corporation showed the following balances at the end of its first 12-month fiscal year ended August 31, 2015: Debits
The unadjusted trial balance of Packer Corporation showed the following balances at the end of its first 12-month fiscal year ended August 31, 2015: Debits Credits Cash $12,000 Accounts Receivable 3,600 Prepaid Insurance -0- Supplies 2,500 Land 15,000 Building 60,000 Furniture 3,000 Equipment 20,000 Accumulated Depreciation Building $ -0- Accumulated Depreciation Equipment -0- Accumulated Depreciation Furniture -0- Accounts Payable 4,400 Salaries Payable -0- Interest Payable -0- Unearned Commissions Revenue 1,200 Unearned Subscriptions Revenue 800 Bank Loan 47,600 Share Capital 52,100 Retained Earnings -0- Income Summary -0- Commissions Earned 37,900 Subscriptions Revenue 32,700 Advertising Expense 4,300 Depreciation Expense
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