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X, INC. Adjusted Trial Balance, December 31, 2020 Account Title Debits Credits Cash $ 186,000 Accounts Receivab $ 245,000 Inventory 372,000 Prepaid Rent $ 24,000
X, INC. Adjusted Trial Balance, December 31, 2020 Account Title Debits Credits Cash $ 186,000 Accounts Receivab $ 245,000 Inventory 372,000 Prepaid Rent $ 24,000 Investments $ 100,000 Land 300,000 Equipment $ 150,000 Accumulated Depr. $ 60,000 Accounts Payable 98,000 Interest Payable $ 22,000 Income Tax Payable $ 65,000 Salaries Payable $ Deferred Revenue $ 12,000 Notes Payable (3 yrs, 10%. Int) $ 235,000 Common Stock $ 400,000 Dividends $ 55,000 Retained Earnings $ 94,150 Net Sales $ 1,700,000 Gain on Sale of Lan $ Cost of Good Sold $ 755,000 Advertising Expense $ 22,000 Salary Expense $ 242,000 Depreciation Expen: $ 28,000 Insurance Expense $ 12,400 Rent Expenses 108,000 Interest Expenses 12,750 Income Tax Expense $ 74,000 $ 2,686, 150 2,686,150 X, INC. The following is a summary of the transactions for the year 2021: 9-Jan Provide services for cash, $84,100, and on account, $152,200. 12-Feb Collect on accounts receivable, $151,500. 21-Feb Provide services for cash, $80,000, and on account, $232,500. 25-Apr Receive cash in advance from customers, $12,900 (services will be provided in 2022). 6-May Purchase inventory on account, $99,200. 29-May Provide services for cash, $90,000, and on account, $95,000. 1-Jun Collect on accounts receivable, $91,500. 15-Jun Pay notes payable, $78,000 and interest $7,800 15-Jul Pay taxes payable, $38,500 10-Sep Pay on accounts payable, $11,400. 29-Sep Collect on accounts receivable, $122.500. 31-Oct Pay salaries, $123,600. 20-Nov Issue shares of common stock in exchange for $27,000 cash. 15-Dec Collect on accounts receivable, $91,500. 20-Dec Sold the land for $450,000 30-Dec Pay $22,800 cash dividends to stockholders. Prepare a balance sheet as of December 31,2021
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