Prepare an adjusted Trial balance Accounts Payable- 88,851 Accounts receivable-
ID: 2511378 • Letter: P
Question
Prepare an adjusted Trial balance
Accounts Payable- 88,851
Accounts receivable- 442,120
Accumulated depreciation: building- 1,265
Accumulated depreciation: equipment- 9,900
Advertising Expense- 9,240
Allowance for doubtful accounts- 75,000
Allowance to Reduce Inventory to NRV- 16,000
Bad Debt Expense- 75,000
Bonds Payable- 700,000
Building- 37,500
Cash- 834,544
Common stock- 135,000
Depreciation Expense- 11,165
Dividends- 28,000
Equipment- 21,600
Impairment Loss Expense- 5,000
Income Taxes Expense- 99,000
Income taxes payable- 99,000
Insurance Expense- 22,500
Interest Expense- 31,171
Interest Payable- 35,000
Inventory- 70,000
Land- 88,000
Notes Payable- 0
Office Expense- 28,500
Paid In Capital- Treasury Stock- 6,000
Patent- 45,000
PIC in Excess of Par- Common Stock- 130,000
Premium on Bonds Payable- 52,045
Prepaid insurance- 4,500
Purchases- 177,000
Rent Revenue- 4,500
Retained earnings- 0
Sales Revenue- 790,000
Treasury Stock- 10,000
Unearned rent revenue- 9,000
Utilities Expense- 33,571
Wages Expense- 66,150
Wages Payable-4,000
Explanation / Answer
Adjusted Trial Balance Cash $834544 Accounts receivable- 442120 Allowance for doubtful accounts 75000 Inventory 70000 Allowance to Reduce Inventory to NRV 16000 Prepaid insurance 4500 Land- 88000 Building 37500 Accumulated depreciation: building 1265 Equipment 21600 Accumulated depreciation: equipment 9900 Patent 45000 Accounts Payable 88851 Interest Payable- 35000 Income taxes payable 99000 Wages Payable 4000 Unearned rent revenue 9000 Bonds Payable 700000 Premium on Bonds Payable 52045 Common stock 135000 PIC in Excess of Par- Common Stock 130000 Paid In Capital- Treasury Stock 6000 Retained earnings Treasury Stock 10000 Dividends 28000 Sales Revenue 790000 Rent Revenue 4500 Purchases 177000 Wages Expense 66150 Bad Debt Expense- 75000 Office Expense 28500 Insurance Expense 22500 Advertising Expense 9240 Depreciation Expense 11165 Interest Expense 31171 Loss on Inventory 16000 Utilities Expense 33571 Impairment Loss Expense 5000 Income Taxes Expense 99000 Total 2155561 2155561