For the Year Ended December 31, 2017 Unadjusted Trial Balance Adjusted Trial Bal
ID: 2574990 • Letter: F
Question
For the Year Ended December 31, 2017 Unadjusted Trial Balance Adjusted Trial Balance Account Title Adjustments DR Income Statement Balance Sheet DR CR CR DR CR DR CR DR CR 67,188 88,704 Cash Accounts Receivable Allowance for Doubtful Accounts Interest Revable Merchandise Inventor Prepaid Insurance Prepaid Rent 792 168,300 7,128 22.176 15,180 270,864 Note Receivable Store Eguipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries & Wages Payable Interest Payable tliies Payable Note Payable (final payment due 2018 Common Stock Retained Earnings Dividends 29.304 126,720 24,420 79.200 257.400 31,680 15.840 Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries & Wages Expense Depreciation Expense Store Equipment Bad Debt Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense Interest Revenue Interest Expense 430,056 5,280 3,075,336 3,075,336 Net IncomeExplanation / Answer
Trial Balance for the Year Ended Dec 31, 2017 Unadjusted Trial Balance Adjustment Adjusted Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 67,188 67,188 67,188 Accounts Receivable 88,704 88,704 88,704 Allowance for Doubtful Accounts 792 1,603 2,395 2,395 Interest Receivable 531 531 531 Merchandise Inventory 168,300 4,356 163,944 163,944 Prepaid Insurance 7,128 6,534 594 594 Prepaid Rent 22,176 18,480 3,696 3,696 Supplies 30,096 28,162 1,934 1,934 Note Receivable 15,180 15,180 15,180 Store Equipment 270,864 26,086 244,778 244,778 Accumulated Dep. - Store Equipment 29,304 29,304 29,304 Accounts Payable 126,720 126,720 126,720 Salaries & Wages Payable 6,470 6,470 6,470 Interest Payable 554 554 554 Utilities Payable 752 752 752 Notes Payable (final Payment due 2018) 24,420 24,420 24,420 Common Stock 79,200 79,200 79,200 Retained Earnings 257,400 257,400 257,400 Dividends 31,680 31,680 31,680 Sales 2,557,500 2,557,500 2,557,500 Sales Returns & Allowances 15,840 15,840 15,840 Sales Discount 34,056 34,056 34,056 Cost of Goods Sold 1,888,788 4,356 1,893,144 1,893,144 Salaries & Wages Expenses 430,056 6,470 436,526 436,526 Dep. Exp. - Store Equipment 26,086 26,086 26,086 Bad Debt Expense 1,603 1,603 1,603 Insurance Expense 6,534 6,534 6,534 Rent Expense 18,480 18,480 18,480 Supplies Expense 28,162 28,162 28,162 Utilities Expense 5,280 752 6,032 6,032 Interest Revenue 531 531 531 Interest Expense 554 554 554 Total 3,075,336 3,075,336 93,528 93,528 3,085,246 3,085,246 2,467,017 2,558,031 618,229 527,215 Net Income 91,014 91,014 2,558,031 2,558,031 618,229 618,229 Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Insurance Expenses Dr. 6,534.00 $7128 X 11/12 To Prepaid Insurance 6,534.00 2 Rent Expenses Dr. 18,480.00 $22,176 X 10/12 To Prepaid Rent 18,480.00 3 Cost of Goods Sold Dr. 4,356.00 $168,300 - $163,944 To Merchandise Inventory 4,356.00 4 Supplies Expenses Dr. 28,162.00 $30,096 - $1,934 To Supplies 28,162.00 5 Dep. Exp. - Store Equip. Dr. 26,086.40 ($270,864 - $10,000) / 10 Years To Accum. Dep. - Store Equip. 26,086.40 6 Interest Receivable Dr. 531.30 $15,180 X 8.40% X 5/12 To Interest Revenue 531.30 7 Bad Debt Expenses Dr. 1,603.01 ($88,704 X 2.70%) -$792 To Allowance for Doubtful Accounts 1,603.01 ($88,704 X 2.70%) -$792 8 Interest Expenses Dr. 553.52 $24,420 X 6.80% X 4/12 To Interest Payable 553.52 9 Salaries & Wages Expenses Dr. 6,470.00 To Salaries & Wages Payable 6,470.00 10 Utilities Expenses Dr. 752.00 To Utilities Payable 752.00