Question

Please complete the provided partially adjusted trial balance worksheet with the information provided. (Not all information provided may be relevant in completing the question).

		Inventory Information
Inventory on hand at the beginning of October:
	Units	Cost / unit	Total Cost
Purchase # 1	15	60	$900
Purchase # 2	25	70	1,750
	40		$2,650
	October 2018 transactions related to buying and selling widget inventory
	1-Oct	Sold 30 widgets at $125 each on credit
	3-Oct	Purchased 60 widgets at a cost of $80 per widget on credit
	10-Oct	Sold 45 widgets at $150 each on credit
	20-Oct	Purchased 40 widgets at a cost of $85 per widget on credit
	24-Oct	Sold 35 widgets at $165 each on credit
The PHYSICAL count of widget inventory on hand at October 31, 2018 shows 23 widgets at a FIFO cost of $1,955.

Beginning Inventory	Units	Cost / unit	Cost
	15	60	900
	25	70	1,750
	40		2,650

		Number of Days Outstanding
	Total	0-30	31-60	61-90	91-120	over 120
Accounts Receivable	$     163,075	$146,768	$     6,523	$     3,262	$     4,892	$     1,631
% Uncollectible		0.02	0.06	0.075	0.08	0.09
Estimated Uncollectible	$         4,109	2,935	391	245	391	147

NFT Consulting and Sales Inc
PARTIALLY ADJUSTED TRIAL BALANCE
October 31 2017
		Part Adj T/B		October JES		Trial	Balance	Adj	JES	Adj T/B
		DR	CR	DR	CR	DR	CR	DR	CR	DR	CR
Cash		$332,218				332,218
Accounts Receivable		146,800
Allowance for Uncollectible Accounts			$3,689				3,689
Supplies		42,600				42,600
Inventory		2,650
Prepaid Insurance		16,800				16,800
Land		50,000				50,000
Building		110,000				110,000
Accumulated Depr – Building			5,670				5,670
Computer equipment		52,950				52,950
Accumulated Depr – Comp Equip			1,750				1,750
Office Furniture		45,900				45,900
Accumulated Depr - Office Furniture			890				890
Accounts Payable			16,560
Interest Payable			3,200				3,200
Utilities Payable			8,952				8,952
Wages Payable			45,800				45,800
Long term Note Payable			90,000				90,000
Mortgage Payable			60,000				60,000
Common Stock			400,000				400,000
Retained Earnings			126,867				126,867
Dividends		4,000				4,000
Service Revenue			365,400				365,400
Tablet Sales Revenue			222,400
Cost of Goods Sold		154,500
Bad Debt Expense
Depreciation Expense – Building		1,350				1,350
Depreciation Expense - Computer Equip		890				890
Depreciation Expense - Office Furn		650				650
Interest Expense		3560				3,560
Insurance Expense		38,950				38,950
Supplies expense		72,860				72,860
Utilities Expense		75,900				75,900
Wage Expense		198,600				198,600
Subtotals
Net Income
TOTALS		$1,351,178	$1,351,178

Answer 1