In: Accounting
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below.
| Account Title | Debits | Credits | ||
| Cash | 31,700 | |||
| Accounts receivable | 40,400 | |||
| Supplies | 1,700 | |||
| Inventory | 60,400 | |||
| Notes receivable | 20,400 | |||
| Interest receivable | 0 | |||
| Prepaid rent | 1,100 | |||
| Prepaid insurance | 6,400 | |||
| Office equipment | 81,600 | |||
| Accumulated depreciation | 30,600 | |||
| Accounts payable | 31,400 | |||
| Salaries payable | 0 | |||
| Notes payable | 50,400 | |||
| Interest payable | 0 | |||
| Deferred sales revenue | 2,200 | |||
| Common stock | 62,800 | |||
| Retained earnings | 29,500 | |||
| Dividends | 4,400 | |||
| Sales revenue | 148,000 | |||
| Interest revenue | 0 | |||
| Cost of goods sold | 72,000 | |||
| Salaries expense | 19,100 | |||
| Rent expense | 11,200 | |||
| Depreciation expense | 0 | |||
| Interest expense | 0 | |||
| Supplies expense | 1,300 | |||
| Insurance expense | 0 | |||
| Advertising expense | 3,200 | |||
| Totals | 354,900 | 354,900 | ||
Information necessary to prepare the year-end adjusting entries appears below.
rev: 09_14_2019_QC_CS-180268, 10_11_2019_QC_CS-184133
3. Prepare an adjusted trial balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)
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| Adjusted Trail Balance | ||||||||
| Trial Balance | Adjustment | Adjusted Trail Balance | ||||||
| Accounts | Debit $ | Credit $ | Debit $ | Credit $ | Debit $ | Credit $ | ||
| Cash | 31,700 | 31,700 | ||||||
| Accounts Receivable | 40,400 | 40,400 | ||||||
| Supplies | 1,700 | 1,170 | 530 | |||||
| Inventories | 60,400 | 60,400 | ||||||
| Notes Receivable | 20,400 | 20,400 | ||||||
| Interest Receivable | - | 1,360 | 1,360 | |||||
| Prepaid rent | 1,100 | 550 | 550 | |||||
| Prepaid insurance | 6,400 | 4,800 | 1,600 | |||||
| Office equipment | 81,600 | 81,600 | ||||||
| Accumulated Depreciation | 30,600 | 10,200 | 40,800 | |||||
| Accounts Payable | 31,400 | 31,400 | ||||||
| Salaries payable | - | 850 | 850 | |||||
| Notes Payable | 50,400 | 50,400 | ||||||
| Interest Payable | - | 1,512 | 1,512 | |||||
| Deferred sales revenue | 2,200 | 2,200 | ||||||
| Common Stock | 62,800 | 62,800 | ||||||
| Retained Earning | 29,500 | 29,500 | ||||||
| Dividend | 4,400 | 4,400 | ||||||
| Sales Revenue | 148,000 | 148,000 | ||||||
| Interest revenue | - | 1,360 | 1,360 | |||||
| Cost of goods sold | 72,000 | 72,000 | ||||||
| Salaries expenses | 19,100 | 850 | 19,950 | |||||
| Rent Expenses | 11,200 | 550 | 11,750 | |||||
| Depreciation expenses | - | 10,200 | 10,200 | |||||
| Interest expenses | - | 1,512 | 1,512 | |||||
| Supplies expenses | 1,300 | 1,170 | 2,470 | |||||
| Insurance expenses | - | 4,800 | 4,800 | |||||
| Advertising expenses | 3,200 | 3,200 | ||||||
| Total | 354,900 | 354,900 | 20,442 | 20,442 | 368,822 | 368,822 | ||