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 | ||