Question

In: Accounting

Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...

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 33,800
Accounts receivable 41,800
Supplies 2,400
Inventory 61,800
Notes receivable 21,800
Interest receivable 0
Prepaid rent 1,800
Prepaid insurance 7,800
Office equipment 87,200
Accumulated depreciation 32,700
Accounts payable 32,800
Salaries payable 0
Notes payable 51,800
Interest payable 0
Deferred sales revenue 2,900
Common stock 72,600
Retained earnings 33,000
Dividends 5,800
Sales revenue 155,000
Interest revenue 0
Cost of goods sold 79,000
Salaries expense 19,800
Rent expense 11,900
Depreciation expense 0
Interest expense 0
Supplies expense 2,000
Insurance expense 0
Advertising expense 3,900
Totals 380,800 380,800

Information necessary to prepare the year-end adjusting entries appears below.

  1. Depreciation on the office equipment for the year is $10,900.
  2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,200.
  3. On October 1, 2021, Pastina borrowed $51,800 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
  4. On March 1, 2021, the company lent a supplier $21,800 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022.
  5. On April 1, 2021, the company paid an insurance company $7,800 for a one-year fire insurance policy. The entire $7,800 was debited to prepaid insurance.
  6. $740 of supplies remained on hand at December 31, 2021.
  7. A customer paid Pastina $2,900 in December for 1,200 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue.
  8. On December 1, 2021, $1,800 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $900 per month. The entire amount was debited to prepaid rent.

rev: 09_14_2019_QC_CS-180268, 10_11_2019_QC_CS-184133

Problem 2-4 (Algo) Part 6

6. Prepare a post-closing trial balance

PASTINA COMPANY
Post-Closing Trial Balance
December 31, 2021
Account Title Debits Credits
Cash
Accounts receivable
Supplies
Inventory
Notes receivable
Interest receivable
Prepaid rent
Prepaid insurance
Office equipment
Accumulated depreciation
Accounts payable
Salaries payable
Notes payable
Interest payable
Deferred sales revenue
Common stock
Retained earnings
Sales revenue
Interest revenue
Cost of goods sold
Salaries and wages expense
Rent expense
Depreciation expense
Interest expense
Supplies expense
Insurance expense
Advertising expense
Totals

Solutions

Expert Solution

------------------------------------------------------------------------------------------------------------------------------

"The answer has been solved as per the given question"

If you have any queries, drop your messages in the comment box! Thank you!!!  ALL THE BEST!!!!


Related Solutions

Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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 31,400 Accounts receivable 40,200 Supplies 1,600 Inventory 60,200 Notes receivable 20,200 Interest receivable 0 Prepaid rent 1,000 Prepaid insurance 6,200 Office equipment 80,800 Accumulated depreciation 30,300 Accounts payable 31,200 Salaries payable 0 Notes payable 50,200 Interest payable 0 Deferred sales revenue 2,100 Common...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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 33,500 Accounts receivable 41,600 Supplies 2,300 Inventory 61,600 Notes receivable 21,600 Interest receivable 0 Prepaid rent 1,700 Prepaid insurance 7,600 Office equipment 86,400 Accumulated depreciation 32,400 Accounts payable 32,600 Salaries payable 0 Notes payable 51,600 Interest payable 0 Deferred sales revenue 2,800...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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 31,400 Accounts receivable 40,200 Supplies 1,600 Inventory 60,200 Notes receivable 20,200 Interest receivable 0 Prepaid rent 1,000 Prepaid insurance 6,200 Office equipment 80,800 Accumulated depreciation 30,300 Accounts payable 31,200 Salaries payable 0 Notes payable 50,200 Interest payable 0 Deferred sales revenue 2,100 Common...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2018, appears below.     Account Title Debits Credits Cash 45,650 Accounts receivable 58,000 Supplies 1,850 Inventory 77,000 Note receivable 29,400 Interest receivable 0 Prepaid rent 2,700 Prepaid insurance 0 Office equipment 94,000 Accumulated depreciation—office equipment 35,250 Accounts payable 37,000 Salaries and wages payable 0 Note payable 71,400 Interest payable 0 Deferred...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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 36,400 Accounts receivable 43,600 Supplies 3,300 Inventory 63,600 Notes receivable 23,600 Interest receivable 0 Prepaid rent 2,800 Prepaid insurance 9,600 Office equipment 94,400 Accumulated depreciation 35,400 Accounts payable 34,600 Salaries payable 0 Notes payable 53,600 Interest payable 0 Deferred sales revenue 3,800...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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 36,100 Accounts receivable 43,400 Supplies 3,200 Inventory 63,400 Notes receivable 23,400 Interest receivable 0 Prepaid rent 2,700 Prepaid insurance 9,400 Office equipment 93,600 Accumulated depreciation 35,100 Accounts payable 34,400 Salaries payable 0 Notes payable 53,400 Interest payable 0 Deferred sales revenue 3,700 Common...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
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 35,200 Accounts receivable 42,800 Supplies 2,900 Inventory 62,800 Notes receivable 22,800 Interest receivable 0 Prepaid rent 2,400 Prepaid insurance 8,800 Office equipment 91,200 Accumulated depreciation 34,200 Accounts payable 33,800 Salaries payable 0 Notes payable 52,800 Interest payable 0 Deferred sales revenue 3,400...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT