the trial balance of dealer s choice wholesale company contained the accounts shown 533587
The trial balance of Dealer”s Choice Wholesale Company contained the accounts shown at December 31, the end of the company”s fiscal year.
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the trial balance of dealer s choice wholesale company contained the accounts shown 533587
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Debit |
Credit |
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Cash |
$ 31,400 |
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Accounts Receivable |
37,600 |
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Inventory |
70,000 |
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Land |
92,000 |
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Buildings |
200,000 |
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Accumulated Depreciation—Buildings |
$ 60,000 |
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Equipment |
83,500 |
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Accumulated Depreciation—Equipment |
40,500 |
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Notes Payable |
54,700 |
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Accounts Payable |
17,500 |
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Common Stock |
160,000 |
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Retained Earnings |
67,200 |
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Dividends |
10000 |
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Sales Revenue |
922100 |
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Sales Discounts |
6,000 |
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Cost of Goods Sold |
709,900 |
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Salaries and Wages Expense |
51,300 |
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Utilities Expense |
11,400 |
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Maintenance and Repairs Expense |
8,900 |
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Advertising Expense |
5,200 |
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Insurance Expense |
4,800 |
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$1,322,000 |
$1,322,000 |
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Adjustment data:
1. Depreciation is $8,000 on buildings and $7,000 on equipment. (Both are operating expenses.)
2. Interest of $4,500 is due and unpaid on notes payable at December 31.
3. Income tax due and unpaid at December 31 is $24,000.
Other data: $15,000 of the notes payable are payable next year.
Instructions
(a) Journalize the adjusting entries.
(b) Create T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries.
(c) Prepare an adjusted trial balance.
(d) Prepare a multiple-step income statement and a retained earnings statement for the year, and a classified balance sheet at December 31, 2012.
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