FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please help me prepare a T-Account.

**Accounting Adjustments Journal Entries for December 31, 2021** The table below provides a detailed account of various accounting adjustments made on December 31, 2021. Each entry lists the date, the account affected, the debit, and the credit amounts. This is an illustration of periodic adjustments typically made at the end of an accounting period to update financial records and ensure accuracy in financial statements. --- **Adj. 1** - **Date:** 12/31/21 - **Accounts:** - Bad Debt Expense: Debit $481,250 - Allowance for Doubtful Accounts: Credit $481,250 **Adj. 2** - **Date:** 12/31/21 - **Accounts:** - Insurance Expense: Debit $100,000 - Prepaid Insurance: Credit $100,000 **Adj. 3** - **Date:** 12/31/21 - **Accounts:** - Depreciation Expense - Equipment: Debit $225,000 - Accumulated Depreciation - Equipment: Credit $225,000 **Adj. 4** - **Date:** 12/31/21 - **Accounts:** - Depreciation Expense - Building: Debit $42,500 - Accumulated Depreciation - Building: Credit $42,500 **Adj. 5** - **Date:** 12/31/21 - **Accounts:** - Mortgage Payable: Debit $30,000 - Interest Expense - Mortgage: Debit $40,000 - Cash: Credit $70,000 **Adj. 6** - **Date:** 12/31/21 - **Accounts:** - Salary Expense: Debit $490,000 - Cash: Credit $490,000 **Adj. 7** - **Date:** 12/31/21 - **Accounts:** - Long-Term Debt: Debit $75,000 - Interest Expense - Long-Term Debt: Debit $175,000 - Cash: Credit $250,000 **Adj. 8** - **Date:** 12/31/21 - **Accounts:** - Inventory: Debit $3,000,000 - Cash: Credit $2,600,000 - Accounts Payable: Credit $400,
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Transcribed Image Text:**Accounting Adjustments Journal Entries for December 31, 2021** The table below provides a detailed account of various accounting adjustments made on December 31, 2021. Each entry lists the date, the account affected, the debit, and the credit amounts. This is an illustration of periodic adjustments typically made at the end of an accounting period to update financial records and ensure accuracy in financial statements. --- **Adj. 1** - **Date:** 12/31/21 - **Accounts:** - Bad Debt Expense: Debit $481,250 - Allowance for Doubtful Accounts: Credit $481,250 **Adj. 2** - **Date:** 12/31/21 - **Accounts:** - Insurance Expense: Debit $100,000 - Prepaid Insurance: Credit $100,000 **Adj. 3** - **Date:** 12/31/21 - **Accounts:** - Depreciation Expense - Equipment: Debit $225,000 - Accumulated Depreciation - Equipment: Credit $225,000 **Adj. 4** - **Date:** 12/31/21 - **Accounts:** - Depreciation Expense - Building: Debit $42,500 - Accumulated Depreciation - Building: Credit $42,500 **Adj. 5** - **Date:** 12/31/21 - **Accounts:** - Mortgage Payable: Debit $30,000 - Interest Expense - Mortgage: Debit $40,000 - Cash: Credit $70,000 **Adj. 6** - **Date:** 12/31/21 - **Accounts:** - Salary Expense: Debit $490,000 - Cash: Credit $490,000 **Adj. 7** - **Date:** 12/31/21 - **Accounts:** - Long-Term Debt: Debit $75,000 - Interest Expense - Long-Term Debt: Debit $175,000 - Cash: Credit $250,000 **Adj. 8** - **Date:** 12/31/21 - **Accounts:** - Inventory: Debit $3,000,000 - Cash: Credit $2,600,000 - Accounts Payable: Credit $400,
**Campin Inc. Trial Balances as of 12/31/21** This table presents the unadjusted and adjusted trial balances for Campin Inc. as of December 31, 2021. Each trial balance comprises debit and credit columns, detailing various asset, liability, equity, revenue, and expense accounts. ### Unadjusted Trial Balance - **Assets:** - Cash: $2,399,000 - Accounts Receivable: $2,100,000 - Allowance for Doubtful Accounts: $10,000 (Credit balance) - Prepaid Insurance: $100,000 - Inventory: $362,500 - Equipment: $4,500,000 - Accumulated Depreciation - Equipment: $1,350,000 (Credit balance) - Building: $850,000 - Accumulated Depreciation - Building: $250,000 (Credit balance) - Land: $1,100,000 - **Liabilities:** - Accounts Payable: $375,000 - Salaries Payable: $50,000 - Mortgage Payable: $1,400,000 - Long-Term Debt: $2,250,000 - **Equity:** - Common Stock - Par: $6,000 - Additional Paid-In Capital (APIC): $2,994,000 - Retained Earnings: $265,000 - **Revenues & Expenses:** - Sales Revenue: $4,425,000 - Cost of Goods Sold (COGS): $1,837,500 - Salary Expense: $126,000 #### Total - Debits: $13,375,000 - Credits: $13,375,000 ### Adjusted Trial Balance - **Assets:** - Cash: $3,388,000 - Accounts Receivable: $3,100,000 - Allowance for Doubtful Accounts: $491,250 (Credit balance) - Prepaid Insurance: $100,000 - Inventory: $1,242,500 - Equipment: $4,500,000 - Accumulated Depreciation - Equipment: $1,575,000 (Credit balance) - Building: $850,000
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Transcribed Image Text:**Campin Inc. Trial Balances as of 12/31/21** This table presents the unadjusted and adjusted trial balances for Campin Inc. as of December 31, 2021. Each trial balance comprises debit and credit columns, detailing various asset, liability, equity, revenue, and expense accounts. ### Unadjusted Trial Balance - **Assets:** - Cash: $2,399,000 - Accounts Receivable: $2,100,000 - Allowance for Doubtful Accounts: $10,000 (Credit balance) - Prepaid Insurance: $100,000 - Inventory: $362,500 - Equipment: $4,500,000 - Accumulated Depreciation - Equipment: $1,350,000 (Credit balance) - Building: $850,000 - Accumulated Depreciation - Building: $250,000 (Credit balance) - Land: $1,100,000 - **Liabilities:** - Accounts Payable: $375,000 - Salaries Payable: $50,000 - Mortgage Payable: $1,400,000 - Long-Term Debt: $2,250,000 - **Equity:** - Common Stock - Par: $6,000 - Additional Paid-In Capital (APIC): $2,994,000 - Retained Earnings: $265,000 - **Revenues & Expenses:** - Sales Revenue: $4,425,000 - Cost of Goods Sold (COGS): $1,837,500 - Salary Expense: $126,000 #### Total - Debits: $13,375,000 - Credits: $13,375,000 ### Adjusted Trial Balance - **Assets:** - Cash: $3,388,000 - Accounts Receivable: $3,100,000 - Allowance for Doubtful Accounts: $491,250 (Credit balance) - Prepaid Insurance: $100,000 - Inventory: $1,242,500 - Equipment: $4,500,000 - Accumulated Depreciation - Equipment: $1,575,000 (Credit balance) - Building: $850,000
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