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Agricultural Farms Products Co. Ltd - Pork Branch Trial Balance as at June 30, 2022 A/C Name Cash Accounts receivable Trial Balance DR CR 2,225,050 1,890,000 Allowance for bad debt Merchandise Inventory Store Supplies 109,545 1,380,500 355,000 Prepaid Insurance 371,700 Prepaid rent 668,500 Furniture and fixtures 1,000,000 Accumulated depreciation-Furniture and Fixtures 99,000 Motor Truck 1,200,000 Accumulated depreciation-Motor Truck Accounts payable 68,545 Salary payable Interest payable 143,500 Uneamed Sales revenue 995,827 Long-term loan Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense 2,950,000 4,800,000 145,500 4,901,900 150,500 140,400 2,055,000 1,008,000 Insurance Expense 371,700 445,000 764,000 Utilities Expense Rent Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense-Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck Bad-Debt Expense Interest Expense 102,533 14,170,850 14,170,850

Agricultural Farms Products Co. Ltd - Pork Branch Trial Balance as at June 30, 2022 A/C Name Cash Accounts receivable Trial Balance DR CR 2,225,050 1,890,000 Allowance for bad debt Merchandise Inventory Store Supplies 109,545 1,380,500 355,000 Prepaid Insurance 371,700 Prepaid rent 668,500 Furniture and fixtures 1,000,000 Accumulated depreciation-Furniture and Fixtures 99,000 Motor Truck 1,200,000 Accumulated depreciation-Motor Truck Accounts payable 68,545 Salary payable Interest payable 143,500 Uneamed Sales revenue 995,827 Long-term loan Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense 2,950,000 4,800,000 145,500 4,901,900 150,500 140,400 2,055,000 1,008,000 Insurance Expense 371,700 445,000 764,000 Utilities Expense Rent Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense-Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck Bad-Debt Expense Interest Expense 102,533 14,170,850 14,170,850

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 18MC: Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of...
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The following additional information is available at June 30, 2022: • Store Supplies on hand at June 30, 2022 amounted to $55,000. • Insurance of $371,700 was paid on April 1, 2022, for 9-months to December 2022 • Rent was prepaid on March 1, 2022, for 7-months to September 2022. • The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000. • The motor truck was acquired on December 1, 2021, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $15,000 • Salaries earned by employees not yet paid amounted to $308,000 at June 30, 2022. • Accrued interest expense as of June 30, 2022, $143,500. • On June 30, 2022, $68,122 of the previously unearned sales revenue had been earned. • The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $189,000. • After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,365,500 worth of inventory on hand at June 30,2022 Other data: • The business is expected to make principal payments totalling $430,000 towards the loan during the fiscal year to June 30 ,2023. Required: Prepare the necessary adjusting journal entries on June 30, 2022. Prepare the Adjusted Trial balance at June 30, 2022. Prepare the company’s multiple-step income statement for the period ending June 30, 2022 Prepare the company’s statement of owner’s equity at June 30, 2022 Prepare the company’s classified balance sheet at June 30, 2022
Agricultural Farms Products Co. Ltd - Pork Branch Trial Balance as at June 30, 2022 A/C Name Cash Accounts receivable Trial Balance DR CR 2,225,050 1,890,000 Allowance for bad debt Merchandise Inventory Store Supplies 109,545 1,380,500 355,000 Prepaid Insurance 371,700 Prepaid rent 668,500 Furniture and fixtures 1,000,000 Accumulated depreciation-Furniture and Fixtures 99,000 Motor Truck 1,200,000 Accumulated depreciation-Motor Truck Accounts payable 68,545 Salary payable Interest payable 143,500 Uneamed Sales revenue 995,827 Long-term loan Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense 2,950,000 4,800,000 145,500 4,901,900 150,500 140,400 2,055,000 1,008,000 Insurance Expense 371,700 445,000 764,000 Utilities Expense Rent Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense-Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck Bad-Debt Expense Interest Expense 102,533 14,170,850 14,170,850
Transcribed Image Text:Agricultural Farms Products Co. Ltd - Pork Branch Trial Balance as at June 30, 2022 A/C Name Cash Accounts receivable Trial Balance DR CR 2,225,050 1,890,000 Allowance for bad debt Merchandise Inventory Store Supplies 109,545 1,380,500 355,000 Prepaid Insurance 371,700 Prepaid rent 668,500 Furniture and fixtures 1,000,000 Accumulated depreciation-Furniture and Fixtures 99,000 Motor Truck 1,200,000 Accumulated depreciation-Motor Truck Accounts payable 68,545 Salary payable Interest payable 143,500 Uneamed Sales revenue 995,827 Long-term loan Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense 2,950,000 4,800,000 145,500 4,901,900 150,500 140,400 2,055,000 1,008,000 Insurance Expense 371,700 445,000 764,000 Utilities Expense Rent Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense-Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck Bad-Debt Expense Interest Expense 102,533 14,170,850 14,170,850
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