Cash 2,850 Accounts receivable 4,600 Note receivable-current 8,000 Inventory 40,500 Supplies 650 Prepaid insurance 1,200 Furniture 33,200 Accumulated depreciation-furniture 2,400 Accounts payable 7,000 Unearned rent income 2,000 Note payable, long-term 12,600 Nezuko, Capital 66,500 Nezuko, Drawing 54,100 Sales 168,000 Sales discounts 1,400 Sales returns and allowance 2,000 Cost of Sales 90,500 Rent expense 8,400 Wages expense 9,800 Interest expense 1,300 Data for adjustments: Supplies on hand, 100 Insurance premium expired during the year, 1,000 Depreciation expense. The furniture's estimated useful life is 8 years, and it is expected to have no value when it is retired from service. Unearned rent income earned during the year, 1,300. Unpaid wages at the end of the year, 1,200. Interest expense not yet recorded at the end of the year, 800. Ending inventory base on physical count is 40,200.1) General journal (recording of adjusting entries and closing entries) 2) Financial Statements (Income Statement & Balance Sheet)3) Post-closing Trial Balance

given is a trial balance from which final accounts is to be prepared.

Answered: Cash 2,850 Accounts receivable 4,600…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Related questions

Question

100%

Cash 2,850

Accounts receivable 4,600

Note receivable-current 8,000

Inventory 40,500

Supplies 650

Prepaid insurance 1,200

Furniture 33,200

Accumulated depreciation-furniture 2,400

Accounts payable 7,000

Unearned rent income 2,000

Note payable, long-term 12,600

Nezuko, Capital 66,500

Nezuko, Drawing 54,100

Sales 168,000

Sales discounts 1,400

Sales returns and allowance 2,000

Cost of Sales 90,500

Rent expense 8,400

Wages expense 9,800

Interest expense 1,300

Data for adjustments:

Supplies on hand, 100
Insurance premium expired during the year, 1,000
Depreciation expense. The furniture's estimated useful life is 8 years, and it is expected to have no value when it is retired from service.
Unearned rent income earned during the year, 1,300.
Unpaid wages at the end of the year, 1,200.
Interest expense not yet recorded at the end of the year, 800.
Ending inventory base on physical count is 40,200.

1) General journal (recording of adjusting entries and closing entries)

2) Financial Statements (Income Statement & Balance Sheet)

3) Post-closing Trial Balance

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