FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year - end reporting date. Account Title Debits
Credits Cash $ 57,510 Accounts receivable 27,500 Prepaid rent 4, 000 Inventory 42, 500 Equipment 90, 000 Accumulated depreciation $ 27,000 Accounts payable 30, 000 Salaries
payable 0 Common stock 100, 000 Retained earnings 25,000 Sales revenue 433,000 Cost of goods sold 259, 800 Salaries expense 86,600 Rent expense 24,000 Depreciation expense 0
Utilities expense 17, 320 Advertising expense 5, 770 Totals $ 615, 000 $ 615,000 The following year - end adjusting entries are required: Depreciation expense for the year on the
equipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet.
WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024
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