PEYTON Approved Trial balance. Please prepare financial statement, complete clos
ID: 2518994 • Letter: P
Question
PEYTON Approved Trial balance. Please prepare financial statement, complete closing entries, prepare post closing entries, prepare post closing trial balance, prepare the reverse entries. information for inventory calculation:
acc depreciation
Account Unadjusted trial balance (debit unadjusted trial balance( credit adjusting entries(debit) Adjusting entries(credit Adjusted trial balance(debit adjusted trial balance (credit) Cash 32,236.75 32,236.75 Baking supplies 18,500 17,400 1100 Merchandise inventory(fifo 175.65 175.65 Prepaid rent 1500 1500 Prepaid insurance 2000 2000 Baking equipment 6000 6000acc depreciation
208.33 208.33 office supplies 600 550 50 Accounts recevaible 7700 7700 notes payable 10,000 10,000 interest payable 150 150 accounts payable 5000 5000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense 17,400 17,400 rent expense 4500 4500 interest expense 150 150 insurance exp 2400 2000 400 depreciation exp 208.33 208.33 misc. expense 250 250 misc supplies expense office supplies expense 550 550 business license exp 375 375 advertising exp 200 200 wage exp 1956 1956 telephone exp 150 150 COGS fifo 157.60 157.60 total 86,701 86,701 20,308.33 20,308.33 87,059.33 87,059.33Explanation / Answer
Liabilities Assets Accumulated Depreciation 208.33 Cash 32236.75 Notes Payable 5000 Baking Supplies 1100 Wages payable 480 Merchandise 175.65 Common Stock 16000 Prepaid Rent 1500 Dividends 10000 Prepaid Insurance 2000 Interest Payable 150 Baking Equipment 6000 Profits 18924 Office Supplies 50 Accounts Receivables 7700 50762.4 50762.4 Statement of Comprehensive Income Expenses Income Dividends 10000 Sales 55000 Baking Supplies 17400 Merchandise Sales 221 Rent 4500 Interest 150 insurance 400 Depreciation 208.33 Misc Exp 250 Office Supplies 550 Business License 375 Advertising 200 Wages 1956 Telephone 150 COGS FIFO 157.6 Profit on Sale 18924 55221 55221
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