Francis Company, Inc. December 31, 2017 Unadjusted Trial balance 45,000 23,000 C

Question

Francis Company, Inc. December 31, 2017 Unadjusted Trial balance 45,000 23,000 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Interest Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Delivery Expense Depreciation Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total 1,500 84,000 0 5,000 40,000 12,000 16,000 75,000 | 42,000 14,000 18,000 7,000 65,000 106,000 2,500 3,000 511,000 2,300 1,900 45,500 2,000 16,000 98,300 40,000 200,000 15,500 0 0 6,500 36,000 767,000 767,000 ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L

Explanation / Answer

Francis Company Inc. Adjusting journal entries for the year ended December 31, 2017 Ref Account Title Debit Credit 1 Accounts Receivable 16500 Sales 16500 Cost of goods sold 5500 Inventory 5500 (Sale of goods on account on Dec.31) 2 Interest Receivable 2520 Interest Revenue 2520 (Interest accrued on the short term note receivable for three months) 3 Allownce for doubtful accounts 1600 Accounts Receivable 1600 (Uncollectibale accounts written off) 4 Bad Debt expense 2100 Allownce for doubtful accounts 2100 (Bad debt expense provided) 5 Depreciation Expense 3000 Accumulaed deprciation 3000 (Additional depreciation provided on the equipment retired) 6 Accumulaed deprciation 27000 Loss on disposal 8000 Equipemnt 35000 (Retirement of equipment) Accounts Receivable Sales Ref Debit Credit Ref Ref Debit Credit Ref Beg.Bal. 23000 1600 3 511000 Beg.Bal. 1 16500 16500 1 End Bal. 37900 527500 End Bal. Cost of goods sold Inventory Ref Debit Credit Ref Ref Debit Credit Ref Beg.Bal. 45500 Beg.Bal. 12000 5500 1 1 5500 End Bal. 51000 End Bal. 6500 Interest Receivable Interest Revenue Ref Debit Credit Ref Ref Debit Credit Ref Beg.Bal. 0 0 Beg.Bal. 2 2520 2520 2 End Bal. 2520 End Bal. Allowance for doubtful accounts Bad debt expense Ref Debit Credit Ref Ref Debit Credit Ref 3 1600 1500 Beg.Bal. Beg.Bal. 0 2100 4 4 2100 2000 End.bal. End.Bal. 2100 Depreciation expense Accumulaed depreciation Ref Debit Credit Ref Ref Debit Credit Ref Beg.Bal. 16000 6 27000 42000 Beg.Bal. 5 3000 3000 5 End.Bal. 19000 18000 End.Bal. Equipment Loss on disposal Ref Debit Credit Ref Ref Debit Credit Ref Beg.Bal. 75000 35000 6 Beg.Bal. 0 6 8000 End.Bal. 40000 End.Bal. 8000 Francis Company Inc. Adjusted Trial Balance December 31, 2017 Cash 45000 Accounts Receivable 37900 Allowance for doubtful accounts 2000 Short-term note receivable 84000 Interest Receivable 2520 Supplies 5000 Prepaid insurance 40000 Inventory 6500 Vehicle 16000 Equipment 40000 Accumulated Depreciation 18000 Accounts Payable 14000 Unearned Revenue 18000 Wages Payable 7000 Long-term Note Payable 65000 Common Stock 106000 Retained Earnings 2500 Dividends 3000 Sales 527500 Sales Returns and Allowances 2300 Sales Discounts 1900 Cost of goods sold 51000 Delivery Expenses 2000 Depreciation Expenses 19000 Bad Debt Expese 2100 Rent Expense 98300 Insurance Expense 40000 Wages Expense 200000 Supplies Expense 15500 Interest Revenue 2520 Loss on Disposal 8000 Interest Expense 6500 Incometax Expense 36000 Total 762520 762520

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