D2L dropboX. rou must Handwrite (not typeteassigmen Francis Company, Inc. Decemb

Question

D2L dropboX. rou must Handwrite (not typeteassigmen 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 1,500 84,000 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 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 98,300 40,000 200,000 15,500 0 6,500 36,00 767,000

Explanation / Answer

Adjustment entries

1-(i)

date

explanation

debit

credit

31-Dec

accounts receivables

16500

sales

16500

(ii)

31-Dec

cost of goods sold

5500

inventory

5500

2-

31-Dec

short term notes receivable

2520

84000*12%*3/12

interest revenue

2520

3-

31-Dec

allowance for doubtful accounts

1600

accounts receivables

1600

4-

31-Dec

bad debts

2100

100 debit balance in allowance for doubtful debts+ current year amunt of uncollectibles = 100+2000 =2100

allowance for doubtful accounts

2100

5-

31-Dec

depreciation expense

3000

accumulated depreciation

3000

6-

31-Dec

accumulated depreciation-equipment

27000

loss on retirement of equipment

7000

34000-24000-3000 =7000

equipment

34000

Adjustment entries

1-(i)

date

explanation

debit

credit

31-Dec

accounts receivables

16500

sales

16500

(ii)

31-Dec

cost of goods sold

5500

inventory

5500

2-

31-Dec

short term notes receivable

2520

84000*12%*3/12

interest revenue

2520

3-

31-Dec

allowance for doubtful accounts

1600

accounts receivables

1600

4-

31-Dec

bad debts

2100

100 debit balance in allowance for doubtful debts+ current year amunt of uncollectibles = 100+2000 =2100

allowance for doubtful accounts

2100

5-

31-Dec

depreciation expense

3000

accumulated depreciation

3000

6-

31-Dec

accumulated depreciation-equipment

27000

loss on retirement of equipment

7000

34000-24000-3000 =7000

equipment

34000

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