DontySet Dec 31,Balance Complete the worksheet for the preparation of accrual ba

Question

DontySet Dec 31,Balance Complete the worksheet for the preparation of accrual basis financial statements. Formal statements and journal entries are not required. Trial balance Balance sheet-12/31/XX Cash Accounts receivable 15,000 Merchandise inventory31,000 Unexpired insurance Land Buildings Accumulated depreciation Equipment Accumulated Depreciation Accounts payable DAb ooo Advances from customers Salaries payable Capital stock $60,000 27,000 1,200 20,000 30,000 800 20,000 8,000 12,000 3,000 44,400 1,100 2,700 110,000 169,200 169,200 33,400 end ng 1,500 5,200 110,000

Explanation / Answer

Adjusted Trial Balance :

Balance Sheet on accrual basis :

Accounts Titles Debit $ Credit $ Adjustments Cash 35900 60000-11000-13500+=35900 AR 27000 15000+12000=27000 Unexpired Insur 800 1200-400=800 Sales 12000 12000 Inventory 44500 31000+13500=44500 Insur. Expen 400 400 Land 20000 Building 30000 AccDep-Building 8000 Equipment 12000 AccDep-Equipment 3000 AP 33400 44400-11000=33400 Adv. from Customer 1500 1100+400=1500 Salary payable 5200 2700+2500=5200 Salary Expense 2500 2500 CS 110000 Total 173100 17310

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