Problem 3-10 Presented below is the December 31 trial balance of Pearl Boutique.

Question

Problem 3-10 Presented below is the December 31 trial balance of Pearl Boutique. PEARL BOUTIQUE TRIAL BALANCE DECEMBER 31 Debit Credit $24,100 41,700 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory, December 31 Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense (sales) Advertising Expense Salaries and Wages Expense (administrative) Supplies Expense $656 80,440 5,920 91,000 37,800 25,360 75,265 9,440 657,909 422,700 64,800 7,350 63,560 4,860 $806,430 $806,430

Explanation / Answer

Journal Entries :

T-Accounts :

Closing Entries :

Date Accounts Titles and explanation Debit $ Credit $ 1 Bad Debt 661 Allowance for Doubtful Accounts 661 (1317 - Credit balance of Allowance 656) 2 Dep. 13000 Acc Dep - Eq. 13000 (91000/7) 3 Insurance Exp. 2632 Prepaid Insurance 2632 4 Interest Expense 3676 Interest payable 3676 (accrued interest) 5 Sales salary & wages expenses 2532 Salary & wages payable 2532 6 Prepaid Exp. (advertising) 656 Cash 656 7 Supplies 1600 Supplies Expense 1600

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