The Ending trial balance is not correct, can you help me with it. Thank you
Packing Inc.’s transactions during January 2019:
Jan. 1 - Issued 7,500 shares of no-par common stock for $12 per share.
Jan. 1 - Purchased a deliver van (used) for $8,000. Monthly depreciation for the van is $100.
Jan. 6 - Purchased office supplies on account for $16,000.
Jan. 10 - Performed repairs and maintenance on their computer equipment costing $3,500.
Jan. 12 - Purchased inventory for $75,000.
Jan. 15 - Declared and paid $10,500 in dividends to its shareholders.
Jan. 18 - Paid $35,000 to its suppliers for inventory purchased on credit in December 2018
Jan. 20 - Paid $16,000 for the supplies purchased on January 6.
Jan. 25 - Provided services for which a customer had paid $7,500 in December of 2018 (hint: see the deferred revenue account in the January 1, 2019 trial balance).
Jan. 31 - Paid its employees $25,000 for work performed from December 26 – January 25. $1,200 was for work performed in December 2018, and 23,800 was for work performed from January 1 – January 25, 2019.
During January Packing Inc. collected $145,000 in accounts receivable from customers (make one summary entry for the entire month).
During January Packing Inc. made credit sales for $205,000. The cost of the goods sold was $102,500 (make one summary entry for the entire month)
Other information:
At the end of January, Packing Inc. had $4,000 of office supplies on hand.
Monthly depreciation for the Furniture & Fixtures is $1500, and monthly depreciation for the computer equipment is $850.
The note payable for $15,000 is a 5-year note that matures on December 31, 2022. The interest on the note is 6% and is payable annually on each December 31st. Packing Inc. made their regularly scheduled interest payment of $900 on December 31, 2018.
During the period January 26 – January 31 employees earned an additional $4,500 which will be included in their February paycheck.
Cash | 90000 | ||||||
Common Stock | 90000 | ||||||
van | 8000 | ||||||
cash | 8000 | ||||||
office supplies | 16000 | ||||||
Account Payable |
16000 | ||||||
maintenance expenses | 3,500 | ||||||
Cash | 3,500 | ||||||
Inventory | 75000 | ||||||
cash | 75000 | ||||||
Dividends | 10,500 | ||||||
cash | 10,500 | ||||||
Account Payable | 35000 | ||||||
cash | 35000 | ||||||
Account Payable | 16000 | ||||||
cash | 16000 | ||||||
Deferred Revenue | 7500 | ||||||
Service Revenue |
7500 | ||||||
Salaries and wages payable | 1200 | ||||||
Salaries and wages expenses |
23800 | ||||||
cash | 25000 | ||||||
cash | 145000 | ||||||
Account receivable |
145000 | ||||||
Account receivable | 205000 | ||||||
sales revenue | 205000 | ||||||
cost of goods sold | 102500 | ||||||
Inventory | 102500 |
cash | 145,200 | ||
Accounts Receivable | 165,000 | ||
Inventory | 58,200.00 | ||
Office Supplies | 6,000 | ||
Van | 8,000.00 | ||
Furniture & Fixtures | 40,000.00 | ||
Computer Equipment | 27,500.00 | ||
Accum. Dep. - F & F | 2,000.00 | ||
Accum. Dep. - Comp. Eqp | 1,500.00 | ||
Accounts Payable | 14,000.00 | ||
Salaries Payable | 0.00 | ||
Notes Payable | 15,000.00 | ||
Deferred Revenue | 0.00 | ||
Common Stock | 187,000.00 | ||
Dividends | 10,500.00 | ||
Retained Earnings | 168,200.00 | ||
Service Revenue | 7,500.00 | ||
Sales Revenue | 205,000.00 | ||
COGS | 102,500.00 | ||
Maintenance Expense | 3,500.00 | ||
Salary and Wage Expense | 23,800 | ||
Total | 590,200.00 | 600,200.00 |
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