Question

Required Information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021. appears below. Credits Debits 35,500 43,90 3.ee 63,000 23.000 2. See 9,690 92,000 34,5ee 34,99 53,690 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 3, See 81,899 36,000 7,000 161,000 85.eae 20,400 12,500 2,600 4.500 403,000 403.wae Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11.500. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021. were $1,550. 3. On October 1, 2021. Pastina borrowed $53.000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1.2021, the company lent a supplier $23.000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022 5. On April 1, 2021, the company paid an insurance company $9.000 for a one-year fire insurance policy. The entire $9.000 was debited to prepaid insurance. 6. $920 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $3.500 in December for 1,500 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021. $2.500 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1.250 per month. The entire amount was debited to prepaid rent. 8. Prepare a post-closing trial balance. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar.)

Answer 1

A F G H I 2 3 Account Titles 5 Cash 6 Accounts Receivable 7 Supplies 8 Inventory 9 Notes Receivable 10 Interest Receivable 11 Prepaid Rent 12 Prepaid Insurance 13 Office Equipment 14 Accumulated Depreciation 15 Accounts Payable 16 Salaries Payable 17 Notes Payable 18 Interest Payable 19 Deferred sales revenue 20 Common Stock 21 Retained Earnings 22 Dividends 23 Sales Revenue 24 Interest Revenue 25 Cost of goods sold 26 Salaries Expense 27 Rent Expense 28 Depreciation Expense 29 Interest Expense 30 Supplies Expense 31 Insurance Expense 32 Advertising Expense C D E PASTINA COMPANY December 31, 2021 Unadjusted T/B Adjustments Debit ($) Credit ($) Debit ($) Credit ($) $ 35,500 $ 43,000 $ 3,000 $ 2,080 $ 63,000 $ 23,000 $ $ 1,533 $ 2,500 $ 1.250 $ 9,000 $ 6,750 $ 92,000 $ 34,500 $ 11,500 $ 34,000 $ 1,550 $ 53,000 $ . $ 1,590 $ 3,500 $ 81,000 $ 36,000 $ 7,000 $ 161,000 1,533 $ 85,000 $ 20,400 $ 1,550 $ 12,500 $ 1.250 $ 11,500 $ 1,590 $ 2,600 $ 2,080 $ 6,750 $ 4,500 Adjusted T/B Post Closing T/B Debit ($) Credit ($) Debit ($) Credit ($) $ 35,500 $ 35,500 $ 43,000 | $ 43,000 $ 920 $ 920 $ 63,000 $ 63,000 $ 23,000 $ 23,000 $ 1,533 $ 1,533 $ 1.250 $ 1,250 $ 2.250 $ 2,250 $ 92,000 $ 92,000 $ 46,000 | $ 46,000 $ 34,000 $ 34,000 $ 1,550 $ 1,550 $ 53,000 $ 53,000 $ 1,590 $ 1,590 $ 3,500 $ 3,500 | $ 81,000 $ 81,000 $ 36,000 $ 41,813 =G21+SUM(G23:G24)-SUM(F22:F32) $ 7,000 $ 161,000 $ 1.533 $ 85,000 $ 21,950 $ 13,750 $ 11,500 $ 1,590 $ 4,680 $ 6,750 $ 4,500 33 34 Total $ 403,000 $ 403,000 $ 26,253 $ 26,253 | $ 419,173 $ 419,173 $ 262,453 $ 262,453

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