Question

Prepare an adjusted trial balance. Please, correct the boxes in red that are marked incorrect.

Comprehensive Problem 5 (Part Level Submission) On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Accumulated Cash $7,500 Depreciation $2,640 -Equipment Accounts Accounts 4,600 4,900 Receivable Payable Salaries and Inventory 12,400 Wages 1,000 Payable Common Supplies 1,400 30,000 Stock Retained Equipment 26,400 13,760 Earnings $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Maglio Co. $8,900, terms 2/10, n/30. 15 Purchased supplies for cash $1,800. 18 Sold merchandise on account $12,600, terms 3/10, n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries and wages $1,500. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18.

Answer 1

Adjusted Trial Balance
December 31,2017
	Debit	Credit
Cash	14600
Inventory	8722
Accounts Receivable	2700
Equipment	26400
Cost of goods sold	12400
Salaries and Wages expense	3000
Salaries and Wages payable		700
Depreciation expense	240
Accumulated Depreciation-Equipment		2880
Supplies	1700
Supplies expense	1500
Sales discount	378
Sales revenue		19400
Accounts Payable		4900
Common stock		30000
Retained Earnings		13760
Totals	71640	71640