The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020,...

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The unadjusted trial balance of Kingbird, Inc., a private company following ASPE, at December 31, 2020, is as follows: Credit Additional information: 1. 2. 3. 4. 5. Actual rent costs amounted to $1,350 per month. The company has already paid for rent

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Answer 1

Answer #1

	Account titles	Debit	Credit
1	Prepaid Rent	$ 4,050		=1350*3
	Rent Expense		$ 4,050

2	Depreication Expense - Building	$ 5,945		=(150100-31200)/20
	Accumulated Depreciation - Building		$ 5,945

3	Insurance Expense	$ 2,231		=2676/129+2016/364
	Prepaid Insurance		$ 2,231

4	Rent Revenue	$ 3,725		=7450/2
	Unearned Rent Revenue		$ 3,725

5	Allowance for Doubtful accounts	$ 2,600
	Accounts Receivable		$ 2,600

5	Bad Debt Expense	$ 5,060		=(109600-2600)*4%+3380-2600
	Allowance for Doubtful accounts		$ 5,060

6	Receivable from Employees	$ 550
	Salaries and Wages Expense		$ 550

7	Interest Expense	$ 2,100		=1800007%2/12
	Interest Payable		$ 2,100

8	Depreication Expense - Equipment	$ 2,700		=32400/12
	Accumulated Depreciation - Equipment		$ 2,700

9	Interest Receivable	$ 1,600		=480008%5/12
	Interest Revenue		$ 1,600

10	Cost of Goods Sold	$ 68,260
	Inventory	$ 89,400
	Purchase discount	$ 940
	Purchases		$ 97,300
	Inventory		$ 61,300

Entry 1 for Transaction 5 can also be ignored i.e. for write off

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Answer 2

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