The following trial balance was taken from the books of Snap Chat Corporation on December 31,...
The following trial balance was taken from the books of Snap Chat Corporation on December 31, 2019.
Account Debit Credit
Cash $ 9,000
Accounts Receivable 40,000
Notes Receivable 10,000
Allowance for Doubtful Accounts $ 1,800
Inventory 34,000
Prepaid Insurance 4,800
Equipment 100,000
Accumulated Depreciation--Equip. 15,000
Accounts Payable 10,800
Common Stock 44,000
Retained Earnings 55,000
Sales Revenue 260,000
Cost of Goods Sold 126,000
Salaries and Wages Expense 50,000
Rent Expense 12,800
Totals $386,600 $386,600
At year end, the following items have not yet been recorded.
a. Insurance expired during the year, $2,000.
b. Inventory count revealed that inventory on Hand is $22,000
c. Depreciation on equipment, $10,000 for the year
d. Interest at 6% is receivable on the note receivable for one full year.
e. Rent paid in advance at December 31, $5,400 (originally charged to expense).
f. Accrued salaries and wages at December 31, $5,800.
1. Prepare the necessary adjusting journal entries.
2. Prepare an adjusted trial balance.
Homework Answers
Adjusting entries
| No | General Journal | Debit | Credit |
| a | Insurance expense | 2000 | |
| Prepaid insurance | 2000 | ||
| b | Cost of goods sold (34000-22000) | 12000 | |
| Inventory | 12000 | ||
| c | Depreciation expense | 10000 | |
| Accumulated dep-equipment | 10000 | ||
| d | Interest receivable (10000*6%) | 600 | |
| Interest revenue | 600 | ||
| e | Prepaid rent | 5400 | |
| Rent expense | 5400 | ||
| f | Salaries and wages expense | 5800 | |
| Salaries and wages payable | 5800 | ||
Adjusted Trial balance
| Debit | Credit | |
| Cash | 9000 | |
| Account receivable | 40000 | |
| Notes receivable | 10000 | |
| Interest receivable | 600 | |
| Allowance for doubtful accounts | 1800 | |
| Inventory | 22000 | |
| Prepaid rent | 5400 | |
| Prepaid insurance | 4800 | |
| Equipment | 100000 | |
| Accumulated depreciation-equipment | 25000 | |
| Account payable | 10800 | |
| Salaries and wages payable | 5800 | |
| Common Stock | 44000 | |
| Retained earnings | 55000 | |
| Sales revenue | 260000 | |
| Interest revenue | 600 | |
| Cost of goods sold | 138000 | |
| Salaries and wages expense | 55800 | |
| Rent expense | 7400 | |
| Depreciation expense | 10000 | |
| Total | 403000 | 403000 |
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