Question

Here is a trial Balance for a merchandising company, Juarez Pet Supplies Jaures Pet Supply Trial Balance As of 12.31 2019 DIR CR Cash 10,000.00 3.000.00 AR Inventory 11.2019 2,000.00 AP 2.650.00 Unearned Revenue 250.00 5,000.00 Joseph Juarez Capital 1.1.2019 Joseph Juarer Withdrawals Sales 500.00 25,000.00 Sales Returns and Allowances 1.000.00 Sales Discounts CGS 500.00 9,600.00 3,500.00 Payroll Expense Payroll Taxes 500.00 300.00 Rent Expense Freight Out Insurance Expense 200.00 1.800.00 Total 32.900.00 32,900.00

Answer 1

Adjustment	Date	Account Titles	Debit	Credit
			$	$
1.	12.31.2019	Inventory ( Ending )	2,500
		Cost of Goods Sold		500
		Inventory ( Beginning)		2,000
2.	12.31.2019	Unearned Revenue	100
		Sales		100

3.

Juarez Pet Supply Adjusted Trial Balance 12.31.2019
Account Titles	Debit	Credit
	$	$
Cash	10,000
AR	3,000
Inventory( 12.31.2019)	2,500
AP		2,650
Unearned Revenue		150
Joseph Juarez Capital		5,000
Joseph Juarez Withdrawals	500
Sales		25,100
Sales Returns and Allowances	1,000
Sales Discounts	500
CGS	9,100
Payroll Expense	3,500
Payroll Taxes	500
Rent Expense	300
Freight Out	200
Insurance Expense	1,800
Totals	$ 32,900	$ 32,900

4.

Juarez Pet Supply Income Statement For the year ended December 31, 2019
Sales	25,100
Sales Returns and Allowances	(1,000)
Sales Discounts	(500)
Net Sales		23,600
Cost of Goods Sold		9,100
Gross Profit		14,500
Operating Expenses
Payroll Expense	3,500
Payroll Taxes	500
Rent Expense	300
Freight Out	200
Insurance Expense	1,800
Total Operating Expenses		6,300
Net Income		$ 8,200

5.

Juarez Pet Supply Balance Sheet December 31, 2019
Assets
Current Assets
Cash	10,000
Accounts Receivable	3,000
Inventory	2,500
Total Current Assets		15,500
Total Assets		$ 15,500
Liabilities
Current Liabilities
Accounts Payable	2,650
Unearned Revenue	150
Total Liabilities		2,800
Owner's Equity
Joseph Juarez, Capital	5,000
Net Income	8,200
Joseph, Juarez, Withdrawals	(500)
Total Owner's Equity		12,700
Total Liabilities and Owner's Equity		$ 15,500