Question
Trail balance one including adjustments and one without

ra 1. March 1: Stockholders invest $789,789 into the company in exchange f y in exchange for Billy common stock March 1: Billy Bob paid in advance for a 6-month paid $8,274 cash for the policy 2. insurance policy, which will begin today. He 3. March 1: Billy Bob purchased some land and a building for a total of $1.197,183 using $477.185 Based on the total purchase price of cash and then borrowing the rest from the bank. the land was $276,543 and the building was the remainder. The loan from the bank will be paid off over the next 16 years (1/16 of the principal will be paid off at the end of each year). The carries an interest rate of 9.22%. Interest accrued will be paid off at the end of every year. building has an expected life of 40 years and will be depreciated using the straight-line method. loan The March 2: Billy Bob purchased 15 bikes from Bikers Bargains. Each bike cost $2.960 and the credit terms are 4/15, n/30. (Note: Bikes are considered Inventory) 4. 5. March 2: Billy Bob paid FedEx $1,849 cash to ship the bikes he bought from Bikers Bargains. 6. March 4: Billy Bob purchased $2,751 worth of supplies from Olivers Office Supplies paying cash. 7. March 5: Billy Bob sold 9 bikes to Carls Cars for $8,750 each with credit terms of 2/10, n/30. The 8. March 5: Carls Cars paid DHL $1,107 cash to ship the bikes he just bought. 9. total cost of the bikes was figured out to be $27,747. March 7: Billy Bob hires Biker Betty for promotional purposes. He estimates her salary to be $10/hour. She will probably work 10 hours this month. 10. March 10: Billy Bob paid off the balance due from Bikers Bargains. 11. March 11: Carls Cars paid his balance off for the bikes he purchased. 12. March 12: Billy Bobs pay period ends and he now owes his employees $4,444 in salaries. These salaries will be paid on March 17h 13. March 14: Billy Bob purchased 17 more bikes from Bikers Bargains. Each bike cost $3.050 and 14. March 14: Billy Bob paid UPS $2,091 cash to ship the bikes he bought from Bikers Bargains. 15. the credit terms are 4/10 EOM, n/50. March 15: Billy Bob sold 12 bikes to Robbie Knievel for $9,150 each with credit terms of 3/10, n/30. The cost of the bikes was determined to be $37,536. 16. March 15: Billy Bob paid FedEx $1,489 to ship the bikes to Robbie Knievel.
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Answer #1

Trial balance without adjustments

Billy Bob's Bikes
Trial Balance worksheet for the month of March
Account Transactions Unadjusted
Debit Credit Debit Credit
Cash 960039 647186 312853
Accounts Receivable 234105 188550 45555
Inventory 124272 87133 37139
Supplies 2751 2751
Prepaid Insurance 8274 8274
Land 276543 276543
Building 920640 920640
Acc. Depr - Building
Equipment 348304 348304
Acc. Depr. - Equipment
Accounts Payable 96250 113248 16998
Salaries payable 4444 4444 0
Interest payable
Income Tax Payable
Long Term Loan 1020000 1020000
Common Stock 789789 789789
Dividends 6666 6666
Sales 234105 234105
Sales returns and allowances 18300 18300
Cost of goods sold 81033 6346 74687
Freight out 1489 1489
Salaries Expense 4444 4444
Utilities Expense 3247 3247
Supplies Expense
Insurance Expense
Interest Expense
Depreciation Expense
Income Tax Expense
Total 3090801 3090801 2060892 2060892
Income Summary 0
Grand Total 3090801 3090801 2060892 2060892

Trial balance with adjustments

Billy Bob's Bikes
Trial Balance worksheet for the month of March
Account Adjusted
Debit Credit
Cash 312853
Accounts Receivable 45555
Inventory 37139
Supplies 351
Prepaid Insurance 6895
Land 276543
Building 920640
Acc. Depr - Building 1918
Equipment 348304
Acc. Depr. - Equipment 4444
Accounts Payable 16998
Salaries payable 1577
Interest payable 6617
Income Tax Payable 36353
Long Term Loan 1020000
Common Stock 789789
Dividends 6666
Sales 234105
Sales returns and allowances 18300
Cost of goods sold 74687
Freight out 1489
Salaries Expense 6021
Utilities Expense 3247
Supplies Expense 2400
Insurance Expense 1379
Interest Expense 6617
Depreciation Expense 6362
Income Tax Expense 36353
Total 2111801 2111801
Income Summary 0
Grand Total 2111801 2111801
Depreciation Expense
Building:
   Cost 920640
   Estimated Life - years 40
   Annual Depreciation 23016
   Depreciation per month 1918
Equipment
   Cost 348304
   Salvage Value 55000
   Depreciable Value 293304
   Estimated Life - years 5.5
   Annual Depreciation 53328
   Depreciation per month 4444
Total Depreciation per month 6362
Interest Expense:
First Loan
   Amount of loan 720000
   Rate of interest 9.22%
   Annual interest 66384
   monthly interest 5532
Second Loan
   Amount of loan 300000
   Rate of interest 8.68%
   Annual interest 26040
   monthly interest 2170
   Interest for march 1085
Total interest 6617
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