Problem 2-4 (Algo) Accounting cycle; adjusting entries through post-closing trial balance [LO2-4, 2-6, 2-7, 2-8]
[The following information applies to the questions displayed below.]
Pastina Company sells various types of pasta to grocery chains as
private label brands. The company's reporting year-end is December
31. The unadjusted trial balance as of December 31, 2021, appears
below.
Account Title | Debits | Credits | ||
Cash | 32,000 | |||
Accounts receivable | 40,600 | |||
Supplies | 1,800 | |||
Inventory | 60,600 | |||
Notes receivable | 20,600 | |||
Interest receivable | 0 | |||
Prepaid rent | 1,200 | |||
Prepaid insurance | 6,600 | |||
Office equipment | 82,400 | |||
Accumulated depreciation | 30,900 | |||
Accounts payable | 31,600 | |||
Salaries payable | 0 | |||
Notes payable | 50,600 | |||
Interest payable | 0 | |||
Deferred sales revenue | 2,300 | |||
Common stock | 64,200 | |||
Retained earnings | 30,000 | |||
Dividends | 4,600 | |||
Sales revenue | 149,000 | |||
Interest revenue | 0 | |||
Cost of goods sold | 73,000 | |||
Salaries expense | 19,200 | |||
Rent expense | 11,300 | |||
Depreciation expense | 0 | |||
Interest expense | 0 | |||
Supplies expense | 1,400 | |||
Insurance expense | 0 | |||
Advertising expense | 3,300 | |||
Totals | 358,600 | 358,600 | ||
Information necessary to prepare the year-end adjusting entries appears below.
rev: 09_14_2019_QC_CS-180268, 10_11_2019_QC_CS-184133
Problem 2-4 (Algo) Parts 1 and 2
Required:
1. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)
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