3. The accompanying trial halance and addisional dat KIM COMPANY TRIAL BALANCE D

Question

3. The accompanying trial halance and addisional dat KIM COMPANY TRIAL BALANCE DECEMBER 31,2014 Cash Accounts receivable- Notes receivab Interest receivabl 6,100 Prepaid insura Furniture and Fixtures Accumulated depreciation Accounts payable Uncarned sales Wages payable Interest payabl Note payable, long term Share Capital Dividends Sales r Sales discounts 1,500 2650 28,700 2400 45,500 2.500 12.100 54100 3,900 1,400172,500 2000 -Sales return and allowanc Interest r 1,100 Cost of goods sold 94,500 3,500 10,400 Wage expense Rent expe Depreciation exp Insurance expen Supplies expe 1,600 5267.900 5267,000 Interest exp Total Additional data at December 31, 2014 a. Inventory on hand $41,200 b. Supplies on hand,$750 c. Prepaid insurance expired during the year,S1,200 d. Depreciation expense for Furniture and Fixtures $800. e. Unearned sales revenue earned during the eyar,$1,600 f Accrued wage expense, 5600 g. Accrued interest expense,$300 h. Interest revenue earned but not yet collected $500 Required: Complete the work sheet on the next page by entering the adjustments and prepare the adjusted trial balance. ge

Explanation / Answer

Solution:

Kim Company Trial Balance 31-Dec-14 Account Balances Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash $6,850.00 $6,850.00 Accounts Receivables $6,100.00 $6,100.00 Notes Receivables $6,500.00 $6,500.00 Interest receivables $500.00 $500.00 Inventory $41,500.00 $300.00 $41,200.00 Supplies $2,650.00 $1,900.00 $750.00 Prepaid Insurance $2,200.00 $1,200.00 $1,000.00 Furniture and fixtures $28,700.00 $28,700.00 Accumulated depreciation $2,400.00 $800.00 $3,200.00 Accounts payable $45,500.00 $45,500.00 Unearned sales revenue $2,500.00 $1,600.00 $900.00 Wages Payable $600.00 $600.00 Interest payable $300.00 $300.00 Note Payable, long term $12,100.00 $12,100.00 Share capital $30,900.00 $30,900.00 Dividends $54,100.00 $54,100.00 Sales Revenue $172,500.00 $1,600.00 $174,100.00 Sales Discounts $1,400.00 $1,400.00 Sales return and allowance $2,000.00 $2,000.00 Interest revenue $1,100.00 $500.00 $1,600.00 Cost of goods sold $94,500.00 $300.00 $94,800.00 Wage Expense $8,500.00 $600.00 $9,100.00 Rent Expense $10,400.00 $10,400.00 Depreciation expense $800.00 $800.00 Insurance expense $1,200.00 $1,200.00 Supplies expense $1,900.00 $1,900.00 Interest Expense $1,600.00 $300.00 $1,900.00 Total $267,000.00 $267,000.00 $7,200.00 $7,200.00 $269,200.00 $269,200.00

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