Answered Essay: Journalize the adjusting entries and prepare an 10 column adjusted trial balance (Unadjusted Trial Balance- Adjustments- Adjustmed Trail

PAW PAW RETAIL Unadjusted Trial Balance December 31, 2016 Account O 101 AcCOunt ue Dabit P 80,000 41,000 Accounts Receivable Allowanoe for Doubtful Accounts Merchandise Inventory Prepaid Rent Expensc Prepaid Insurance Expense Store Supplies DeliveryE Accumulated Depreciation Delivery Equipment Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Notes Payable (due on September 30, 2018) P 1,200 142 143 145 36,200 30,000 40,000 13,300 520,000 58,500 85,000 9,500 17,300 200,000 301 401 Chase Marshall, Capital Chase Marshall, Drawing Sales Revenue Sales Returns and Allowances Sales Discount 50,000 1,516,500 Salaries Expense (60% distribution; 4096 administrative) Utilities Expense (7096 distribution; 30% administrative) Delivery Expense Taxes and Licenses Expense Miscclaneous Expenses Interest Income Interest Expense TOTAL 21,200 9,500 T26,000 372,000 104,000 8,100 65,000 11,900 602 701 5,000 8,000 P2,222,200 P P2,222,200 1. Unrecorded interest on notes payable of P5,000 is due and remains unpaid as at year-end 2016. 2. Of the reported Prepaid Rent Expense, one-fourth has expired as at year-end 2016 3. Store supplies unused as at year-end 2016 amounted to P3,850 4. Doubtful account is estimated at 5% of outstanding accounts receivable. 5, Delivery equip ent has estimated salvage value equal to 10% of cost and useful life of six years. 6. Store equipment has estimated salvage value of P10,000 and useful life of eight years. 7. Merchandise inventory at year-end, based on physical count, is 41,700.

Journalize the adjusting entries and prepare an 10 column adjusted trial balance (Unadjusted Trial Balance- Adjustments- Adjustmed Trail Balance- Income Statement- Statement of Financial Position).

PAW PAW RETAIL Unadjusted Trial Balance December 31, 2016 Account O 101 AcCOunt ue Dabit P 80,000 41,000 Accounts Receivable Allowanoe for Doubtful Accounts Merchandise Inventory Prepaid Rent Expensc Prepaid Insurance Expense Store Supplies DeliveryE Accumulated Depreciation Delivery Equipment Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Notes Payable (due on September 30, 2018) P 1,200 142 143 145 36,200 30,000 40,000 13,300 520,000 58,500 85,000 9,500 17,300 200,000 301 401 Chase Marshall, Capital Chase Marshall, Drawing Sales Revenue Sales Returns and Allowances Sales Discount 50,000 1,516,500 Salaries Expense (60% distribution; 4096 administrative) Utilities Expense (7096 distribution; 30% administrative) Delivery Expense Taxes and Licenses Expense Miscclaneous Expenses Interest Income Interest Expense TOTAL 21,200 9,500 T26,000 372,000 104,000 8,100 65,000 11,900 602 701 5,000 8,000 P2,222,200 P P2,222,200 1. Unrecorded interest on notes payable of P5,000 is due and remains unpaid as at year-end 2016. 2. Of the reported Prepaid Rent Expense, one-fourth has expired as at year-end 2016 3. Store supplies unused as at year-end 2016 amounted to P3,850 4. Doubtful account is estimated at 5% of outstanding accounts receivable. 5, Delivery equip ent has estimated salvage value equal to 10% of cost and useful life of six years. 6. Store equipment has estimated salvage value of P10,000 and useful life of eight years. 7. Merchandise inventory at year-end, based on physical count, is 41,700.

Expert Answer

 

1. Adjusting Entries :

Account Titles Debit Credit
December 31, 2016 P P
1. Interest Expense 5,000
Interest Payable 5,000
2. Rent Expense 7,500
Prepaid Rent 7,500
3. Store Supplies Expense 9,450
Store Supplies 9,450
4. Bad Debt Expense 850
Allowance for Doubtful Accounts 850
5. Depreciation Expense – Delivery Equipment 78,000
Accumulated Depreciation – Delivery Equipment 78,000
6. Depreciation Expense – Store Equipment 9,500
Accumulated Depreciation – Store Equipment 9,500
7. Merchandise Inventory 41,700
Purchases 41,700

Adjusted Trial Balance

December 31, 2016

Account Titles Debit Credit
P P
Cash 80,000
Accounts Receivable 41,000
Allowance for Doubtful Accounts 2,050
Merchandise Inventory 41,700
Prepaid Rent 22,500
Prepaid Insurance 40,000
Store Supplies 3,850
Delivery Equipment 520,000
Accumulated Depreciation – Delivery Equipment 136,500
Store Equipment 86,000
Accumulated Depreciation – Store Equipment 19,000
Accounts Payable 47,300
Interest Payable 5,000
Notes Payable 200,000
Chase Marshall, Capital 384,200
Chase Marshall, Drawing 50,000
Sales Revenue 1,516,500
Sales Returns and Allowances 21,200
Sales Discounts 9,500
Cost of Goods Sold 720,500
Salaries Expense 372,000
Utilities Expense 104,000
Rent Expense 7,500
Store Supplies Expense 9,450
Delivery Expense 8,100
Taxes and Licenses Expense 65,000
Bad Debt Expense 850
Miscellaneous Expense 11,900
Depreciation Expense – Delivery Equipment 78,000
Depreciation Expense – Store Equipment 9,500
Interest Income 5,000
Interest Expense 13,000
Totals 2,315,550 2,315,550
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