50.1K

Verified Solution

Link Copied!

7. A customer paid Pastina $2,000 in December for 1,500 pounds of spaghetti to be delivered in January 2017. Pastina credited sales revenue. 1 2016 enn vant wae naid to the owner of the huilding. The P 2-3 Adjusting entries Fatina Company sells various types of pastato grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2016, appears below. Account Title Cash Accounts receivable Debits Credits 30,000 40,000 1,500 60,000 20,000 Supplies 2,000 Inventory Note receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation office equipment Accounts payable Salaries and wages payable Note payable 80,000 30,000 31,000 50,000 Interest payable Deferred revenue Common stock Retained earnings 60,000 24,500 148,000 Sales revenue Interest revenue Cost of goods sold Salaries and wages expense 70,000 18,900 11,000 Rent expense Depreciation expense -0- Interest expense Supplies expense 1,100 Insurance expense Advertising expense 6,000 3,000 343.500 343.500 Totals 7. A customer paid Pastina $2,000 in December for 1,500 pounds of spaghetti to be delivered in January 2017. Pastina credited sales revenue. 1 2016 enn vant wae naid to the owner of the huilding. The P 2-3 Adjusting entries Fatina Company sells various types of pastato grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2016, appears below. Account Title Cash Accounts receivable Debits Credits 30,000 40,000 1,500 60,000 20,000 Supplies 2,000 Inventory Note receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation office equipment Accounts payable Salaries and wages payable Note payable 80,000 30,000 31,000 50,000 Interest payable Deferred revenue Common stock Retained earnings 60,000 24,500 148,000 Sales revenue Interest revenue Cost of goods sold Salaries and wages expense 70,000 18,900 11,000 Rent expense Depreciation expense -0- Interest expense Supplies expense 1,100 Insurance expense Advertising expense 6,000 3,000 343.500 343.500 Totals

Answer & Explanation Solved by verified expert

See Answer