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ABC Unadjusted trial Balance December...

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Question

Accounting

ABC

Unadjusted trial Balance

December 31, 2017

Dr.

Cr.

Cash

$125,600

Investments

Accounts receivable, 12/31/16

300,000

116,200

Allowance for doubtful accounts, 12/31/16

$20,000

Inventory, 12/31/16

62,000

Furniture and Fixtures

118,200

Accumulated depreciation, Furniture & Fixtures 12/31/16

32,400

Accounts payable, 12/31/16

42,000

Capital stock, $10 par value

50,000

Retained earnings, 12/31/16

242,000

Sales

1,549,100

Notes payable 4%, due 3/31/18

200,000

Purchases

906,600

Fencing expense

80,000

Salaries expense

262,000

Income tax expense

45,000

Interest expense

6,000

Insurance expense

34,100

Rent expense

34,200

Utilities expense

12,600

Freight in

15,000

Freight out

17,000

Travel expense

13,000

TOTALS

$2,141,500

$2,141,500

. The note payable was taken out on 4/1/2016. A proper accrual was made at 12/31/16 and the entry was reversed at 1/2/2017. All principal and interest are due at maturity. What is the adjusting entry?

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