The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below....
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Accounting
The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the companys year-end reporting date.
| Account Title | Debits | Credits |
|---|---|---|
| Cash | $ 77,610 | |
| Accounts receivable | 20,750 | |
| Prepaid rent | 2,200 | |
| Inventory | 31,250 | |
| Equipment | 54,000 | |
| Accumulated depreciation | $ 16,200 | |
| Accounts payable | 21,000 | |
| Salaries payable | 0 | |
| Common stock | 100,000 | |
| Retained earnings | 11,500 | |
| Sales revenue | 343,000 | |
| Cost of goods sold | 205,800 | |
| Salaries expense | 68,600 | |
| Rent expense | 13,200 | |
| Depreciation expense | 0 | |
| Utilities expense | 13,720 | |
| Advertising expense | 4,570 | |
| Totals | $ 491,700 | $ 491,700 |
The following year-end adjusting entries are required:
- Depreciation expense for the year on the equipment is $5,400.
- Salaries at year-end should be accrued in the amount of $4,520.
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