The following trial balance was taken from the books of XYZ Corporation on December 31,...
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Accounting
The following trial balance was taken from the books of XYZ Corporation on December 31, 2020.
Account Debit Credit
Cash $ 12,000
Accounts Receivable 40,000
Note Receivable 7,000
Allowance for Doubtful Accounts $ 1,800
Inventory 44,000
Prepaid Insurance 4,800
Equipment 105,000
Accumulated DepreciationEquip. 15,000
Accounts Payable 6 10,800
Share CopitalOrdinary 44,000
Retained Earnings 55,000
Sales Revenue 260,000
Cost of Goods Sold 111,000
Salaries and Wages Expense 50,000
Rent Expense 12,800
Totals $386,600 $386,600 0
+
At year end, the following items have not yet been recorded.
a. Insurance expired during the year, $2,000.
b. Estimated bad debts, 1% of gross sales.
c. Depreciation on equipment, 10% per year.
d. Interest at 5% is receivable on the note for one full year.
*e. Rent paid in advance at December 31, $5,400 (originally charged to expense).
f. Accrued salaries and wages at December 31, $5,800
Prepare trial balance after closing entries.
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