ACCOUNTING CONCEPTS – ACC 241 ACCOUNTING CYCLe_Green Company_2011

Physical count of inventory on hand on December 31

$189,000

Insurance expired during the accounting period

5,000

Count of supplies on hand on December 31:

            Store supplies

1,300

            Office supplies

750

Depreciation for the accounting period:

            Store equipment

4,500

            Office equipment

2,800

Salaries earned, but not paid as of December 31:

            Sales salaries

$3,850

            Office salaries

1,150

5.000

Unearned rent on December 31

400

Trial Balance

dr

Cr

Cash

28,500

Accounts Receivable

132,500

Merchandise Inventory

195,000

Prepaid Insurance

9,700

Store Supplies

4,250

Office Supplies

2,100

Store Equipment

157,000

Accum. Depr. – Store Equipment

40,800

Office Equipment

50,000

Accum. Depr. – Office Equipment

17,200

Accounts Payable

66,700

Salaries Payable

Unearned Rent

1,200

Note Payable

105,000

S. Klaus, Capital

224,600

S. Klaus, Drawing

30,000

Sales

915,000

Sales Returns and Allowances

11,900

Sales Discounts

7,100

Cost of Merchandise Sold

576,200

Sales Salaries Expense

76,400

Advertising Expense

25,000

Depr. Expense – Store Equipment

Store Supplies Expense

Miscellaneous Selling Expense

1,600

Office Salaries Expense

34,000

Rent Expense

16,000

Insurance Expense

Depr Expense – Office Equipment

Office Supplies Expense

Misc. Administrative Expense

1,650

Rent Revenue

Interest Expense

11,600

1,370,500

1,370,500