balance
knohe_
Trial_balance.xlsxTrial Balance - Current Year
| Smith Manufacturing, Inc. | ||
| Trial Balance | ||
| December 31, 20XX | ||
| DR | CR | |
| Cash | 362,750 | |
| Accounts receivable | 320,750 | |
| Allowance for uncollectible accounts | 15,000 | |
| Prepaid insurance | 10,000 | |
| Inventory | 30,000 | |
| Land | 50,000 | |
| Building | 150,000 | |
| Accumulated depreciation-building | 7,500 | |
| Equipment | 500,000 | |
| Accumulated depreciation-equipment | 50,000 | |
| Accounts payable | 105,000 | |
| Note payable (due in 10 months, 5%) | 125,000 | |
| Salaries payable | ||
| Interest payable | ||
| Note payable (due in 5 years, 3%) | 500,000 | |
| Common Stock (3,000 shares outstanding) | 300,000 | |
| Retained earnings | 171,000 | |
| Sales revenue | 850,000 | |
| Cost of goods sold | 550,000 | |
| Salaries expense | 150,000 | |
| Insurance expense | ||
| Depreciation expense | ||
| Interest expense | ||
| Bad debt expense | ||
| Totals | 2,123,500 | 2,123,500 |
Trial Balnce - Prior Year
| Smith Manufacturing, Inc. | ||
| Post-Closing Trial Balance | ||
| December 31, 20XX | ||
| DR | CR | |
| Cash | 15,000 | |
| Accounts receivable | 225,750 | |
| Allowance for uncollectible accounts | 20,000 | |
| Prepaid insurance | 5,000 | |
| Inventory | 80,000 | |
| Land | 50,000 | |
| Building | 150,000 | |
| Accumulated depreciation-building | 7,500 | |
| Equipment | 500,000 | |
| Accumulated depreciation-equipment | 50,000 | |
| Accounts payable | 55,000 | |
| Note payable | 50,000 | |
| Salaries payable | 5,000 | |
| Interest payable | 17,250 | |
| Note payable (due in 5 years, 3%) | 350,000 | |
| Common Stock (3,000 shares outstanding) | 300,000 | |
| Retained earnings | 171,000 | |
| Sales revenue | ||
| Cost of goods sold | ||
| Salaries expense | ||
| Insurance expense | ||
| Depreciation expense | ||
| Interest expense | ||
| Bad debt expense | ||
| Totals | 1,025,750 | 1,025,750 |
