accounting- financial statements

answer_key_-_adjusting_entries_week_4.xlsx

Trial Balance - 20x8

Big Ed's Motorcycle Shop
Adjusted Trial Balance
For the Period Ended December 31, 20x8
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
	DR	CR	DR	CR	DR	CR
Cash	184,500				184,500
Accounts Receivable	145,200				145,200
Merchandise Inventory, Parts	100,000			3,000	97,000
Merchandise Inventory, Motorcycles	110,000				110,000
Office Supplies	6,720			1,500	5,220
Prepaid Insurance	4,080			1,200	2,880
Office Equipment	50,000				50,000
Accumulated Depreciation-Office Equipment		7,500		10,000		17,500
Store Equipment	52,000				52,000
Accumulated Depreciation-Store Equipment		7,860		10,400		18,260
Shop Equipment	183,600				183,600
Accumulated Depreciation-Shop Equipment		41,040		18,360		59,400
Accounts Payable		66,720				66,720
Salaries Payable				9,500		9,500
Interest Payable				5,376		5,376
Note Payable (due 2010)		67,200				67,200
Ed Silver, Capital		534,180				534,180
Ed Silver, Drawing	42,000				42,000
Sales		1,488,000				1,488,000
Cost of Merchandise Sold	930,000		3,000		933,000
Sales Salaries Expense	207,840		3,000		210,840
Service Salaries Expense	100,980		5,000		105,980
Office Salaries Expense			1,500		1,500
Advertising Expense	52,560				52,560
Depreciation Expense-Office Equipment			10,000		10,000
Depreciation Expense-Store Equipment			10,400		10,400
Depreciation Expense-Shop Equipment			18,360		18,360
Miscellaneous Selling Expense	1,920				1,920
Rent Expense	37,620				37,620
Insurance Expense	- 0		1,200		1,200
Interest Expense			5,376		5,376
Office Supplies Expense	1,560		1,500		3,060
Miscellaneous Administrative Expense	1,920				1,920
	2,212,500	2,212,500	59,336	59,336	2,266,136	2,266,136

			Debit	Credit
1	Depreciation Expense-Office Equipment		$ 10,000.00
		Accumulated Depreciation-Office Equipment		$ 10,000.00
2	Depreciation Expense-Store Equipment		$ 10,400.00
		Accumulated Depreciation-Store Equipment		$ 10,400.00
3	Depreciation Expense-Shop Equipment		$ 18,360.00
		Accumulated Depreciation-Shop Equipment		$ 18,360.00
4	Cost of Merchandise Sold		$ 3,000.00
		Merchandise Inventory, Parts		$ 3,000.00
5	No entry needed
6	Office Supplies Expense		$ 1,500.00
		Office Supplies		$ 1,500.00
7	Sales Salaries Expense		$ 3,000.00
	Service Salaries Expense		$ 5,000.00
	Office Salaries Expense		$ 1,500.00
		Salaries Payable		$ 9,500.00
8	Insurance Expense		$ 1,200.00
		Prepaid Insurance		$ 1,200.00
9	Interest Expense		$ 5,376.00
		Interest Payable		$ 5,376.00

			Debit	Credit
1	Sales		$ 1,488,000.00
		Cost of Merchandise Sold		$ 933,000.00
		Sales Salaries Expense		$ 210,840.00
		Service Salaries Expense		$ 105,980.00
		Office Salaries Expense		$ 1,500.00
		Advertising Expense		$ 52,560.00
		Depreciation Expense-Office Equipment		$ 10,000.00
		Depreciation Expense-Store Equipment		$ 10,400.00
		Depreciation Expense-Shop Equipment		$ 18,360.00
		Miscellaneous Selling Expense		$ 1,920.00
		Rent Expense		$ 37,620.00
		Insurance Expense		$ 1,200.00
		Interest Expense		$ 5,376.00
		Office Supplies Expense		$ 3,060.00
		Miscellaneous Administrative Expense		$ 1,920.00
		Ed Silver, Capital		$ 94,264.00
2	Ed Silver, Capital		$ 42,000.00
		Ed Silver, Drawing		$ 42,000.00
			$ 1,530,000.00	$ 1,530,000.00