DontySet Dec 31Balance Complete the worksheet for the prepar

DontySet Dec 31,Balance Complete the worksheet for the preparation of accrual basis financial statements. Formal statements and journal entries are not required. Trial balance Balance sheet-12/31/XX Cash Accounts receivable 15,000 Merchandise inventory31,000 Unexpired insurance Land Buildings Accumulated depreciation Equipment Accumulated Depreciation Accounts payable DAb ooo Advances from customers Salaries payable Capital stock $60,000 27,000 1,200 20,000 30,000 800 20,000 8,000 12,000 3,000 44,400 1,100 2,700 110,000 169,200 169,200 33,400 end ng 1,500 5,200 110,000

Solution

Adjusted Trial Balance :

Balance Sheet on accrual basis :

Accounts Titles	Debit $	Credit $	Adjustments
Cash	35900		60000-11000-13500+=35900
AR	27000		15000+12000=27000
Unexpired Insur	800		1200-400=800
Sales		12000	12000
Inventory	44500		31000+13500=44500
Insur. Expen	400		400
Land	20000
Building	30000
AccDep-Building		8000
Equipment	12000
AccDep-Equipment		3000
AP		33400	44400-11000=33400
Adv. from Customer		1500	1100+400=1500
Salary payable		5200	2700+2500=5200
Salary Expense	2500		2500
CS		110000
Total	173100	17310