12:58 PM % 50 A/C Name Cash Plant Universe Ltd- California Poppy Branch Trial Balance as at June 30, 2022 Accounts receivable Trial Balance CR DR 2,450,000 1,300,000 Allowance for bad debt 100,000 Merchandise Inventory 1,300,000 Store Supplies 300,000 Prepaid Insurance 202,050 Prepaid rent 350,000 Furniture and fixtures 800,000 Accumulated depreciation-Furniture and Fixtures 79,000 Motor Truck 1,200,000 Accumulated depreciation - Motor Truck Accounts payable 50,000 Salary payable Interest payable 28,000 Unearned Sales revenue 205,000 Long-term loan 2,500,000 Capital Withdrawals Sales revenue 3,500,000 125,000 4,603,000 Sales discount 160,500 Sales returns and allowances 145,400 Cost of goods sold 1,055,000 Salaries expense 808,000 Insurance Expense Utilities Expense 202,050 325,000 400,000 Rent Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense - Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck Bad-Debt Expense Interest Expense 58,000 11,123,000 11,123,000 ACCT1002 Introduction to Financial Accounting Assignment #2 The following additional information is available at June 30, 2022: 55 Page 15 Authorize the system to edit this file. Authorize A Edit Annotate Fill & Sign Convert All Х

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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The following additional information is available at June 30, 2022:

(i) Store Supplies on hand at June 30, 2022 amounted to $159,500.
(ii) Insurance of $202,050 was paid on April 1, 2022, for 9-months to December 2022
(iii) Rent was prepaid on March 1, 2022, for 7-months to September 2022.
(iv) The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000.
(v) The motor truck was acquired on November 1, 2021, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to
a residue of $15,000
(vi) Salaries earned by employees not yet paid amounted to $182,500 at June 30, 2022.
(vii) Accrued interest expense as of June 30, 2022, $65,000.
(viii) On June 30, 2022, $145,000 of the previously unearned sales revenue had been earned.
(ix) The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the
Allowance for Bad Debts should be $130,000.
(x) After making all other adjustments, a physical count of inventory was done, which
reveals that there was $1,295,500 worth of inventory on hand at June 30,2022
Other data:
(xi) The business is expected to make principal payments totalling $455,000 towards the
loan during the fiscal year to June 30 ,2023
Prepare the necessary adjusting journal entries on June 30, 2022.
[Narrations are not required]
b) Prepare the Adjusted Trial balance at June 30, 2022.