A/C Name Plant Universe Ltd- Acacia Branch Trial Balance as at June 30, 2022 Trial Balance DR CR Cash 1,855,000 Accounts receivable 1,000,000 Allowance for bad debt 80,000 Merchandise Inventory 1,200,000 Store Supplies 205,000 Prepaid Insurance 184,950 Prepaid rent 287,035 Furniture and fixtures 600,000 Accumulated depreciation-Furniture and Fixtures 59,000 Motor Truck 1,200,000 Accumulated depreciation - Motor Truck Accounts payable 50,000 Salary payable Interest payable 28,000 Unearned Sales revenue 198,500 Long-term loan Capital Withdrawals Sales revenue 2,185,375 2,900,000 125,000 4,105,000 Sales discount 160,500 Sales returns and allowances Cost of goods sold Salaries expense 145,400 1,055,000 808,000 Insurance Expense Utilities Expense 184,950 325,000 328,040 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 9,663,875 9,663,875 The following additional information is available at June 30, 2022: (i) (ii) (iii) ૩ (iv) Store Supplies on hand at June 30, 2022 amounted to $95,400. Insurance of $184,950 was paid on April 1, 2022, for 9-months to December 2022 Rent was prepaid on March 1, 2022, for 7-months to September 2022. 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 February 1, 2022, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $15,000 (vi) (vii) (viii) (ix) (x) Salaries earned by employees not yet paid amounted to $195,000 at June 30, 2022. Accrued interest expense as of June 30, 2022, $50,550. On June 30, 2022, $66,000 of the previously unearned sales revenue had been earned. The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $100,000. After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,115,500 worth of inventory on hand at June 30,2022 Other data: (xi) The business is expected to make principal payments totalling $345,000 towards the loan during the fiscal year to June 30,2023