Prepare the necessary adjusting journal entries on June 30, 2022. [Narrations are not required] and Prepare the Adjusted Trial balance at June 30, 2022. Gregg's Shipping Supplies Ltd- Barbados BranchTrial Balance as at June 30, 2022Trial BalanceDR950,000700,000A/C NameCashAccounts receivableAllowance for bad debtMerchandise InventoryStore SuppliesPrepaid InsurancePrepaid rentFurniture and fixturesAccumulated depreciation-Furniture and FixturesMotor TruckAccumulated depreciation - Motor TruckAccounts payableSalary payableInterest payableUnearned Sales revenueLong-term loanGregg's, CapitalGregg's, WithdrawalsSales revenueSales discountSales returns and allowancesCost of goods soldSalaries expenseInsurance ExpenseUtilities ExpenseRent ExpenseDepreciation Expense - Furniture & FixturesDepreciation Expense - Motor TruckStore Supplies ExpenseGain on Disposal of Old Motor TruckBad-Debt ExpenseInterest Expense1,200,000180,000132,000248,500800,0001,200,000105,000150,000105,000988,000605,000148,500405,000284,000CR45,00079,00045,00033,000455,000900,0001,700,0004,902,50041,5008,201,000 8,201,000 The following additionalavailable at June 30, 2022:information is(i) Store Supplies on hand at June 30, 2022 amounted to$80,000.(ii) Insurance of $132,000 was paid on April 1, 2022, for 8-months to November 2022(iii) Rent was prepaid on March 1, 2022, for 7-months toSeptember 2022.(iv) The furniture and fixtures have an estimated useful life of10 years and is being depreciated on the straight-linemethod down to a residual value of $10,000.(v) The motor truck was acquired on May 1, 2022, and isbeing depreciatedover 5 years on the double-declining balance method ofdepreciation, down toa residue of $10,000(vi)Salaries earned by employees not yet paid amountedto $108,000 at June 30, 2022.(vii) Accrued interest expense as of June 30, 2022, $24,000.(viii) On June 30, 2022, $85,000 of the previously unearnedsales revenue had been earned.(ix)The aging of the Accounts Receivable schedule atJune 30, 2022 indicated that theAllowance for Bad Debts should be $70,000.After making all other adjustments, a physical count ofinventory was done, whichreveals that there was $1,100,000 worth of inventory onhand at June 30,2022Other data:(xi) The business is expected to make principal paymentstotalling $250,000 towards theloan during the fiscal year to June 30,2023Required:

Adjusting Entries - Adjusting Entries are adjustment made by the company to certain ledgers in case…

Gregg's Shipping Supplies Ltd- Barbados Branch Trial Balance as at June 30, 2022 Trial Balance A/C Name Cash Accounts receivable Allowance for bad debt Merchandise Inventory Store Supplies Prepaid Insurance Prepaid rent Furniture and fixtures Accumulated depreciation-Fumiture and Fixtures Motor Truck Accumulated depreciation - Motor Truck counts payable Salary payable Interest payable Uneamed Sales revenue Long-term loan Gregg's, Capital Gregg's, Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense Insurance Expense Utilities Expense 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 DR 950,000 700,000 1,200,000 180,000 132,000 248,500 800,000 1,200,000 105,000 150,000 105,000 988,000 605,000 148,500 405,000 284,000 CR 45,000 79,000 45,000 33,000 455,000 900,000 1,700,000 4,902,500 41,500 8,201,000 8,201,000

Gregg's Shipping Supplies Ltd- Barbados Branch Trial Balance as at June 30, 2022 Trial Balance A/C Name Cash Accounts receivable Allowance for bad debt Merchandise Inventory Store Supplies Prepaid Insurance Prepaid rent Furniture and fixtures Accumulated depreciation-Fumiture and Fixtures Motor Truck Accumulated depreciation - Motor Truck counts payable Salary payable Interest payable Uneamed Sales revenue Long-term loan Gregg's, Capital Gregg's, Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense Insurance Expense Utilities Expense 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 DR 950,000 700,000 1,200,000 180,000 132,000 248,500 800,000 1,200,000 105,000 150,000 105,000 988,000 605,000 148,500 405,000 284,000 CR 45,000 79,000 45,000 33,000 455,000 900,000 1,700,000 4,902,500 41,500 8,201,000 8,201,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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