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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare the necessary

Transcribed Image Text:Gregg's Shipping Supplies Ltd- Barbados Branch
Trial Balance as at June 30, 2022
Trial Balance
DR
950,000
700,000
A/C Name
Cash
Accounts receivable
Allowance for bad debt
Merchandise Inventory
Store Supplies
Prepaid Insurance
Prepaid rent
Furniture and fixtures
Accumulated depreciation-Furniture and Fixtures
Motor Truck
Accumulated depreciation - Motor Truck
Accounts payable
Salary payable
Interest payable
Unearned 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
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

Transcribed Image Text:The following additional
available 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 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 May 1, 2022, and is
being depreciated
over 5 years on the double-declining balance method of
depreciation, down to
a residue of $10,000
(vi)
Salaries earned by employees not yet paid amounted
to $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 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 $70,000.
After making all other adjustments, a physical count of
inventory was done, which
reveals that there was $1,100,000 worth of inventory on
hand at June 30,2022
Other data:
(xi) The business is expected to make principal payments
totalling $250,000 towards the
loan during the fiscal year to June 30,2023
Required:
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