The following trial balance was extracted from the books of Columbus Ltd at December 31, the end of the company's financial year. The company is owned by John Columbus and is in the business of buying and farming supplies. Trial Balance as at December 31, 2018 Trial Balance A/C Name DR CR Cash Accounts receivable Allowance for bad debt Merchandise Inventory Store Supplies Prepaid Insurance Furniture and Fixtures Accumulated depreciation -Furniture and Fixtures Computer Equipment Accumulated depreciation Computer Equipment Accounts payable Wages payable Unearned Sales revenue 1,000,000 450,000 15,000 186,000 120,000 450,000 1,000,000 360,000 600,000 320,000 Notes Payable, Long Term John Columbus, Capital John Columbus, Withdrawals 150,000 900,000 2,200,000 95,000 Sales revenue 1,761,000 Sales discount Sales returns and allowances 120,000 95,000 Cost of goods sold Wages Expense Insurance Expense Depreciation Expense Furniture and Fixtures Depreciation Expense -Computer Equipment Store Supplies Expense Utilities Expense Bad Debt Expense Interest Expense Total 650,000 450,000 180,000 40,000 180,000 90,000 5,706,000 5,706,000 The following additional information is available at December 31, 2018:

The following trial balance was extracted from the books of Columbus Ltd at December 31, the end of the company's financial year. The company is owned by John Columbus and is in the business of buying and farming supplies. Trial Balance as at December 31, 2018 Trial Balance A/C Name DR CR Cash Accounts receivable Allowance for bad debt Merchandise Inventory Store Supplies Prepaid Insurance Furniture and Fixtures Accumulated depreciation -Furniture and Fixtures Computer Equipment Accumulated depreciation Computer Equipment Accounts payable Wages payable Unearned Sales revenue 1,000,000 450,000 15,000 186,000 120,000 450,000 1,000,000 360,000 600,000 320,000 Notes Payable, Long Term John Columbus, Capital John Columbus, Withdrawals 150,000 900,000 2,200,000 95,000 Sales revenue 1,761,000 Sales discount Sales returns and allowances 120,000 95,000 Cost of goods sold Wages Expense Insurance Expense Depreciation Expense Furniture and Fixtures Depreciation Expense -Computer Equipment Store Supplies Expense Utilities Expense Bad Debt Expense Interest Expense Total 650,000 450,000 180,000 40,000 180,000 90,000 5,706,000 5,706,000 The following additional information is available at December 31, 2018:

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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