Please help me prepare a T-Account. Adj. 112/31/21Bad Debt Expense$ 481,250Allowancefor Doubtful Accounts$ 481, 250DateAccountDebitCreditAdj. 212/31/21Insurance Expense$ 100,000Prepaid Insurance$ 100,000DateAccountDebitCreditAdj. 312/31/21Depreciation Expense - Equipment$ 225,000Accumulated Depreciation - Equipment$ 225,000DateAccountDebitCreditA dj. 412/31/21Depreciatin Expense - Building42,500Accumulated Depreciation - Building$ 42,500DateAccountDebitCredit30,000$ 40,000Adj. 512/31/21Mortgage PayableInterest Expense- Mortgage$ 70,000CashDateAccountDebitCreditAdj. 612/31/21Salary Ex pense$ 490,000Cash$ 490,000DateAccountDebitCreditAdj. 7$ 75,000$ 175,00012/31/21Long-Term DebtInterest Expense- Long-Term DebtCash$ 250,000DateAccountDebitCreditAdj. 812/31/21Inventory$3,000,000Cash$2,600,000Accounts Payable$ 400,000DateAccountDebitCreditAdj. 912/31/21Accounts Receivable$1,000,000Çash$4,400,000$2,100,000COGSSales$5,400, 000Inventory$2, 100,000 Campin Inc.Unadjusted Trial Balance12/31/21Campin Inc.Adjusted Trial Balance12/31/21DebitCreditDebitCredit2,399,0002,100,000$ 3,39,000$ 3,100,000CashAccounts ReceivableAllowance for Doubtful Accounts10,000491,250Prepaid Insurance100,000|Inventory362,5001,262,500Equipment4,500,0004,500,000Accumulated Depreciation - Equipment$ 1,350,0001,575,000Building850,000850,000Accumulated Depreciation - Building250,000292,500Land1,100,0001,100,000Accounts Payable375,00075,000Salaries Payable50,00050,0001,370,0002,175,000Mortgage Payable$ 1,400,000$ 2,250,000Long-Term DebtCommon Stock - Par$0.016,0006,000APIC$ 2,994,0002,94,000Retained Eamings265,000265,000Sales Revenue$ 4,425,0009,825,0001,837,500126,000$ 3,937,500616,000COGSSalary Expense13,375,000$ 13,375,000Bad Debt Expense481, 250Insurance Expense100,000De preciation Expense- Equipment225,000De preciation Expense- Building42,500Interest Expense - Mortgage40,000Interest Expense - Long-Tem Debt175,000$ 19,818,750$ 19,818,750%24%24%24%24SSS SS

Each financial transaction in a business needs to be recorded in the accounting books. They are…

Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts $ 481, 250 Date Account Debit Credit Adj. 2 12/31/21 Insurance Expense $ 100,000 Prepaid Insurance $ 100,000 Account Depreciation Expense - Equipment Accumulated Depreciation - Equipment Date Debit Credit Adj. 3 12/31/21 $ 225,000 $ 225,000 Debit S 42,500 Date Account Depreciatin Ex pense - Building Accumulated Depreciation - Building Credit Adj. 4 12/31/21 $ 42, 500 Date Account Mortgage Payable Interest Expense - Mortgage Debit Credit Adj. 5 12/31/21 S 30,000 S 40,000 Cash $ 70,000 Date Account Debit Credit Adj. 6 12/31/21 Salary Ex pense $ 490,000 Cash $ 490, 000 Debit $ 75,000 $ 175,000 Date Account Long-Term Debt Interest Ex pense - Long-Term Debt Credit Adj. 7 12/31/21 Cash $ 250,000 Date Account Inventory Debit Credit Adj. 8 12/31/21 $3,000,000 $2, 600,000 $ 400,000 Cash Accounts Payable Date Account Debit Credit Adj. 9 12/31/21 Accounts Receivable $1,000,000 Cash $4,400,000 COGS $2,100,000 Sales $5,400,000 Inventory $2, 100,000

Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts $ 481, 250 Date Account Debit Credit Adj. 2 12/31/21 Insurance Expense $ 100,000 Prepaid Insurance $ 100,000 Account Depreciation Expense - Equipment Accumulated Depreciation - Equipment Date Debit Credit Adj. 3 12/31/21 $ 225,000 $ 225,000 Debit S 42,500 Date Account Depreciatin Ex pense - Building Accumulated Depreciation - Building Credit Adj. 4 12/31/21 $ 42, 500 Date Account Mortgage Payable Interest Expense - Mortgage Debit Credit Adj. 5 12/31/21 S 30,000 S 40,000 Cash $ 70,000 Date Account Debit Credit Adj. 6 12/31/21 Salary Ex pense $ 490,000 Cash $ 490, 000 Debit $ 75,000 $ 175,000 Date Account Long-Term Debt Interest Ex pense - Long-Term Debt Credit Adj. 7 12/31/21 Cash $ 250,000 Date Account Inventory Debit Credit Adj. 8 12/31/21 $3,000,000 $2, 600,000 $ 400,000 Cash Accounts Payable Date Account Debit Credit Adj. 9 12/31/21 Accounts Receivable $1,000,000 Cash $4,400,000 COGS $2,100,000 Sales $5,400,000 Inventory $2, 100,000

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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