SAP!! PLEASE Gulistan textile mills, INC. TRIAL BALANCE DECEMBER 31,2020 TITLE OF ACCOUNT DEBIT CREDIT Cash 110,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 83,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 175,000 Sales revenue 338,000 Sales discount 1400 Sales return and allowance 2000 Interest revenue 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 TOTAL 579,800 579,800 ADJUSTMENT DATA: Interest revenue earned but not yet collected Rs. 900, & Supplies on hand Rs. 300 Insurance expired during the year Rs. 1000 & Depreciation for the year Rs. 600 Interest expense incurred but not yet paid Rs. 200 Inventory on hand at the end of the year Rs. 42,000 5% of A/c Receivable is estimated to be uncollectible. INSTRUCTIOS: Prepare Adjusting entries, adjusting Trial Balance and Income statement.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 61E: Recording Various Liabilities Glenview Hardware had the following transactions that produced...

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ASAP!! PLEASE

Gulistan textile mills, INC.

TRIAL BALANCE

DECEMBER 31,2020

TITLE OF ACCOUNT	DEBIT	CREDIT
Cash	110,350
Account receivable	54600
Note receivable	83,000
Land	100,000
Inventory-opening	40,500
Supplies	650
Prepaid insurance	1200
Furniture and Fixture	83,200
Accumulated depreciation-furniture		2400
Account payable		47,000
Note payable (long-term)		12,600
Capital-Frank		175,000
Sales revenue		338,000
Sales discount	1400
Sales return and allowance	2000
Interest revenue		600
Purchases	89,300
Purchases discount		3000
Purchases return and allowances		1200
Freight in	5200
Rent expense	8400
TOTAL	579,800	579,800

ADJUSTMENT DATA:

Interest revenue earned but not yet collected Rs. 900, & Supplies on hand Rs. 300
Insurance expired during the year Rs. 1000 & Depreciation for the year Rs. 600
Interest expense incurred but not yet paid Rs. 200
Inventory on hand at the end of the year Rs. 42,000
5% of A/c Receivable is estimated to be uncollectible.

INSTRUCTIOS: Prepare Adjusting entries, adjusting Trial Balance and Income statement.

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