[The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 34,100 Accounts receivable 42,000 Supplies 2,500 Inventory 62,000 Notes receivable 22,000 Interest receivable 0 Prepaid rent 1,900 Prepaid insurance 8,000 Office equipment 88,000 Accumulated depreciation 33,000 Accounts payable 33,000 Salaries payable 0 Notes payable 52,000 Interest payable 0 Deferred sales revenue 3,000 Common stock 74,000 Retained earnings 33,500 Dividends 6,000 Sales revenue 156,000 Interest revenue 0 Cost of goods sold 80,000 Salaries expense 19,900 Rent expense 12,000 Depreciation expense 0 Interest expense 0 Supplies expense 2,100 Insurance expense 0 Advertising expense 4,000 Totals 384,500 384,500 Information necessary to prepare the year-end adjusting entries appears below. Depreciation on the office equipment for the year is $11,000. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,250. On October 1, 2021, Pastina borrowed $52,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. On March 1, 2021, the company lent a supplier $22,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. On April 1, 2021, the company paid an insurance company $8,000 for a one-year fire insurance policy. The entire $8,000 was debited to prepaid insurance. $770 of supplies remained on hand at December 31, 2021. A customer paid Pastina $3,000 in December for 1,250 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. On December 1, 2021, $1,900 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $950 per month. The entire amount was debited to prepaid rent. 6. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) I have attache an image of what I came up with but the uconnect program won't let me put Zero in for all the expenses and revenues. The retained earnings I came up with $55,474

[The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 34,100 Accounts receivable 42,000 Supplies 2,500 Inventory 62,000 Notes receivable 22,000 Interest receivable 0 Prepaid rent 1,900 Prepaid insurance 8,000 Office equipment 88,000 Accumulated depreciation 33,000 Accounts payable 33,000 Salaries payable 0 Notes payable 52,000 Interest payable 0 Deferred sales revenue 3,000 Common stock 74,000 Retained earnings 33,500 Dividends 6,000 Sales revenue 156,000 Interest revenue 0 Cost of goods sold 80,000 Salaries expense 19,900 Rent expense 12,000 Depreciation expense 0 Interest expense 0 Supplies expense 2,100 Insurance expense 0 Advertising expense 4,000 Totals 384,500 384,500 Information necessary to prepare the year-end adjusting entries appears below. Depreciation on the office equipment for the year is $11,000. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,250. On October 1, 2021, Pastina borrowed $52,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. On March 1, 2021, the company lent a supplier $22,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. On April 1, 2021, the company paid an insurance company $8,000 for a one-year fire insurance policy. The entire $8,000 was debited to prepaid insurance. $770 of supplies remained on hand at December 31, 2021. A customer paid Pastina $3,000 in December for 1,250 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. On December 1, 2021, $1,900 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $950 per month. The entire amount was debited to prepaid rent. 6. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) I have attache an image of what I came up with but the uconnect program won't let me put Zero in for all the expenses and revenues. The retained earnings I came up with $55,474

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Description: [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 2MC

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[The following information applies to the questions displayed below.]

Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below.

Account Title	Debits	Credits
Cash	34,100
Accounts receivable	42,000
Supplies	2,500
Inventory	62,000
Notes receivable	22,000
Interest receivable	0
Prepaid rent	1,900
Prepaid insurance	8,000
Office equipment	88,000
Accumulated depreciation		33,000
Accounts payable		33,000
Salaries payable		0
Notes payable		52,000
Interest payable		0
Deferred sales revenue		3,000
Common stock		74,000
Retained earnings		33,500
Dividends	6,000
Sales revenue		156,000
Interest revenue		0
Cost of goods sold	80,000
Salaries expense	19,900
Rent expense	12,000
Depreciation expense	0
Interest expense	0
Supplies expense	2,100
Insurance expense	0
Advertising expense	4,000
Totals	384,500	384,500

Information necessary to prepare the year-end adjusting entries appears below.

Depreciation on the office equipment for the year is $11,000.
Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,250.
On October 1, 2021, Pastina borrowed $52,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
On March 1, 2021, the company lent a supplier $22,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022.
On April 1, 2021, the company paid an insurance company $8,000 for a one-year fire insurance policy. The entire $8,000 was debited to prepaid insurance.
$770 of supplies remained on hand at December 31, 2021.
A customer paid Pastina $3,000 in December for 1,250 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue.
On December 1, 2021, $1,900 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $950 per month. The entire amount was debited to prepaid rent.

6. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

I have attache an image of what I came up with but the uconnect program won't let me put Zero in for all the expenses and revenues. The retained earnings I came up with $55,474

Post-Closing Trial Balance
December 31, 2021
Account Title
Debits
Credits
Cash
$
34,100
Accounts receivable
42,000
Supplies
770
Inventory
62,000
Notes receivable
22,000
Interest receivable
Prepaid rent
Prepaid insurance
Office equipment
Accumulated depreciation
Accounts payable
1,467
950
2,000
88,000
$
44,000
33,000
Salaries payable
1,250
Notes payable
Interest payable
Deferred sales revenue
Common stock
Retained earnings
Sales revenue
Interest revenue
52,000
1,560
3,000
74,000
44,477
156,000
1,467
Cost of goods sold
80,000
Salaries and wages expense
21,150
Rent expense
Depreciation expense
12,950
11,000
Interest expense
6,000
Supplies expense
3,830
Insurance expense
6,000
4,000
398,217 $
Advertising expense
Totals
$
410,754

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