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Homework answers / question archive / The following trial balance was taken from the books of Fisk Corporation on December 31, 2010

The following trial balance was taken from the books of Fisk Corporation on December 31, 2010

Accounting

The following trial balance was taken from the books of Fisk Corporation on December 31, 2010.

 

Account

   Debit

  Credit

Cash

 

$ 12,000

Accounts Receivable

40,000

 

Note Receivable

7,000

 

Allowance for Doubtful Accounts

 

$ 1,800

Merchandise Inventory

44,000

 

Prepaid Insurance

4,800

 

Furniture and Equipment

125,000

 

Accumulated Depreciation--F. & E.

 

15,000

Accounts Payable

 

10,800

Share Capital–Ordinary

 

44,000

Retained Earnings

 

55,000

Sales

 

280,000

Cost of Goods Sold

111,000

 

Salaries Expense

50,000

 

Rent Expense

    12,800

      

Totals

$406,600

$406,600

At year end, the following items have not yet been recorded.

  1. Insurance expired during the year, $2,000.

 

  1. Estimated bad debts, 1% of gross sales.
  2. Depreciation on furniture and equipment, 10% per year.

 

  1. Interest at 6% is receivable on the note for one full year.
  2. Rent paid in advance at December 31, $5,400 (originally charged to expense).
  3. Accrued salaries at December 31, $5,800.

Instructions

    1. Prepare the necessary adjusting entries.
    2. Prepare the necessary closing entries.

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