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3- Panda Solution

# 3- Panda Solution - Panda Company T-accounts and financial...

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Panda Company: T-accounts and financial statements Transactions and adjustments for 2002 (BB = beginning balance and A = adjustment) Cash Accounts receivable BB 40,000 17,000 (1/1) BB 16,500 44,000 (12/31) (1/1) 20,000 2,400 (5/1) (12/31) 40,000 (3/1) 10,000 5,000 (6/1) \$12,500 (8/1) 9,600 10,000 (7/1) (9/1) 13,000 6,000 (8/1) (12/31) 44,000 20,000 (11/1) \$76,200 Prepaid rent Supplies Investments (5/1) 2,400 1,600 (A-5)* (10/1) 1,300 1,100 (A-2)* (11/1) 20,000 Interest receivable Equipment Accumulated depreciation *(A-7) 200 (1/1) 17,000 5,000 (A-3)* Land Accounts payable Unearned service revenue BB 20,000 16,000 (9/1) (8/1) 6,000 17,000 BB *(A-6) 4,000 9,600 (8/1) 7/1) 10,000 1,300 (10/1) \$14,000 6,000 (12/31) \$18,300

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Interest payable Dividends Note payable 1,000 (A-4)* (6/1) 5,000 10,000 (3/1) Salaries payable Retained earnings Interest revenue 2,300 (A-1)* 14,500 BB 200 *(A-7) Operating expenses Salary expense Rent expense (12/31) 6,000 *(A-1) 2,300 *(A-5) 1,600 Contributed capital Service (revenue) Supplies expense 45,000 BB 40,000 (12/31) *(A-2) 1,100 20,000 (1/1) 4,000 (A-6)* \$65,000 Loss on sale of land Depreciation expense Interest expense (9/1) 3,000 *(A-3) 5,000 *(A-4) 1,000 * Adjustments are not shown on the Unadjusted Trial Balance that follows.
Unadjusted Trial Balance (the balances in the accounts before any adjustments) Debit Credit Cash \$

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