Chap02 - Student Name: Class: Problem 02-03 PASTINA COMPANY...

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Student Name: Class: Problem 02-03 PASTINA COMPANY General Journal Date Account Debit Credit (1) Depreciation Expense Accumulated Depreciation (2) Bad debt expense Allowance for uncollectable accts (3) Wage expense Wages payable (4) Interest expense Interest payable (5) Interest receivable Interest revenue (6) Prepaid insurance Insurance expense (7) Supplies expense Supplies (8) Sales revenue Unearned revenue (9) Rent expense Prepaid rent
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Given Data P02-03: PASTINA COMPANY Unadjusted Trial Balance December 31, 2011 Account Title Debits Credits Cash 30,000 Accounts receivable 40,000 Allowance for uncollectible accounts 3,000 Supplies 1,500 Inventory 60,000 Note receivable 20,000 Interest receivable - Prepaid rent 2,000 Prepaid insurance - Equipment 80,000 Accumulated depreciation-equipment 30,000 Accounts payable 28,000 Wages payable - Note payable 50,000 Interest payable - Unearned revenue - Common stock 60,000 Retained earnings 24,500 Sales revenue 148,000 Interest revenue - Cost of goods sold 70,000 Wage expense 18,900 Rent expense 11,000 Depreciation expense - Interest expense - Supplies expense 1,100 Insurance expense 6,000 Bad debt expense 3,000 Totals 343,500 343,500 Additional information: Depreciation on equipment $10,000 Accounts receivable outstanding $40,000 Uncollectible $5,500 Wages earned 12/16-12/31 $1,500 Cash borrowed 10/1 $50,000 Annual interest on note 12% Principal due in 10 years Cash lent 3/1 due 2/28/12 $20,000 Interest on note 8% Insurance paid (2 years) $6,000 Supplies on hand at 12/31 $800 Customer paid for spaghetti to be delivered in January, 2012 $2,000 $2,000 Rent per month $1,000
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Student Name: Class: Problem 02-04 Requirement 3: PASTINA COMPANY Adjusted Trial Balance December 31, 2011 Account Title Debits Credits Cash Accounts receivable Allowance for uncollectible accounts Prepaid rent Prepaid insurance Supplies Inventory Note receivable Interest receivable Equipment Accumulated depreciation-equipment Accounts payable Wages payable Note payable Interest payable Unearned revenue Common stock Retained earnings Sales revenue Interest revenue Cost of goods sold Wage expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Bad debt expense Totals
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Student Name: Class: Problem 02-04 Requirement 4: PASTINA COMPANY Income Statement For the Year Ended December 31, 2011 Sales revenue Cost of goods sold Gross profit Operating expenses: Wages Rent Depreciation Supplies Insurance Bad debt Total operating expenses Operating Income Other income (expense): Interest revenue Interest expense Net income PASTINA COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2011 Total Common Retained Shareholders' Stock Earnings Equity Balance at January 1, 2011 Issue of common stock Net income for 2011 Less: Dividends Balance at December 31, 2011
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Student Name: Class: Problem 02-04 PASTINA COMPANY Balance Sheet At December 31, 2011 Assets Current assets: Cash Accounts receivable
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This note was uploaded on 09/20/2010 for the course ACC acct211 taught by Professor Horan during the Spring '10 term at Oglethorpe.

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Chap02 - Student Name: Class: Problem 02-03 PASTINA COMPANY...

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