P2-3_Inclass - Given Data P02-03: PASTINA COMPANY...

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Given Data P02-03: PASTINA COMPANY Unadjusted Trial Balance December 31, 2009 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 0 Prepaid rent 2,000 Prepaid insurance 0 Equipment 80,000 Accumulated depreciation-equipment 30,000 Accounts payable 28,000 Wages payable 0 Note payable 50,000 Interest payable 0 Unearned revenue 0 Common stock 60,000 Retained earnings 24,500 Sales revenue 148,000 Interest revenue 0 Cost of goods sold 70,000 Wage expense 18,900 Rent expense 11,000 Depreciation expense 0 Interest expense 0 Supplies expense 1,100 Insurance expense 6,000 Bad debt expense 3,000 Totals 343,500 343,500
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Additional information: 1Depreciation on equipment $10,000 2Accounts receivable outstanding 40,000 Uncollectible - Estimated 5,500 3Wages earned 12/16-12/31 1,500 Not yet paid 4Cash borrowed 10/1 50,000 Annual interest on note 12% Principal due in 10 years 5Cash lent 3/1 $20,000 Interest on note
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P2-3_Inclass - Given Data P02-03: PASTINA COMPANY...

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