Written Assignment 1

Written Assignment 1 - Student Name: Dustin Taylor Class:...

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Student Name: Dustin Taylor Class: ACC201 Problem 02-04 Requirement 3: PASTINA COMPANY Adjusted Trial Balance December 31, 2011 Account Title Debits Credits Cash 30,000 Accounts receivable 40,000 Allowance for uncollectible accounts 5,500 Prepaid rent 1,000 Prepaid insurance 3,750 Supplies 800 Inventory 60,000 Note receivable 20,000 Interest receivable 1,333 Equipment 80,000 Accumulated depreciation-equipment 40,000 Accounts payable 28,000 Wages payable 1,500 Note payable 50,000 Interest payable 1,500 Unearned revenue 2,000 Common stock 60,000 Retained earnings 24,500 Sales revenue 146,000 Interest revenue 1,333 Cost of goods sold 70,000 Wage expense 20,400 Rent expense 12,000 Depreciation expense 10,000 Interest expense 1,500 Supplies expense 1,800 Insurance expense 2,250 Bad debt expense 5,500 Totals 360,333 360,333 Correct! Correct!
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Requirement 4: PASTINA COMPANY Income Statement For the Year Ended December 31, 2011 Sales revenue $146,000 Cost of goods sold 70,000 Gross profit
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Written Assignment 1 - Student Name: Dustin Taylor Class:...

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