acc201wa1excel - Student Name Tom Baker Class ACCT 201...

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Student Name: Tom Baker Class: ACCT 201 Problem 02-03 PASTINA COMPANY General Journal Date Account Debit Credit (1) Depreciation Expense 10,000 Accumulated Depreciation 10,000 «- Correct! (2) Bad debt expense 2,500 Allowance for uncollectable accts 2,500 «- Correct! (3) Wage expense 1,500 Wages payable 1,500 «- Correct! (4) Interest expense 1,500 Interest payable 1,500 «- Correct! (5) Interest receivable 1,333 Interest revenue 1,333 «- Correct! (6) Prepaid insurance 3,750 Insurance expense 3,750 «- Correct! (7) Supplies expense 700 Supplies 700 «- Correct! (8) Sales revenue 2,000 Unearned revenue 2,000 «- Correct! (9) Rent expense 1,000 Prepaid rent 1,000 «- Correct!
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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: Tom Baker Class: Acc-201 Problem 02-04 Requirement 3: PASTINA COMPANY Adjusted Trial Balance December 31, 2011 Account Title Debits Credits Cash 30,000 Accounts receivable 40,000 Al owance for uncol ectible 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! Requirement 4:
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acc201wa1excel - Student Name Tom Baker Class ACCT 201...

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