From the following trial balance and additional data, complete a worksheet for Corocan Tile Company of Cranbrook
Question:
From the following trial balance and additional data, complete a worksheet for Corocan Tile Company of Cranbrook for the 12-month period ending October 31, 2019.
Additional Data
a. Physical count of inventory on October 31, $11,416
b. Supplies on hand, $357.10
c. Insurance expired, $609.33
d. Depreciation expense on equipment for the year ending October 31, 2019, is calculated assuming a life of six years, residual value of $1,500, straight-line method.
e. Advertising bill received, $500, plus GST of $25
f. Employees had worked for 62 hours at an average of $18 per hour at fiscal year-end but will receive this pay in November.
COROCAN TILE COMPANY TRIAL BALANCE ОСТОВER 31, 2019 Dr. Cr. Cash 1710 40 Petty Cash 20000 4 316 70 13 46 7 00 733 00 914 00 Accounts Receivable Inventory Supplies Prepaid Insurance GST Prepaid Tile Cutting Equipment Accumulated Depreciation, Equipment Accounts Payable 748 52 7820 00 175555 16 78 2 40 1673 58 GST Collected Income Tax Payable CPP Payable El Payable Winnie Corocan, Capital Winnie Corocan, Withdrawals 177100 246 20 373 80 6 39 5 44 6 338 00 Sales 69 066 73 Sales Returns and Allowances 138824 715 42 41 803 18 15 870 00 1426 00 6 14 24 Sales Discounts Cost of Goods Sold Salaries Expense Payroll Taxes Expense Interest Expense 98 06 4 70 98 0 6 4 70
Step by Step Answer:
Account Titles Cash Petty Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance GST Prepaid Tile Cutting Equipment Accumulated Depreciation Equipment Accounts Payable GST Collected ...View the full answer
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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