The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31
Question:
The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company’s year-end reporting date.
The following year-end adjusting entries are required:
a. Depreciation expense for the year on the equipment is $10,000.
b. Salaries at year-end should be accrued in the amount of $4,000.
Required:
1. Prepare and complete a worksheet similar to Illustration 2A–1.
2. Prepare an income statement for 2024 and a balance sheet as of December 31, 2024.
Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals Debits $ 20,000 35,000 5,000 50,000 100,000 180,000 71,000 30,000 0 12,000 4,000 $ 507,000 Credits $ 30,000 25,000 0 100,000 29,000 323,000 $ 507,000
Step by Step Answer:
Requirement 1 Wolkstein Drug Company Worksheet December 31 2024 Account Title Cash Accounts receivab...View the full answer
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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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