Flash Company's trial balance at November 30, 2020, is presented below. Flash Company uses a periodic...

 

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Flash Company's trial balance at November 30, 2020, is presented below. Flash Company uses a periodic inventory system (With FIFO cost flow method). Flash Company November 30, 2020 Trial Balance DR CR Accounts Receivable $378,000 Allowance for Doubtful Accounts $45,000 Accumulated Depreciation- Building 79,000 Accumulated Depreciation- Equipment 45,600 Accumulated Amortization - Patents 3,000 Building 462,000 Cash 150,000 Dividends Equipment 167,230 Goodwill 24,000 Patents 60,000 Inventory 251,000 Land 251,000 Prepaid Insurance 5,800 Accounts Payable 267,000 Notes Payable Unearned Revenue 10,000 Interest Payable Share Capital ($5 par) 880,000 Retained Earnings 295,730 Sales 833,720 Sales Returns & Allowances 10,000 Amortization Expense 200 Bad Debt Expense Cost of Goods Sold 501,350 Depreciation Expense- Building 10,000 Depreciation Expense- Equipment 5,600 Interest Expense 6,000 Insurance Expense 1,670 Entertainment Expense Postage Expense Miscellaneous Expense Gain/Loss on Disposal of Equipment Rent Expense 69,400 Utility Expense 11,000 Wages & Salaries Expense 94,800 Totals $2,459,050 $2,459,050 Requirements: 1. Journalize and post normal monthly transactions to general ledger accounts in T accounts. 2. Prepare a trial balance as at December 31, 2020. (Hint: Assets first in order of liquidity). Flash Company's trial balance at November 30, 2020, is presented below. Flash Company uses a periodic inventory system (With FIFO cost flow method). Flash Company November 30, 2020 Trial Balance DR CR Accounts Receivable $378,000 Allowance for Doubtful Accounts $45,000 Accumulated Depreciation- Building 79,000 Accumulated Depreciation- Equipment 45,600 Accumulated Amortization - Patents 3,000 Building 462,000 Cash 150,000 Dividends Equipment 167,230 Goodwill 24,000 Patents 60,000 Inventory 251,000 Land 251,000 Prepaid Insurance 5,800 Accounts Payable 267,000 Notes Payable Unearned Revenue 10,000 Interest Payable Share Capital ($5 par) 880,000 Retained Earnings 295,730 Sales 833,720 Sales Returns & Allowances 10,000 Amortization Expense 200 Bad Debt Expense Cost of Goods Sold 501,350 Depreciation Expense- Building 10,000 Depreciation Expense- Equipment 5,600 Interest Expense 6,000 Insurance Expense 1,670 Entertainment Expense Postage Expense Miscellaneous Expense Gain/Loss on Disposal of Equipment Rent Expense 69,400 Utility Expense 11,000 Wages & Salaries Expense 94,800 Totals $2,459,050 $2,459,050 Requirements: 1. Journalize and post normal monthly transactions to general ledger accounts in T accounts. 2. Prepare a trial balance as at December 31, 2020. (Hint: Assets first in order of liquidity).