= : + - Business Name Balance Sheet Date Acc # List of Accounts Amount Amount Amount $ $ $ ASSETS Current Assets Total Current Assets FIXED ASSETS Business Name Income Statement Date Acc # List of Accounts Amount Amount $ $ REVENUE 400 Sales 402 Less Sales Returns Net Sales 525 Les COST OF SALES 302 Gross Profit Less EXPENSES Business Name COST OF GOODS SOLD SCHEDULE Date Acc # List of Accounts Merchandise Inventory opening Amount $ XXXX Add Net Purchase Purchases XXXX Less Purchase Returns XX Less PurchaseDiscounts XX COST of Merchandise Purchase xxxxXXXXX Add Transportation In Net Purchase Goods available for Sales Less Closing Inventory Cost of Sales XX Amount EA $ XXXXX XXX Business Name Worksheet Date Acc # List of Accounts Trial Balance Dr Adjustments CR Dr CR Adjusted Trial Balance Dr CR Income Statement Dr CR Balance Sheet Dr CR Balance Worksheet CGSS Income Statement Balance Sheet LL F Adjustments a) Merchandise inventory at end $ 58000 b) Insurance used during the year $ 380 c) Supplies at end $2200 d) Equipment depreciates at the rate of 20% p a declining method e) Interest due on bank loan $700 f) Salaries unpaid $ 2000 g) Bad Debts allowance Expense is $ 350 for the year. ** **Declining method of depreciation is the same as reducing balance method. The formula is Cost - accumulated depreciation = answer X% Prepare worksheet, cost of goods sold schedule, income statement & Balance Sheet taking into consideration the adjustments Quick Dot Com Store Trial Balance Mar 31 2021 Acc# 100 Cash 110 Account Receivable List of Account Dr Cr 6680 31000 111 Allowance for Bad Debts 500 116 Merchandise Inventory Jan 01 72000 120 Supplies 2840 . 125 Prepaid Insurance 1080 140 Land 140000 = 147 Building 200000 151 Equipment 30000 157 Accu Depreciation on Equipment 3000 200 Account Payable 56800 210 Loan Payable 2500 250 Mortgage Loan 300000 300 Dot Com Capital 131900 307 Dot Com Drawing 60000 400 Sales 402000 406 Sale returns 25000 = 408 Sales Discount 32000 500 Purchases 256000 + 507 Transportation In 3200 509 Purchase Returns 23000 515 Purchases Discount 12000 619 Salaries for office 40000 622 Advertising Expense 8000 628 Delivery Expense 6500 630 General Expense 7800 637 Property Tax Expense 9600 Totals 931700 931700