Record the adjusting journal entry

1. One month has passed since the issuance of restricted stock.

Trial balance as of Dec 1, 2018

Cash	405,653
Accounts Receivable	615,000
Allowance for Doubtful Accounts		4,600
Marketable Securities	18,000
Inventory	100,000
Prepaid Rent	40,600
Prepaid Insurance	38,500
Supplies	3,600
Equipment	150,000
Accumulated Depreciation Equipment		37,500
Truck	56,500
Accumulated Depreciation Truck		15,875
Land	35,000
Patents	75,000
Accounts Payable		183,300
Salaries Payable		36,000
Payroll Taxes Payable		8,000
Income Tax Payable		19,585
Note Payable -short term		71,640
Note Payable -long term		175,000
Bond Payable (net)		213,712
Common Stock, $1 par, 35,000 shares issued and outstanding		35,000
APIC Common Stock		153,000
Retained Earnings		45,000
Sales		1,150,000
Cost of Goods Sold	508,979
Compensation Expense
Salaries Expense	45,000
Payroll Tax Expense	7,490
Advertising Expense	22,000
Insurance Expense	12,000
Utility Expense	6,000
Miscellaneous Expenses	2,500
Interest Expense	5,390
Realized Gains (Losses)	1,000

Answer rating: 100% (QA)

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