The December 31, 2021, unadjusted trial balance for theWolkstein Drug Company is presented below. December 31 is thecompany’s year-end reporting date..

Account Title	Debits		Credits
Cash	73,140
Accounts receivable	22,250
Prepaid rent	2,600
Inventory	33,750
Equipment	62,000
Accumulated depreciation			18,600
Accounts payable			23,000
Salaries payable			0
Common stock			100,000
Retained earnings			14,500
Sales revenue			363,000
Cost of goods sold	217,800
Salaries expense	72,600
Rent expense	15,600
Depreciation expense	0
Utilities expense	14,520
Advertising expense	4,840
Totals	519,100		519,100

The following year-end adjusting entries are required:

1. Depreciation expense for the year on the equipment is$6,200.
2. Salaries at year-end should be accrued in the amount of$4,760.

Required:
1. Prepare and complete a worksheet.

WOLKSTEIN DRUG COMPANY
Worksheet
December 31, 2021
Account Title	Unadjusted Trial Balance		Adjusting Entries		Adjusted Trial Balance		Income Statement		Balance Sheet
	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	73,140
Accounts receivable	22,250
Prepaid rent	2,600
Inventory	33,750
Equipment	62,000
Accumulated depreciation		18,600
Accounts payable		23,000
Salaries payable		0
Common stock		100,000
Retained earnings		14,500
Sales revenue		363,000
Cost of goods sold	217,800
Salaries expense	72,600
Rent expense	15,600
Depreciation expense	0
Utilities expense	14,520
Advertising expense	4,840
							0	0	0	0
Net income
Totals	519,100	519,100	0	0	0	0	0	0	0	0

Answer rating: 100% (QA)

Cash Particulars Accounts receivable Prepaid Rent Inventory Equipment Accumalat... View the full answer