The trial balance and additional data are related to MANCINI COMPANY, Inc

MANCINI COMPANY, INC.

TRIAL BALANCE

DECEMBER 31, 2018

Cash------------------------------------------------ $ 5,670

Accounts receivable----------------------------- 37,100

Inventory------------------------------------------ 60,500

Supplies------------------------------------------- 3,930

Prepaid rent-------------------------------------- 6,000

Furniture and fixtures-------------------------- 26,500

Accumulated depreciation-------------------- $ 21,200

Accounts payable------------------------------- 46,340

Salary payable-----------------------------------

Interest payable----------------------------------

Unearned sales revenue------------------------ 3,500

Notes payable, long-term---------------------- 35,000

Share Capital ----------------------- 5,000

Retained earnings at Dec,1 18,680

Dividend--------------------------- 48,000

Sales revenue------------------------------------- 346,700

Sales discounts----------------------------------- 10,300

Sales returns and allowances------------------ 8,200

Cost of goods sold------------------------------ 171,770

Salary expense---------------------------------- 82,750

Rent expense------------------------------------ 7,000

Depreciation expense--------------------------

Utilities expense-------------------------------- 5,800

Supplies expense-------------------------------

Interest expense-------------------------------- 2,900

Total $476,420 $476,420

Additional data at December 31, 2018:

1. Supplies used during the year , $2,580.

2. Prepaid rent expired , $5,000.

3. Unearned sales revenue earned, $1,100.

4. Depreciation on the furniture and fixtures’ $2,650.

5. Accrued salaries , $1000.

6. Accrued interest expense,$600

7. Inventory on hand, $65,800.

Required:

1. Enter the trial balance on a work sheet and prepare the adjusted trial balance.

2. Journalize the adjusting and closing entries at December 31.

3. Prepare the company’s income statement, statement of Retained earnings, and classified financial position in report format.

4. Prepare the closing entries.

5. Prepare a post closing trail balance.

Answer rating: 100% (QA)

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