Question

Required information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,600 41,000 2,000 61,000 Accounts receivable Supplies Inventory Notes receivable Interest receivable 21,000 Prepaid rent Prepaid insurance office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock 1,400 7,000 84,000 31,500 32,000 51,000 2,500 67,000 31,000 Retained earnings Dividends 5,000 Sales revenue 151,000 Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense 75,000 19,400 11,500 1,600 3,500 Totals 366,000 366,000

Post the unadjusted balances and adjusted entries into the appropriate t-accounts

Answer 1

The answer is attached below. Please refer

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Account Receivable Cash Particulars Particluars $ $ Particulars Particluars Beginning Beginning $ $ 32,600 41,000 Ending Ending $ $ 32,600 41,000 Prepaid Insurance Particulars 7,000 Insurance Expenses Prepaid Rent Particulars 1,400 Rennt Expense $ $ Particluars Particluars Beginning Beginning $ $ $ $5,250 700 (7000/12 months 9 months) Ending Ending $ 700 1,750 Supplies Inventory Particulars Particluars Particulars $ $ Particluars 2,000 Inventory Beginning Beginning Supplies $ 620 $ 61,000 620 Ending Ending $ 1,380 61,620 Note Receivable Office Equipment Particulars Particulars $ $ Particluars Particluars $ Beginning Beginning $ 21,000 84,000 Ending Ending $ $ 21,000 84,000 Accumulated Depreciation Interest Receivable Particulars Particulars Particluars $ Particluars Note Receivable Beginning 31,500 1,400 (21000*8%*10 months/ 12 months) Depreciation Expenses $ 10,500 Ending $ Ending $ 42,000 1,400

Salary Expenses Particulars Depreciation Expenses Particulars Particluars $ $ $ $ Particluars Accumulated Depreciation $ Beg Salary Payable $ 10,500 19,400 1,000 Ending Ending $ $ 10,500 20,400 Salary Payable Particulars Note Payable Particluars Particulars $ $ $ $ Particluars Salary Expenses Beginning $ $ 51,000 1,000 Ending Ending $51,000 1,000 Interest Expenses Interest Revenue Particulars Particulars $ $ Particluars $ $ Particluars Note Payable (51000*12% (3months/12 months)) $ Interest Receivable 1,530 1,400 Ending Ending $ 1,400 1,530 Interest Payable Rent Expense Particluars Particulars Particluars $ Particulars Interest Expenses Beg $ 11,500 1,530 Prepaid Rent 700 Ending 12,200 Ending $ 1,530

Trial Balance on 31-12-2021 Closing Adjustment Opening Particulars Debit Credit Debit Credit Debit Credit $ $ Cash 32,600 32,600 Account Recivable $ 620 $ 41,000 41,000 Supplies Inventory Notes Receivable Interest Receivable $ $ 2,000 1,380 61,000 620 61,620 $ 21,000 21,000 $ $ 700 $ 1,400 1,400 Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation on Equipment Account Payable Salary Payable Notes Payable Interest Payable Deffered Sales Revenue $ 1,400 700 $ 5,250 $ 7,000 1,750 $ 84,000 84,000 $ 31,500 10,500 42,000 32,000 32,000 1,000 1,000 $ 51,000 51,000 1,530 1,530 $ $ 2,500 2,500 Common Stock Retained Earning Dividends Sales $ 67,000 67,000 31,0 31,000 $ 5,000 5,000 $ 151,000 151,000 Interest Revenue Cost of Goods Sold $ $ $ 1,400 1,400 $ 75,000 75,000 $ $ Salaries 19,400 1,000 $ 20,400 Rent $ $ 11,500 700 12,200 Depreciation Interest Expenses 10,500 10,500 $ $ $ 1,530 1,530 Supplies Expense Insurance $ $ 1,600 1,600 $ $ $ 5,250 5,250 Advertising Total 3,500 3,500 366,000 21,000 21,000 $ 380,430 380,430 $ 366,000