Reference no: EM13494783
Trial Balance figures Merchandise inventory 27,050(dr) Unearned sales revenue 4,000(cr) Sales 263,770(cr) Cost of goods sold 171,225(dr) Interest Expense 9,975(dr) Mortgage payable 147,100(cr) Supplies 2,940(dr) Accumulated depreciation - building 24,000(cr) Accumulated depreciation - equipment 18,000(cr) Adjustment data is as follows: There is $750 of supplies on hand on December 31, 2011 Unearned sales revenue of $975 is still unearned at December 31, 2011. On the sales that were unearned cost of goods sold was $2,000 Accrued interest expense at December 31, 2011, is $1,000 Depreciation expense for the year is $6,600 for the building and $4,500 for the equipment A physical count of merchandise inventory indicates 23,800 on hand as at December 31, 2011. Of the mortgage payable, $9,800 is to be paid in 2012. I did the following adjustments: Merchandise inventory 21,800 (27050-2000-3250) Unearned sales revenue 3025 (4000-975) Cost of goods sold 176475 (171225+2000+3250) Sales 266795 (263770+3025) Interest Expense $10,975 (9,975+1,000) Interest Payable $1,000 Supplies Expense 2,190 (2,940-750) Supplies 2,190 Depreciation Expense 11,100 (6,600+4,500) Accumulated Depreciation - building 30,600 (24,000+6,600) Accumulated Depreciation - equipment 22,500 (18,000+4,500) Mortgage payable, current portion reported on the balance sheet under current liabilities of 9,800 and Long-term liabilities as 137,700 (147,100-9,800) Did I do the correct adjustments and am I on the right track?
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