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Berry Corporation prepared the following preliminary trial balance. The trial balance and other information was evaluated by Delton Wiser, CPA. Delton has returned a list of proposed adjustments tha
BERRY CORPORATION
Trial Balance
December 31, 20X3
Debits
Credits
Cash
$ 30,540
$ -
Accounts Receivable
45,000
-
Supplies
7,000
Equipment
244,500
Accumulated Depreciation
46,500
Accounts Payable
12,700
Unearned Revenue
31,250
Notes Payable
80,000
Capital Stock
100,000
Retained Earnings, Jan. 1
63,200
Dividends
12,000
Revenues
289,800
Wages Expense
214,600
Utilities Expense
8,700
Selling Expense
41,610
Depreciation Expense
Interest Expense
7,500
$ 623,450
1. Delton discovered that 40% of the unearned revenue appearing in the trial balance had actually been earned as of the end of the year.
2. A physical count of supplies on hand revealed a year-end balance of only $3,000.
3. Unpaid and unrecorded invoices for utilities for December amounted to $1,500.
4. The last payday was December 26. Employees are owed an additional $3,900 that has not been recorded.
5. Additional depreciation of $3,100 needs to be recorded.
REQ:
1. Prepare work sheet.
2. Prepare adjusting entries.
3. Prepare closing entries.
4. Prepare after closing trial balance
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