Solution-Prepare closing entries and trial balance

Prepare closing entries and trial balance

Reference no: EM131007199

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	12,000	-
		Interest Expense	7,500	-
			$ 623,450	$ 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

Reference no: EM131007199

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Prepare closing entries and trial balance

Reference no: EM131007199

Reference no: EM131007199

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