1Baltic Supplies provides the worksheet shown below at the end of the year:
A count of the physical inventory at year end shows that there is actually $11,000 of inventory left. Assuming this is the only adjusting entry needed at year-end, please post the inventory adjustment to the worksheet and update the adjusted trial balance.
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash$1,700
Accounts receivable8,500
Supplies100
Inventory12,000
Equipment53,500
Accumulated depreciation$2,000
Accounts payable1,200
Salary payable800
Unearned revenue600
Common stock1,000
Retained earnings2,400
Dividends2,300
Sales revenue153,000
Sales returns and allowances900
Sales discounts100
Cost of goods sold54,000
Salary expense24,000
Rent expense2,300
Depreciation expense1,600
$161,000$161,000
2Baltic Supplies provides the worksheet shown below at the end of the year:
A count of the physical inventory at year end shows that there is actually $11,000 of inventory left. Assuming this is the only adjusting entry needed at year-end, please post the inventory adjustment to the worksheet and update the adjusted trial balance. Then complete the worksheet.
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash$1,700
Accounts receivable8,500
Supplies100
Inventory12,000
Equipment53,500
Accumulated depreciation$2,000
Accounts payable1,200
Salary payable800
Unearned revenue600
Common stock1,000
Retained earnings2,400
Dividends2,300
Sales revenue153,000
Sales returns and allowance900
Sales discounts100
Cost of goods sold54,000
Salary expense24,000
Rent expense2,300
Depreciation expense1,600
$161,000$161,000