help with adjusting journal entries

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Answered Same DayApr 05, 2021

Answer To: help with adjusting journal entries

Nitish Lath answered on Apr 06 2021
157 Votes
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                Falcon Corporation as on December 31, 2019
                Particulars    Unadjusted trial balance        Adjust
ment        Adjusted trial balance
                    Debit    Credit    Debit    Credit    Debit    Credit
                Accounts receivables    260,000                260,000
                Accounts payables        130,000                130,000
                Accumulated depreciation- equipment        30,000        7,500        37,500
                Advertsing expense    27,000                27,000
                Allowace for doubtful debts accounts        8,000                8,000
                Bad debt expense    14,000                14,000
                cash    397,000                397,000
                Common stock        130,000            - 0    130,000
                cost of goods sold    325,000                325,000
                Depreciation expense    15,000        7,500        22,500
                Equipment    300,000                300,000
                Insurance expense    10,000        4,500        14,500
                Income tax expense    10,000        20,000        30,000
                Income tax payable        - 0        20,000        20,000
                Interest expense    3,000        11,250        14,250
                Interest...
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