Principles of Accounting I project: Mowgli Corporation adjusted trial balance for fiscal year ending December 31, 2019.

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Mowgli Corporation adjusted trial balance for fiscal year ending December 31, 2019.

Dr. Cr.
Cash $21,000
Accounts Receivable $102,000
Inventory (beginning) $20,000
Estimated Returns Inventory $5,000
Land $9,000
Office equipment $22,000
Accumulated Depreciation-equip. $20,000
Building $233,000
Accumulated Depreciation-Bldg. $94,000
Patent $16,000
Accounts Payable $73,000
Customer Refunds Payable $2,000
Interest Payable $14,000
Unearned Revenue $22,000
Notes Payable $100,000
Capital $80,000
Drawings $29,000
Sales $206,600
Purchases $106,000
Purchases Returns and Allowances $1,000
Purchase Discounts $500
Freight-in $300
Insurance Expense $6,000
Interest Expense $8,000
Repair Expense $5,000
Salaries Expense $17,600
Advertising Expense $1,200
Depreciation Expense $11,000
Utilities Expense $1,000
$613,100 $613,100

Other Information:

  • Inventory on hand at December 31, 2019 is $55,000 (Hint: this is ending inventory).
  • Estimated Returns Inventory increased $2,000 (Hint: Include in COGS and Closing Entry).
  • Administrative expenses include: Insurance, Repair, Utilities, and Depreciation.
  • Selling expenses include: Advertising and Salaries.
  • $50,000 of the Notes Payable is payable next year (Hint: classified as current).

Instructions

Prepare a (1) multiple step income statement (20pts), (2) statement of owners’ equity (5pts), (3) classified balance sheet (20pts), and (4) closing entry (5pts).

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