Required information [The following information applies to the questions displayed below.] Pastina Company sells various types…
The following solution is suggested to handle the subject “Required information [The following information applies to the questions displayed below.] Pastina Company sells various types…“. Let’s keep an eye on the content below!
Question “Required information [The following information applies to the questions displayed below.] Pastina Company sells various types…”
Required information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 36,400 43,600 3,300 63,600 23,600 2,800 9,600 94,400 35,400 34,600 53,600 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 3,800 85,200 37,500 7,600 164,000 88,000 20,700 12,800 2,900 4,800 414,100 414,100 Information necessary to prepare the year-end adjusting entries appears below.
Totals 414,100 414,100 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,800. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,700. 3. On October 1, 2021, Pastina borrowed $53,600 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $23,600 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $9,600 for a one-year fire insurance policy. The entire $9,600 was debited to prepaid insurance. 6. $1,010 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $3,800 in December for 1,650 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $2,800 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,400 per month. The entire amount was debited to prepaid rent.
Required information Cash Accounts Receivable Beg bal. Beg. bal. End, bal. End, bal Prepaid Rent Prepaid Insurance Bea, bal Beg. bal. End. bal. End. bal. Supplies Inventory Beg. bal. Beg. bal. End. bal. End, bal. Note Receivable Office Equipment Bea, bal Beg. bal. End. bal. End. bal. Interest Receivable Accumulated Depreciation Beg. bal. Beg. bal.
Accounts Payable Salaries Payable Beg bal Beg bal End bal End. bal. Note Payable Interest Payable Beg bal Beg. bal. End, bal Fodbal Deferred Sales Revenue Common Stock Beg. bal. Beg. bal. End, bal End, bal Retained Earnings Dividends Bea bal Beg. bal. End. bal. End bal. Sales Revenue Interest Revenue Beg bal Beg bal. End bal
Cost of Goods Sold Salaries Expense Beg. bal. Beg. bal. End, bal End. bal. Rent Expense Depreciation Expense Beg. bal. Beg. bal. End. bal. End. bal. Interest Expense Supplies Expense Beg. bal. Beg. bal. End, bal End. bal. Insurance Expense Advertising Expense Bea, bal Beg. bal End, bal. End. bal.
Answer
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1GMwem82aVuZaaGxOWThzf7yVd8pBzSu4&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1puZeUck849Gqbnps5CZfhnl2AociaW2u&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1Z5ER9heNG-VX6O-EyAICTil_YiLUhwwI&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1V-0-BSKvf-810VtgqSqIWJjWte6pXbul&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1hVG3znrt5-Mkjdb1CzaWFBX_NRuzLwy5&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1f91momBrH277P-ELILRyd1n6QC_07Hn4&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1bnRm0UFt2GawFdA4-1RltlhyZoROeR3f&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1UxFja5LsY-LX27cATMZHWbb_VFuhjAk4&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1GRXsQp61-sGqnDWKSDby5nUJFaYVdoGs&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1A2CfVXIvNTfy3z3_TrltShPFsSPSNWFc&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
![Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...](https://drive.google.com/uc?id=1lD-dLOOeyXxTKWYeVUzZbSr33mezOqon&export=download/Required-information-[The-following-information-applies-to-the-questions-displayed-below.]-Pastina-Company-sells-various-types.png?x-oss-process=image/resize,w_560/format,webp)
Book1 – Microsoft Excel – X View Home Insert * Cut La Copy Format Painter Clipboard Page Layout Formulas Calibri – 12 – A A BI U – ->-A Font Data Review = = = General Wrap Text *Merge & Center 1 1 – 3 Autosum * Paste Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells A143 А J K L Amount (Cr) COWN 1) Pastina Company General Journal Particular Amount (Dr) Depreciation Expenses To Accumulated Depreciation (Being Amount of Depreciation provided on Office Equipment) 11,800.00 11,800.00 10 2) 1,700.00 11 Salaries & Wages To Salary & Wages Payable A/C being Amount of Salary & Wages Payable) 1,700.00 12 13 14 3) $ 1,608.00 Interest Expenses=($53600*12% *(3/12)) To Interest Payable 1,608.00 (being Amount of Interest Provided on Note @12% for 3 months from 1st Oct to Dec 31st) 17 18 4) 19 1,573 1,573 Interest Receivable=($23600*8%*(10/12) To Interest Revenue (Being Amount of Interest Revenue for the Iperiod of 10 months from 1st March to 31st Sheet1 Sheet2 Sheet3 + Ready + BOJ 100% . OR ANDENG 0 19:18 18-02-2020 0
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General – Wrap Text *Merge & Center 1 1 – 3 12 – A A ->-A Autosum * BI U – Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells J K L 18 4) 1,573 19 A143 fix А Interest Receivable=($23600*8%*(10/12) To Interest Revenue (Being Amount of Interest Revenue for the period of 10 months from 1st March to 31st Dec) 1,573 20 21 225) 3,600.00 23 3,600.00 Insurance=($9600*9/24) To Prepaid Insurance (Being Amount of Prepaid Insurance for 15 months from 1 Jan 2021 to March 2022) 24 25 26 6) 2,290.00 27 Supplies Expenses=($3300-$1010) To Supplies (Being Amount of Supplies Expenses) 2,290.00 28 29 307) 3,800.00 31 3,800.00 Cash To Deferred sales revenue (Being Amount of advance received from Customer) 32 33 34 8) 35 1,400.00 1,400.00 Rent Expenses To Prepaid Rent (Being Amount of Rent paid in advance for Jan 2014) Sheet1 Sheet2 Sheet3 36 Ready OO 100% @ U 19:18 18-02-2020 OR ANDENG 0
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy = = = * General Wrap Text *Merge & Center 1 1 – 3 Autosum * Calibri – 12 – A À BI U – ->-A Font 9 % 8… Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Alignment Number Cells – fac B F H J K L Cash Account Title & Explanation Beginning Balance Debit Credit Credit A143 A 38 39 40 S.No. 41 42 7) 43 44 45 Date 46 47 Balance Debit $ 36,400.00 $ 40,200.00 3,800.00 Accounts Receivable Account Title & Explanation Beginning Balance Debit Credit Balance Debit $ 43,600.00 Credit 48 Supplies 50 51 Date Debit Credit Credit Account Title & Explanation Beginning Balance Balance Debit $ 3,300.00 2,290.00 $ 1,010.00 52 53 6) 54 Date Inventory Account Title & Explanation Beginning Balance Debit Credit Credit Debit $ 63,600.00 58 59 Sheet1 Sheet2 Sheet3 Ready + 3O 100% 0 – or 19:18 ^ UDENG 18-02-2020 0
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy = = = General Calibri BI U – – 12 – A A ->-A Wrap Text *Merge & Center 1 1 – 3 Autosum * Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells fic E F G H I J A143 А 60 61 Date 62 63 Notes Receivable Account Title & Explanation Beginning Balance Debit Credit Credit Debit $ 23,600.00 64 65 Date Prepaid Rent Account Title & Explanation Beginning Balance Debit Credit Credit 66 Debit $ 2,800.00 $ 1,400.00 1,400.00 67 8) 68 69 70 Date Prepaid Insurance Account Title & Explanation Beginning Balance Debit Credit Credit 7 Debit $ 9,600.00 $ 6,000.00 $ 3,600.00 Date Office Equipment Account Title & Explanation Beginning Balance Debit Credit Credit Debit $ 94,400.00 77 Debit Credit Debit 79 Accumulated Depreciation 80 Date Account Title & Explanation 81 Beginning Balance S heet1 Sheet2 Sheet3 Ready Credit $ 35,400.00 H + OU 100% 0 19:18 – ENG 18-02-2020 1 2 * @ $ 9 e o gol 0
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy = = = General Calibri BI U – – 12 – A A ->-A Wrap Text *Merge & Center 1 1 – 3 Autosum * Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells fic E F C H I J K L A143 А 79 80 Date 81 82 1) Accumulated Depreciation Account Title & Explanation Beginning Balance Debit Credit Debit Credit $ 35,400.00 $ 47,200.00 11,800.00 83 84 Date Accounts Payable Account Title & Explanation Beginning Balance Debit Credit Debit Credit $ 34,600.00 87 90 Date Salaries Payable Account Title & Explanation Beginning Balance Debit Credit Debit Credit 92 2) 1,700.00 $ 1,700.00 93 Date Notes Payable Account Title & Explanation Beginning Balance Debit Credit Debit Credit $ 53,600.00 98 99 100 Date 1 Ready Interest Payable Account Title & Explanation Sheet1 Sheet2 Sheet3 Debit Credit Debit Credit OO gol 100% U – 19:18 ENG 18-02-2020 0
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy = = = * General Calibri – 12 – A À BI U – ->-A Wrap Text *Merge & Center 1 1 – 3 Autosum * Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A143 fic C E F G H I J 98 99 100 Date Interest Payable Account Title & Explanation Beginning Balance Debit Credit Debit 101 Credit $ – $ 1,608.00 S 1,608.00 1023) 103 104 Deferred Sales Revenue Account Title & Explanation Beginning Balance Debit Credit Debit Credit $ 3,800.00 $ 7,600.00 $ 3,800.00 105 Date 106 1077) 108 109 110 Date 111 Common Stock Account Title & Explanation Beginning Balance Debit Credit Debit Credit $ 85,200.00 112 $ 115 D Retained Earnings Account Title & Explanation Beginning Balance Debit Credit 114 Date 116 117 118 Debit Credit $ 37,500.00 $ 119 Dividends Sheet3 Sheet1 Sheet2 1 » Ready 100% @ OO A U 19:190 18-02-2020 P D ENG W
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General – Wrap Text *Merge & Center 1 1 – 3 12 – A A ->-A Autosum * BI U – Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells – fie F G H I A143 А 119 120 Date J Dividends Account Title & Explanation Beginning Balance Debit Credit Credit Debit $ 7,600.00 121 – 122 123 124 Sales Revenue Account Title & Explanation Beginning Balance Debit Credit 125 Date 126 127 Debit Credit $1,64,000.00 129 Interest Revenue Account Title & Explanation Beginning Balance Debit Credit Debit Credit 1,573.00 $ 1,573.00 130 Date 131 1324) 133 134 135 Date Cost of goods sold Account Title & Explanation Beginning Balance Debit Credit Credit 136 Debit $ 88,000.00 137 138 139 140 Date Her Ready Salaries Expense Account Title & Explanation Sheet1 Sheet2 Sheet3 Debit Credit Debit Credit OO 100% U 19:190 18-02-2020 OR ANDENG
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy = = = General Calibri BI U – – 12 – A A ->-A Wrap Text *Merge & Center 1 1 – 3 Autosum * Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells – fic E F H I J K L A143 А 139 140 Date 141 Salaries Expense Account Title & Explanation Beginning Balance Debit Credit Credit Debit $ 20,700.00 $ 22,400.00 1422) 1,700.00 143 144 Rent Expense Account Title & Explanation Beginning Balance Debit Credit Credit Debit $ 12,800.00 $ 14,200.00 1,400.00 145 Date 146 1478) 148 149 150 Date 151 152 1) 153 Depreciation Expense Account Title & Explanation Beginning Balance Debit Credit Debit Credit 11,800.00 $ 11,800.00 154 Interest Expense Account Title & Explanation Beginning Balance Debit Credit Debit Credit 1,608.00 $ 1,608.00 155 Date 156 1573) 158 159 160 Date 1 Ready Supplies Expense Account Title & Explanation Sheet1 Sheet2 Sheet3 Debit Credit Debit Credit + OU 100% – OR ANDENG 0 19:19 18-02-2020
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy = = = * General Calibri – 12 – A À BI U – ->-A Wrap Text *Merge & Center 1 1 – 3 Autosum * Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A143 – J K L Supplies Expense Account Title & Explanation Beginning Balance Debit Credit Credit Debit $ 2,900.00 $ 5,190.00 $ 2,290.00 158 159 160 Date 161 1626) 163 164 165 Date 166 1675) 168 169 170 Date Insurance Expense Account Title & Explanation Beginning Balance Debit Credit Debit Credit $ 3,600.00 $ 3,600.00 Advetising Expense Account Title & Explanation Beginning Balance Debit Credit Credit 171 Debit $ 4,800.00 172 Interest Receivable Account Title & Explanation Debit Credit Credit 173 174 175 Date 176 4) 177 178 179 Debit $ 1,573.00 1,573.00 Pastina Company Sheet1 Sheet2 Sheet3 Ready 3O 100% + 0 19:19 18-02-2020 P A D . ENG W
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General – Wrap Text *Merge & Center 1 1 – 3 12 – A A ->-A Autosum * BI U – Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A143 J K L 179 180 Credit 187 Pastina Company Adjusted Trial Balance, December 31st Account Head Debit Cash 40,200.00 Accounts Receivable 43,600.00 Supplies 1,010.00 Prepaid Rent 1,400.00 Prepaid Insurance 6,000.00 Inventory 63,600.00 Interest Receivable 1,573.00 Notes Receivable 23,600.00 Equipment 94,400.00 Accumulated Depreciation Accounts Paybale Salaries Payable Interest Payable Notes Payable Deferred Sales Revenue Common Stock Retained Earnings Dividend 7,600.00 Sales Revenue Interest Revenue Sheet2 Sheet3 191 194 195 47,200.00 34,600.00 1,700.00 1,608.00 53,600.00 7,600.00 85,200.00 37,500.00 196 197 198 199 200 201 1,64,000.00 1.573.00 Sheet1 Ready 3O 100% + 0 19:190 18-02-2020 OR ANDENG
Book1 – Microsoft Excel – X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri ♡ General – Wrap Text *Merge & Center 1 1 – 3 12 – A A ->-A Autosum * BI U – Paste Format Painter Clipboard Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles Fill 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A143 fic H J K L 192 193 34,600.00 1,700.00 1,608.00 53,600.00 7,600.00 85,200.00 37,500.00 7,600.00 Accounts Paybale Salaries Payable Interest Payable Notes Payable Deferred Sales Revenue Common Stock Retained Earnings Dividend Sales Revenue Interest Revenue Cost of goods sold Salaries Expense Insurance Expense Depreciation Expense Interest Expense Advertising Expense Rent Expense Supplies Expense Total 1,64,000.00 1,573.00 206 88,000.00 22,400.00 3,600.00 11,800.00 1,608.00 4,800.00 14,200.00 5,190.00 4,34,581.00 $ 209 210 4,34,581.00 213 214 Ke Ready Sheet1 Sheet2 Sheet30 + 1 2 * $ 2 3O – gol 100% 0 19:190 ENG 18-02-2020
Conclusion
Above is the solution for “Required information [The following information applies to the questions displayed below.] Pastina Company sells various types…“. We hope that you find a good answer and gain the knowledge about this topic of business.