Question points:
The following trial balance was taken from the books of Fisk Corporation as of the end of
December
Account Debit Credit
Cash $
Accounts Receivable
Notes Receivable
Allowance for Doubtful Accounts $
Inventory
Prepaid Insurance
Equipment
Accumulated DepreciationEquip.
Accounts Payable
Common Stock
Retained Earnings
Sales Revenue
Cost of Goods Sold
Salaries and Wages Expense
Rent Expense
Totals $ $
At year end, the following items have not yet been recorded.
a The prepaid insurance was purchased on August and is for one calendar year.
b Management estimates bad debts to be of gross sales.
c Depreciation on equipment is $ for the year.
d The note receivable was received on March and carries interest per annum,
which has yet to be paid. approximates the market rate of interest for such a note.
f Workers work five days per week Monday through Friday and paychecks are distributed
every Friday. December is a Wednesday. Weekly payroll is $
