The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below....
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Accounting
The December 31, 2024, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the companys year-end reporting date.
Account Title
Debits
Credits
Cash
$ 77,610
Accounts receivable
20,750
Prepaid rent
2,200
Inventory
31,250
Equipment
54,000
Accumulated depreciation
$ 16,200
Accounts payable
21,000
Salaries payable
0
Common stock
100,000
Retained earnings
11,500
Sales revenue
343,000
Cost of goods sold
205,800
Salaries expense
68,600
Rent expense
13,200
Depreciation expense
0
Utilities expense
13,720
Advertising expense
4,570
Totals
$ 491,700
$ 491,700
The following year-end adjusting entries are required:
Depreciation expense for the year on the equipment is $5,400.
Salaries at year-end should be accrued in the amount of $4,520.
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