twseah
Feb 21, 2010, 08:43 PM
Account Title Debit Credit
Cash $155,000
Trade and other receivables $178,000
Inventories $102,000
Prepaid advertisiing $60,000
Prepaid insurance $20,000
Equipment $390,000
Accummulated depreciation- Equipment $105,000
Trade and other payables $180,000
Long term bank loan $250,000
Share capital $150,000
Retained earnings $200,000
Sales $995,000
Cost of sales $360,000
Staff expense $235,000
Rental expense $225,000
Depreciation expense $46,000
Utilities expense $38,000
Interest expense $24,000
Insurance expense $20,000
Miscellaneous expense $27,000
The net realizable value of the ending inventories is $35,000 less than the actual cost.
Cash $155,000
Trade and other receivables $178,000
Inventories $102,000
Prepaid advertisiing $60,000
Prepaid insurance $20,000
Equipment $390,000
Accummulated depreciation- Equipment $105,000
Trade and other payables $180,000
Long term bank loan $250,000
Share capital $150,000
Retained earnings $200,000
Sales $995,000
Cost of sales $360,000
Staff expense $235,000
Rental expense $225,000
Depreciation expense $46,000
Utilities expense $38,000
Interest expense $24,000
Insurance expense $20,000
Miscellaneous expense $27,000
The net realizable value of the ending inventories is $35,000 less than the actual cost.