REGAL SALES COMPANY
WORKSHEET
For the Period Ended December 31, 1996
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 50,575 50,575 50,575
Accounts Receivable 18,500 18,500 18,500
Allowance for Bad Debts 1,200 (1) 650 1,850 27,250 1,850
Merchandise Inventory, beginning 27,250 27,250
Unused Supplies 750 (2) 500 250 250
Furniture and Fixtures 27,000 27,000 27,000
Accumulated Depreciation - Furniture and Fixture 2,700 (3) 2,700 5,400 5,400
Office Equipment 15,000 15,000 15,000
Accumulated Depreciation - Office Equipment 1,900 (4) 2,400 4,300 4,300
Accounts Payable 5,850 5,850 5,850
Notes Payable 20,000 20,000 20,000
Withholding Taxes Payable 1,350 1,350 1,350
SSS and Medicare Premium Payable 320 320 320
Regal, capital 117,010 117,010 117,010
Regal, Drawings 1,000 1,000 1,000
Sales 120,500 120,500 120,500
Sales Returns and Allowances 2,500 2,500 2,500
Sales Discount 1,500 1,500 1,500
Purchases 75,145 75,145 75,145
Freight - In 1,890 1,890 1,890
Purchase Returns and Allowances 475 475 475
Purchase Discount 305 305 305
Freight - Out 2,900 2,900 2,900
Salaries Expense 17,500 (6) 2,500 20,000 20,000
Advertising Expense 3,000 (7) 500 2,500 2,500
Utilities Expense 6,600 6,600 6,600
Rent Expense 22,000 (8) 2,000 24,000 24,000
Rent Income 1,500 1,500 1,500
273,110 273,110
Bad Debts Expense (1) 650 650 650
Supplies Expense (2) 500 500 500
Depreciation Expense - Furniture and Fixtures (3) 2,700 2,700 2,700
Depreciation Expense - Office Equipment (4) 2,400 2,400 2,400
Interest Expense (5) 70 70 70
Accrued Interest Exepnse (5) 70 70 70
Accrued Salaries Exepnse (6) 2,500 2,500 2,500
Prepaid Advertising (7) 500 500 500
Accrued Rent Expense (8) 2,000 2,000 2,000
Merchandise Inventory, end (9) 47,755 47,755 47,755
Income and Expense Summary ( 9) 47,755 47,755 47,755
59,075 59,075 331,185 331,185 170,605 170,535 160,580 160,650
Net Loss 70 70
59,075 59,075 331,185 331,185 170,605 170,605 160,650 160,650
