question global designers inc trial balance as at 1 31 2016 unadjusted bal dr bal cr 4304104

Question

		GLOBAL DESIGNERS INC

		TRIAL BALANCE
		AS AT 1/31/2016
		UNADJUSTED
		BAL (DR)	BAL (CR)
	CASH	$ 375,000
	ACCOUNTS RECEIVABLE	$ 75,000
	ACCRUED REVENUES	$ –
	MACHINERY	$ 120,000
	ACCUMULATED DEPRECIATION		$ –
	PREPAID RENT	$ 12,000

	ACCOUNTS PAYABLE		$ 60,000
	ACCRUED EXPENSES		$ –
	UNEARNED REVENUES		$ 30,000
	BANK LOAN		$ 200,000
	CAPITAL		$ 208,000

	REVENUES		$ 390,000

	PURCHASES	$ 300,000
	TELEPHONE	$ 6,000
	SALARIES EXPENSE	$ –
	DEPRECIATION EXPENSE	$ –
	RENT EXPENSE	$ –	$ –
	TOTAL	$ 888,000	$ 888,000

	ADJUSTMENTS NEEDED:
1	PREPAID RENT INCLUDES JAN RENT OF $6,000 AND FEB RENT OF $6000
2	THE COMPANY EARNED $15,000 OF THE UNEARNED REVENUES IN JANUARY 2016
3	THE MACHINERY HAS USEFUL LIFE OF 60 MONTHS
4	THE COMPANY OWED $25,000 IN SALARIES AS AT 1/31/2016
5	THE COMPANY SUPPLIED $30,000 OF GOODS TO MACYS BUT DID NOT BILL AS AT 1/31/2016

	PLEASE PREPARE ADJUSTING JOURNAL ENTRIES, ADJUSTED TRIAL BALANCE AND FINANCIAL STATEMENTS
		GLOBAL DESIGNERS INC

		TRIAL BALANCE
		AS AT 1/31/2016
		UNADJUSTED
		BAL (DR)	BAL (CR)
	CASH	$ 375,000
	ACCOUNTS RECEIVABLE	$ 75,000
	ACCRUED REVENUES	$ –
	MACHINERY	$ 120,000
	ACCUMULATED DEPRECIATION		$ –
	PREPAID RENT	$ 12,000

	ACCOUNTS PAYABLE		$ 60,000
	ACCRUED EXPENSES		$ –
	UNEARNED REVENUES		$ 30,000
	BANK LOAN		$ 200,000
	CAPITAL		$ 208,000

	REVENUES		$ 390,000

	PURCHASES	$ 300,000
	TELEPHONE	$ 6,000
	SALARIES EXPENSE	$ –
	DEPRECIATION EXPENSE	$ –
	RENT EXPENSE	$ –	$ –
	TOTAL	$ 888,000	$ 888,000

	ADJUSTMENTS NEEDED:
1	PREPAID RENT INCLUDES JAN RENT OF $6,000 AND FEB RENT OF $6000
2	THE COMPANY EARNED $15,000 OF THE UNEARNED REVENUES IN JANUARY 2016
3	THE MACHINERY HAS USEFUL LIFE OF 60 MONTHS
4	THE COMPANY OWED $25,000 IN SALARIES AS AT 1/31/2016
5	THE COMPANY SUPPLIED $30,000 OF GOODS TO MACYS BUT DID NOT BILL AS AT 1/31/2016

	PLEASE PREPARE ADJUSTING JOURNAL ENTRIES, ADJUSTED TRIAL BALANCE AND FINANCIAL STATEMENTS