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

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