Project Data

Mowgli Corporation adjusted trial balance for fiscal year ending December 31, 2019.

Dr.

Cr.

Cash

$21,000

Accounts Receivable

$102,000

Inventory (beginning)

$20,000

Estimated Returns Inventory

$5,000

Land

$9,000

Office equipment

$22,000

Accumulated Depreciation-equip.

$20,000

Building

$233,000

Accumulated Depreciation-Bldg.

$94,000

Patent

$16,000

Accounts Payable

$73,000

Customer Refunds Payable

$2,000

Interest Payable

$14,000

Unearned Revenue

$22,000

Notes Payable

$100,000

Capital

$80,000

Drawings

$29,000

Sales

$206,600

Purchases

$106,000

Purchases Returns and Allowances

$1,000

Purchase Discounts

$500

Freight-in

$300

Insurance Expense

$6,000

Interest Expense

$8,000

Repair Expense

$5,000

Salaries Expense

$17,600

Advertising Expense

$1,200

Depreciation Expense

$11,000

Utilities Expense

$1,000

$613,100

$613,100

Other Information:

Inventory on hand at December 31, 2019 is $55,000 (Hint: this is ending inventory).
Estimated Returns Inventory increased $2,000 (Hint: Include in COGS and Closing Entry).
Administrative expenses include: Insurance, Repair, Utilities, and Depreciation.
Selling expenses include: Advertising and Salaries.
$50,000 of the Notes Payable is payable next year (Hint: classified as current).