Chapter 7
Corporations: The Financial Statements
363
AP-11B (
2
3
5
)
Below is the adjusted trial balance for Excel Network Inc. as at December 31, 2016.
Excel Network Inc.
Adjusted Trial Balance
December 31, 2016
Debit
Credit
Cash
$84,000
Accounts Receivable
189,000
Prepaid Rent
9,240
Inventory
210,000
Equipment
43,000
Accumulated Depreciation
$15,050
Accounts Payable
38,000
Unearned Revenue
35,625
Interest Payable
8,925
Salary Payable
28,500
Loan Payable
105,000
Preferred Shares
75,000
Common Shares
105,000
Retained Earnings (after dividends)
111,805
Sales Revenue
475,000
Sales Returns
19,000
Cost of Goods Sold
166,250
Depreciation Expense
4,515
Salary Expense
109,250
Rent Expense
26,125
Interest Expense
12,600
Utilities Expense
30,875
Insurance Expense
37,050
Supplies Expense
57,000
Total
$997,905
$997,905
