Chapter 7
Corporations: The Financial Statements
369
AP-14B (
2
3
5
)
Below is the adjusted trial balance for Elements Inc. as at March 31, 2016.
Elements Inc.
Adjusted Trial Balance
March 31, 2016
Debit
Credit
Accounts Payable
$19,580
Accounts Receivable
$22,000
Accumulated Depreciation
7,700
Cash
18,700
Common Shares
21,500
Cost of Goods Sold
37,400
Depreciation Expense
9,900
Insurance Expense
9,900
Interest Payable
660
Interest Receivable
1,320
Interest Revenue
2,640
Inventory
24,750
Non-Current Debt
13,200
Loss on Disposal of Machinery
1,485
Notes Receivable
33,000
Preferred Shares
19,850
Prepaid Insurance
7,700
Furniture
49,500
Rent Expense
18,150
Retained Earnings (after dividends)
54,185
Salary Expense
19,800
Salary Payable
9,350
Sales Returns and Allowances
3,300
Sales Revenue
110,000
Unearned Revenue
13,640
Utilities Expense
15,400
Total
$272,305
$272,305
