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Bmgt220 Week 3 Homework Solutions

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BMGT220 Week 3 homework solutions
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There are two homework problems this week.   The first is below and the second one is on the second tab at the bottom left of the screen

Below you will see an unadjusted trial balance run at year end follwed by information needed to make adjusting entries.

Baltimore Glass Company
Trial Balance
December 31, 2014

Acct.
No. Account Title Debit Credit
101 Cash           88,450
110 Accounts Receivable       195,613
120 Merchandise Inventory, 1/1/2014       256,250
125 Supplies on Hand             3,252
130 Prepaid Insurance             3,500
131 Prepaid Rent             7,500
150 Equipment       175,285
160 Accumulated Depreciation           24,260
202 Accounts Payable           72,555
210 Wages Payable                   -  
301 Capital Stock       220,000
302 Retained Earnings, 1/1/2014       211,144
401 Sales       998,250
405 Sales Returns and Allowances             5,145
410 Interest Revenue             1,500
500 Purchases       556,800
502 Purchases Returns and Allowances             1,200
505 Transporatation In             4,580
510 Inventory Change
520 Advertising Expense             1,000
530 Sales Salaries Expense           88,600
532 Supplies Expense                   -  
540 Office Salaries Expense       124,500
550 Utilities Expense             8,594
555 Insurance Expense                   -  
560 Professional Fees Expense             3,000
570 Depreciation Expense                   -  
580 Interest Expense             6,840
    1,528,909     1,528,909

Adjusting items:
1. The remaining prepaid insurance at year end is $3,000
2. A physical inventory...

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