Current Attempt in Progress
An alphabetical list of Wildhorse Company adjusted accounts at its fiscal year end, August 31, 2024, follows. All accounts have normal
balances.
Accounts payable
$15,600
Notes payable
$42,000
Accumulated depreciation-equipment 14,000
Prepaid insurance
575
Accumulated depreciation-furniture
17,500
R. Hall, capital
65,750
Cash
36,860
R. Hall, drawings
70,000
Cost of goods sold
265,640
Rent expense
25,000
Depreciation expense
7,100
Salaries expense
50,800
Equipment
35,000
Salaries payable
2,250
Furniture
42,000
Sales
472,000
Insurance expense
3,575
Sales returns and allowances
14,000
Interest expense
3,380
Supplies
950
Interest payable
555
Supplies expense
6,325
Merchandise inventory
71,050
Unearned revenue
2,600
Additional information:
1. Of the notes payable, $6,100 becomes due on February 17, 2025. The balance is due in 2026.
2. On July 18, 2024, R. Hall invested $4,200 cash in the business.