Paulson Corporation's unadjusted trial balance at December 1, 2012, is presented
Debit
Credit
Cash
$ 22,000
Accounts Receivable
36,800
Notes Receivable
10,000
Interest Receivable
-0-
Inventory
36,200
Prepaid Insurance
3,600
Land
20,000
Buildings
150,000
Equipment
60,000
Patent
9,000
Allowance for Doubtful Accounts
$
500
Accumulated Depreciation-Buildings
50,000
Accumulated Depreciation-Equipment
24,000
Accounts Payable
27,300
Salaries and Wages Payable
-0-
Notes Payable (due April 30, 2013)
11,000
Interest Payable
-0-
Notes Payable (due in 2018)
35,000
Common Stock
50,000
Retained Earnings
63,600
Dividends
12,000
Sales Revenue
900,000
Interest Revenue
-0-
Gain on Disposal of Plant Assets
-0-
Bad Debts Expense
-0-
Cost of Goods Sold
630,000
Depreciation Expense
-0-
Insurance Expense
-0-
Interest Expense
-0-
Other Operating Expenses
61,800
Amortization Expense
-0-
Salaries and Wages Expense
110,000
Total
$1,161,400
$1,161,400
The following transactions occurred during December.
Dec. 2 Paulson purchased equipment for $16,000, plus sales taxes of $800
(all
paid in cash).
