BERRY CORPORATION_Financial statements

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Description

Berry Corporation prepared the following
preliminary trial balance. The trial balance and other information was
evaluated by Delton Wiser, CPA. Delton has returned a list of proposed
adjustments tha

BERRY CORPORATION

Trial Balance

December 31, 20X3

Debits

Credits

Cash

$ 30,540

$ –

Accounts
Receivable

45,000

Supplies

7,000

Equipment

244,500

Accumulated
Depreciation

46,500

Accounts Payable

12,700

Unearned Revenue

31,250

Notes Payable

80,000

Capital Stock

100,000

Retained
Earnings, Jan. 1

63,200

Dividends

12,000

Revenues

289,800

Wages Expense

214,600

Utilities Expense

8,700

Selling Expense

41,610

Depreciation
Expense

12,000

Interest Expense

7,500

$ 623,450

$ 623,450

1. Delton
discovered that 40% of the unearned revenue appearing in the trial balance
had actually been earned as of the end of the year.

2. A physical
count of supplies on hand revealed a year-end balance of only $3,000.

3. Unpaid and
unrecorded invoices for utilities for December amounted to $1,500.

4. The last
payday was December 26. Employees are owed an additional $3,900 that has not
been recorded.

5. Additional
depreciation of $3,100 needs to be recorded.

REQ:

1. Prepare
work sheet.

2. Prepare
adjusting entries.

3. Prepare
closing entries.

4. Prepare
after closing trial balance

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