Business Assignment- Adjustment and Preparation
Exercise: W4-T1 Balance Sheet Adjustment and Preparation (Chapter 5)
Presented below is the adjusted trial balance of Bailey Corporation at December 31, 2008.
Debits Credits
Cash $52,000
Accounts Receivable 173,000
Allowance for Doubtful Accounts 10,400
Prepaid Insurance 6,300
Inventory 319,300
Long-term Investments 345,000
Land 105,000
Construction Work in Progress 136,000
Patents 36,000
Equipment 380,000
Accumulated Depreciation - Equipment 165,000
Unamortized Discount on Bonds Payable 20,000
Accounts Payable 152,200
Accrued Expenses 52,000
Notes Payable 100,000
Bonds Payable 400,000
Common Stock 500,000
Premium on Common Stock 50,000
Retained Earnings 143,000
Total $1,572,600 $1,572,600
USA 
India