Adjusted Trial Balance For Tool Time tool Time Inc The adjusted trial balance for Tool TimeTool Time, Inc., as of June 30, 2018, is presented next:
Tool Time, Inc.
Trial Balance
June 30, 2018
Account
Debit
Credit
Cash
$22,000
Accounts receivable
38,500
21,400
Estimated inventory returns
2,000
Supplies
2,400
Equipment
70,000
Accumulated depreciation, equipment
$12,300
Accounts payable
6,300
Estimated refunds liability
1,400
Unearned sales revenue
2,800
Note payable, long-term
35,000
Common stock
38,000
Retained earnings
28,800
Dividends
41,000
Sales revenue
225,000
Cost of goods sold
103,500
Selling expense
27,800
General Expense
20,500
Interest expense
500
Total
$349,600
$349,600
The previous chapter presented adjustments that might be needed at the end of each accounting period. These adjustments were necessary to bring a company’s books and records currently in anticipation of calculating and reporting income and financial position.
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