(Solved): adjusted trail balance  1. An inventory of supplies showed \( \$ 2,300 \) were used up. 2. The ...

1. An inventory of supplies showed \( \$ 2,300 \) were used up. 2. The furniture was purchased for \( \$ 7,000 \). It has \( \$ 2,000 \) salvage value and a 5 year useful life. One year of depreciation must be recorded. 3. \( \$ 3,000 \) of insurance was purchased for 12 months. \( \$ 1,200 \) of insurance was used. 4. Performed \( \$ 25,000 \) of services that was paid for in advance 5. On last day of the month, performed \( \$ 9,300 \) of services for new customer and will be paid next month 6. Happy cleaners provided \( \$ 11,000 \) of cleaning services on the last day of the month. This waas a special yearly clean. They will be paid next month. 7. An inventory count revealed there was \( \$ 4,100 \) of inventory shrinkage. This was a larger than usual amount of shrinkage. 8. The company estimates bad debt expense to be \( 2 \% \) of credit sales. Assume all sales are made on credit. 9. A company with net assets of \( \$ 100,000 \) was purchased for \( \$ 190,000 \) one year ago. The current fair value of the company is 180,000 . Perform a goodwill impairment test and record an impairment entry if one is needed. 10. The company had a calculated warranty expense of 17,000 on oustanding sales 11. The company sold an additional 10,000 shares at a market price of \( \$ 16 \). The par value of the stock is \( \$ 1 \). 12. The company purchased 1,000 of its own shares at a market price of \( \$ 21 \). ANN SIMPSON,DESIGNER Unadjusted Trial Balance November 30, 2018 \begin{tabular}{|l|r|r|} \hline Account Title & \multicolumn{2}{|c|}{ Balance } \\ \hline & \multicolumn{1}{|c|}{ Debit } & Credit \\ \hline Cash & \( \$ 23,400 \) & \\ \hline Inventory & \( \$ 60,000 \) & \\ \hline Accounts Receivable & 22,000 & \\ \hline Office Supplies & 5,000 & \\ \hline Prepaid Insurance & 3,000 & \\ \hline Furniture & 20,000 & \\ \hline Land & 24,000 & \\ \hline Goodwill & 40,000 & \\ \hline Accounts Payable & & \( \$ 19,900 \) \\ \hline Utilities Payable & & 600 \\ \hline Unearned Revenue & & 38,000 \\ \hline Common Stock & & 100,000 \\ \hline Dividends & 4,000 & \\ \hline Service Revenue & & 76,900 \\ \hline Cost of goods sold & 25,000 & \\ \hline Salaries Expense & 6,000 & \\ \hline Rent Expense & 2,000 & \\ \hline Utilities Expense & 1,000 & \\ \hline Total & \( \$ 235,400 \) & \( \$ 235,400 \) \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}