Answers
| N & N ENTERPRISES | ||||||
| TRIAL BALANCE AS AT 31 DECEMBER 2010 | ||||||
| Adjustment | Adjusted | |||||
| Debit | Credit | Debit | Credit | Debit | Credit | |
| Capital | 130,000 | 130,000 | ||||
| Drawings | 11,000 | 11,000 | ||||
| Mortgage loan (8%) | 50,000 | 50,000 | ||||
| Unearned Rent income | 1,400 | 1,400 | ||||
| Salaries Payable | 800 | 800 | ||||
| Land and buildings | 81,000 | 81,000 | ||||
| Furniture and equipment | 14,000 | 14,000 | ||||
| Bank | 14,000 | 14,000 | ||||
| Inventory (1 January 2010) | 100,000 | 100,000 | ||||
| Debtors control | 82,000 | 82,000 | ||||
| Interest Receivable | 1,060 | 1,060 | ||||
| Prepaid Insurance | 3,500 | 3,500 | ||||
| Prepaid Advertisement | 2,400 | 2,400 | ||||
| Fixed Deposit | 37,200 | 37,200 | ||||
| Creditors control | 90,000 | 90,000 | ||||
| Sales | 500,000 | 500,000 | ||||
| Purchase | 283,000 | 283,000 | ||||
| Interest income | 800 | 1,060 | 1,860 | |||
| Rent income | 2,400 | 1,400 | 1,000 | |||
| Freight charges on purchases | 5,000 | 5,000 | ||||
| Advertising | 9,800 | 2,400 | 7,400 | |||
| Insurance | 5,000 | 3,500 | 1,500 | |||
| Credit losses | 2,600 | 2,600 | ||||
| Administration expenses | 30,000 | 30,000 | ||||
| Property rates and taxes | 9,600 | 9,600 | ||||
| Interest expenses | 3,000 | 3,000 | ||||
| Water, electricity, and telephone | 10,000 | 10,000 | ||||
| Salaries | 76,000 | 800 | 76,800 | |||
| 773,200 | 773,200 | 9,160 | 9,160 | 775,060 | 775,060 | |
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