company operates under a calendar fiscal year

Smith Company manufactures and sells widgets to the baggers industry. The unadjusted trial balance as of December 31, 2017, is shown below. The company operates under a calendar fiscal year and uses the perpetual inventory system. Account Cash Accounts receivable Supplies Prepaid rent Prepaid insurance S 17,920.00 42,350.00 107,500.00 90,000.00 Equipment S 27,000.00 Accounts payable Wages payable Interest payable Note payable Common stock Retained eamings Sales revenue Cost of goods sold Interest expense Wage expense Rent expense Insurance expense Supplies expense Utility expense Bank charges Depreciation expense 37.518.00 4.280.00 45,000.0 84,000.00 42,500.00 231 250.00 142,990.00 31,250.00 24,000.00 6,700.00 4,650.00 4.188.00 Totals $471548.00 $471548.00 Smith Company accountants have not completed the bank reconciliation for the year ended December 31, 2017. As of that date, the statement from Bank of the South showed a balance of S19,867.00. Additional information regarding bank account activity includes the following: 1) Outstanding checks were S3,125.00; 2) Deposit recorded on the books as of December 31, 2017 of $375.00 did not clear the bank records until January 2, 2018; 3) One check in payment of insurance was correctly recorded by the bank in the amount of S517.00, but was recorded by Smith Company, and charged to Insurance Expense properly, as S571.00; 4) The bank recorded a withdrawal, previously

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