Question

In: Accounting

(4) Using formulas that link back to the "Trial Balance" tab, prepare the entity's 12/31/2018 closing...

(4) Using formulas that link back to the "Trial Balance" tab, prepare the entity's 12/31/2018 closing entries.
Walnut Grove Trial Balances To be calculated by student
12/31/2018 - Adjusted
Debit Credit
Cash      410,753.54
Accounts Receivable        41,901.43
Inventory        24,061.10
Prepaid Expenses              740.31
Building      119,250.00
Computers & Software          7,047.00
Furniture & Fixtures        16,299.00
Land        45,000.00
Machinery & Equipment        78,120.00
Accumulated Depreciation        18,329.51
Accounts Payable        11,471.29
Payroll Tax Payable          4,599.59
Sales Tax Payable          2,349.61
Interest Payable          5,187.24
Unearned Revenue        20,475.00
Line of Credit      258,750.00
Notes Payable                       -  
Peters, J., Capital              900.00
Peters, M., Capital              900.00
Net Income/Retained Earnings      282,921.75
Material & Supplies Sales      264,706.02
Small Tool Sales          8,287.74
Tool Rentals          1,483.20
Vendor Compensation              414.20
COGS - Material & Supplies        82,191.62
COGS - Small Tools        13,819.24
COGS - Wages        16,630.83
Depreciation Expense        17,492.51
Insurance Expense          4,589.90
Interest Expense          1,439.58
Office Supplies Expense              118.08
Payroll Tax Expense          1,273.05
Postage Expense                47.97

Solutions

Expert Solution

Date Account Debit Credit
December 31, 2018 Material and Supplies Sales $ 264,706.02
Small Tool Sales $     8,287.74
Tool Rentals $     1,483.20
Vendor Compensation $        414.20
Income Summary $ 274,891.16
December 31, 2018 Income Summary $ 137,602.78
COGS - Material & Supplies $   82,191.62
COGS - Small Tools $   13,819.24
COGS - Wages $   16,630.83
Depreciation Expense $   17,492.51
Insurance Expense $     4,589.90
Interest Expense $     1,439.58
Office Supplies Expense $        118.08
Payroll Tax Expense $     1,273.05
Postage Expense $           47.97
December 31, 2018 Income Summary $ 137,288.38
Retained Earnings $ 137,288.38

Assumed Vendor Compensation is an INCOME for the company

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Prepare a post closing trial balance
Prepare a post closing trial balance.  
Prepare a post-closing trial balance.
Below is the closing entries for the year ended December 31, 2017 (b2) Prepare a post-closing trial balance. Crane Company Post-Closing Trial Balance Debit Credit Totals
Need to Prepare Balance sheet and Income Statement 12-31-2017 12-31-2018 ACCT ACCOUNT POST CLOSING UNADJUSTED ADJUSTMENTS...
Need to Prepare Balance sheet and Income Statement 12-31-2017 12-31-2018 ACCT ACCOUNT POST CLOSING UNADJUSTED ADJUSTMENTS ADJUSTED INCOME BALANCE NO. TITLE TRIAL BALANCE TRIAL BALANCE TRIAL BALANCE STATEMENT SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT ASSETS 111000 General checking account 21,38,784.99 21,50,317.00 21,50,317.00 21,50,317.00 112000 Payroll checking account 28,726.39 1,000.00 1,000.00 1,000.00 113000 Money market account 7,75,549.73 7,82,546.49 7,82,546.49 7,82,546.49 114000 Savings account 48,876.82 51,745.56 51,745.56 51,745.56 119000 Petty cash 500.00 500.00 500.00 500.00...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation.Account TitleDebitsCreditsCash$40,000 Accounts receivable34,000 Inventories75,000 Prepaid rent for next 8 months16,000 Marketable securities (short term)10,000 Machinery1,45,000 Accumulated depreciation - machinery 11,000Patent (net of amortization)83,000 accounts payable 8,000wages payable 4,000Taxes payable 32,000Bonds payable (due in 10 Years) 2,00,000Commons stock 1,00,000Retained Earnings 48,000Totals403,000403,000Prepare a classified balance sheet for Jackson Corporation at December 31,2018 
Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the...
Prepare Balance Sheet The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises. Account Title Debits Credits   Cash 105,000   Investments 274,000   Accounts receivable 161,000   Inventories 234,000   Loans to employees 59,000   Prepaid expenses (for 2019) 35,000 Rent expense 84,000   Land 299,000   Building 1,740,000   Machinery and equipment 656,000 Trademark 171,000 Copyright 59,000 Bad debt expense 6,200 Depreciation expense 98,750 Dividends 40,000   Note receivable 345,000   Interest receivable 31,000 Cost of goods sold 242,000   Accumulated depreciation—building 639,000   Accumulated depreciation—equipment...
Closing Entries and Post-Closing Trial Balance for 12/31/16 Additional information: The equipment is being depreciated on...
Closing Entries and Post-Closing Trial Balance for 12/31/16 Additional information: The equipment is being depreciated on a straight-line basis over a 10-year life, with no residual value. Salaries accrued but not recorded total $500 On 1/1/16, the company had paid 3 years’ rent in advance at $100 per month Bad debts are expected to be 1% of total sales Interest of $400 has accrued on the note payable The income tax rate is 40% on current income and will be...
4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE...
4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE July 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Office Equipment 6 Accounts Payable 7 Unearned Revenue 8 Peyton Smith, Capital 9 Peyton Smith, Drawing 10 Fees Earned 11 Wages Expense 12 Office Rent Expense 13 Equipment Rent Expense 14 Utilities Expense 15 Music Expense 16 Advertising Expense 17 Supplies Expense 18 Miscellaneous Expense 19...
Required --------------------- 1. Prepare the trial balance of Harper Service as at 31 March 2018 --------...
Required --------------------- 1. Prepare the trial balance of Harper Service as at 31 March 2018 -------- During March, the business engaged in the following transactions, All figures are GST (GST is 15%)inclusive where applicable: Journalise each transaction. Key journal entries by transaction letter, using the format below: General Journal Transactions Accounts Debit ($) Credit ($)         1 March: Borrowed $45,000 from the bank and signed a bill payable in the name of the business. 2 March: Paid cash of $40,000...
The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:...
The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Debits Credits Cash 31,000 Investments (long-term) 72,000 Accounts receivable 47,000 Allowance for uncollectible accounts 9,000 Prepaid insurance 7,500 Inventories 185,000 Land 62,000 Buildings 225,000 Accumulated depreciation–buildings 67,000 Equipment 158,000 Accumulated depreciation–equipment 47,000 Patents (unamortized balance) 8,000 Accounts payable 46,000 Notes payable, due 2019 82,000 Interest payable 18,500 Bonds payable, due 2028 205,000 Common stock, no par, 30,000 shares authorized, issued, and outstanding 240,000 Retained...
The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:...
The December 31, 2018, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Cash 26,500 Investments (long-term) 63,000 Accounts receivable 38,000 Allowance for uncollectible accounts 7,500 Prepaid insurance 3,000 Inventories 140,000 Land 53,000 Buildings 180,000 Accumulated depreciation–buildings 58,000 Equipment 144,500 Accumulated depreciation–equipment 38,000 Patents (unamortized balance) 9,000 Accounts payable 41,500 Notes payable, due 2019 73,000 Interest payable 14,000 Bonds payable, due 2028 160,000 Common stock, no par, 29,000 shares authorized, issued, and outstanding 203,000 Retained earnings 62,000...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT