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(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 1 year ago
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