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Quigley Corporation"s trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described below.
Cash
Accounts Receivable
Inventory Land
Buildings Equipment
Debit
Credit
$ 23,000 51,000 22,700 65,000 95,000 40,000
Allowance for Doubtful Accounts
$ 450
Accumulated Depreciation-Buildings
30,000
Accumulated Depreciation-Equipment
14,400
Accounts Payable
19,300
Interest Payable
-0-
Dividends Payable
Unearned Rent Revenue
8,000
Bonds Payable (10%)
50,000
Common Stock ($10 par)
Paid-in Capital in Excess of Par-Common Stock
6,000
Preferred Stock ($20 par)
Paid-in Capital in Excess of Par-Preferred Stock
Retained Earnings
75,050
Treasury Stock
Cash Dividends
Sales Revenue
570,000
Rent Revenue
Bad Debt Expense
Interest Expense
2,500
Cost of Goods Sold
400,000
Depreciation Expense
Other Operating Expenses
39,000
Salaries and Wages Expense
65,000
Total
$803,200
Unrecorded transactions
Instructions
(Ignore income taxes.)
(a)Prepare journal entries for the transactions listed above.
(b)Prepare an updated December 31, 2014, trial balance, reflecting the unrecorded transactions.
(c)Prepare a multiple-step income statement for the year ending December 31, 2014.
(d)Prepare a retained earnings statement for the year ending December 31, 2014.
(e)Prepare a classified balance sheet as of December 31, 2014.
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