Reference no: EM13952694
Information necessary to prepare the year-end adjusting entries appears below.
1. Depreciation on the equipment for the year is $20,000.
2. Employee wages are paid twice a month, on the 22nd for wages earned from the 1st through the 15th, and on the 7th of the following month for wages earned from the 16th through the end of the month. Wages earned from December 16 through December 31, 2015, were $2,000.
3. On October 1, 2015, Florida borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
4. On March 1, 2015, the company lent a supplier $20,000 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2016.
Account Title Debit Credit
Cash 29,000
Accounts Receivable 40,000
Supplies 1,500
Inventory 60,000
Notes Receivable 20,000
Interest Receivable -
Prepaid Rent 2,000
Prepaid Insurance 7,000
Equipment 80,000
Accumulated Depreciation-Equipment 30,000
Accounts Payable 31,000
Wages Payable -
Notes Payable 50,000
Interest Payable -
Unearned Revenue -
Common Stock 60,000
Retained Earnings 24,500
Sales Revenue 148,000
Interest Revenue -
Cost of Goods Sold 70,000
Wages Expense 18,900
Rent Expense 11,000
Depreciation Expense -
Interest Expense -
Supplies Expense 1,100
Insurance Expense -
Advertising Expense 3,000
Totals 343,500 343,500
5. On April 1, 2015, the company paid an insurance company $7,000 for a two-year fire insurance policy.
6. $800 of supplies remained on hand at December 31, 2015.
7. A customer paid Florida $2,000 in December for 1,500 pounds of spaghetti to be manufactured and delivered in January 2016.
8. On December 1, 2015, $2,000 rent was paid to the owner of the building. The payment represented rent for December and January 2016, at $1,000 per month.
Required:
1. Prepare the necessary December 31, 2015 adjusting journal entries. (25p.)
2. Enter the unadjusted balances from the trial balance into T-accounts. (5p.)
3. Post the adjusting entries prepared in (1) to the accounts. (10p.)
4. Prepare an adjusted trial balance. (5p.)
5. Prepare closing entries and post to the accounts. (15p.)
6. Prepare a post-closing trial balance. (10p.)
|
Determine the wavelength of the light
: A card containing two slits separated center-to-center by 0.1mm, is illuminated by a red laser (lambda = 632:82nm). If the fringes on an observing screen are to be 10mm apart, how far away (in m) should the screen be?
|
|
Conflict between planning and control uses of budgets
: Why is there an inherent conflict between planning and control uses of budgets?
|
|
Relationship between path length difference and wavelength
: What does it mean to say that two sources of waves are coherent, for instance, the waves in questions 2 above? If the sources in question 2 were two flashlights, would you observe interference at P? Explain.
|
|
Course in your chosen or anticipated profession
: For the final discussion, take a moment to think back to where you were when you began this class ( I have a basic accounting background, I studied General Accounting) and where you are now . In your initial post, address the following:
|
|
Information necessary to prepare
: Employee wages are paid twice a month, on the 22nd for wages earned from the 1st through the 15th, and on the 7th of the following month for wages earned from the 16th through the end of the month. Wages earned from December 16 through December 31..
|
|
What is cache coherence and parallelism?
: How is the SETI Research Project making use of parallel processing?
|
|
What types of issues does the company seem to be facing
: What types of issues does the company seem to be facing? What suggestions do you have for the Bao Corporation?
|
|
How are pentium chips manufactured
: How are Pentium chips manufactured?
|
|
Purpose of benchmarking
: What is the purpose of benchmarking and how can benchmarking be used to improve supply chain performance? Give at least one industry example to illustrate your point.
|