Reference no: EM132497619

Following is the unadjusted trial balance of Pape Pens Corporation at the end of its first year of operations, December 31, 2019:
Acct. Balance

101 110 161 173 184	Cash Accounts receivable Prepaid insurance Unused supplies Truck	3,300 4,000 1,200 500 8,000
194	Acc. dep. -truck		-0-
210	Accounts payable		5,000
226	Salaries payable		-0-
248	Unearned rent revenue		2,400
260	Income taxes payable		-0-
320	Common stock		7,000
350	Dividends	1,000
410	Commissions earned		16,100
440	Rent earned		-0-
610	Advertising expense	200
615	Commissions expense	1,000
624	Dep. expense -truck	-0-
631	Insurance expense	-0-
632	Interest expense	400
654	Rent expense	3,600
656	Salaries expense	7,000
668	Supplies expense	-0-
669	Telephone expense	300
830	Income taxes expense	-0-
		30 500	30 500

The following additional information is available:

a. Prepaid insurance at December 31 amounts to $600.
b. A physical count indicates that $300 of supplies is still on hand at December 31.
c. The truck was purchased on July 1; it has an estimated useful life of 4 years.
d. One day of salaries for December 31 is unpaid; the unpaid amount of $200 will be included in the first Friday payment in January.
e. The balance in the Unearned Rent Revenue account represents six months rental of warehouse space, effective October 1.
f. A $100 bill for December telephone charges has not yet been recorded.
g. Income taxes expense for the year is $300. This amount will be paid in the next fiscal year.

Required:

Question 1. Prepare all necessary adjusting entries at December 31, 2019, including general ledger account numbers. Descriptions are not needed.

Question 2. Prepare an adjusted trial balance at December 31, 2019.

Question 3. Prepare an income statement, statement of changes in equity, and balance sheet.

Question 4. Prepare closing entries including general ledger account numbers and descriptions.

Question 5. Prepare a post-closing trial balance.