Question

Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!!

T- Accounts

Adjusted Trial Balance

Income Statement

Statement of Retained Earnings

Balance Sheet

Closing Entries

Post-closing trial balance
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal entry. 2. Post the adjustments to the general ledger on the "12-31-16 T-Accounts" tab. You may have to add T-Accounts for new accounts. Link your T-Account entries to your Journal Entries. PLEASE NOTE THAT THE "BB" (BEGINNING BALANCES) FOR THE T-ACCOUNTS REPRESENT THE BALANCES AS OF 12/31/16. 3. Once the 12/31/16 T-Accounts are complete, prepare the Adjusted Trial Balance. There may be some accounts with zero dollars, and you may have to insert lines for new accounts. Link the Adjusted Trial Balance to your T-Accounts. 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Unrealized Holding Gains/Losses, Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part of the major central ongoing operations of the company. For purposes of the Balance Sheet, be sure to prepare a classifed Balance Sheet. Link your financial statements to your Adjusted Trial Balance. If necessary, review financial statement preparation in Chapters 3 and 4 of your Intermediate Accounting textbook for a quick refresher. 5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab. 6. When closing entries have been made, post the entries to the general ledger on the "Post-Close T-Accounts" tab. Make sure your adjusting journal entries are also on your Post-Close T-Accounts. They will not automatically flow from tab-to-tab. Helpful hint: After you have completed and posted all of your adjusting entries, make a duplicate copy of your "12-31-16 T-Accounts" tab to replace the existing blank "Post-Close T Accounts" tab by right clicking on the completed "12-31-16 T-Accounts" tab, select Move or Copy, then click on "Create a Copy" and then place at the desired location. You can then delete the original "Post-Close T-Accounts" tab and rename the newly duplicated tab as your "Post-Close T-Accounts" tab).

Answer 1

1 12/31/16 Adjusting Journal Entries JE # Debits Credits 2,250 Account Titles 1 Insurance Expense Prepaid Insurance To record expired insurance for the month of December 6,000 1,015 2 Depreciation Expense Accumulated Depreciation - Building Accumulated Depreciation - Equipment To record one month depreciation on building and equipment 115 900 4,500 3 Uneamed Rent Revenue Rent Revenue To record one month earned rent 4,500 5,000 4 Wages Expense Wages Payable Wages due to employees January 5, 2013 5,000 300 5 Interest Expense Interest Payable To record one month of interest due to American National Bank 300

100,000 147,000 6 Inventory (ending, by count) Cost of Goods Sold Purchases To record 2012 COGS and close purchaser account 247,000 5,000 7 Loss on impairment Patent To record impairment on intangible aset 5,000 16,000 8 Cash Treasury Stock Paid-In Capital from Treasury Stock To record the reissuance of Treasury Stock 10,000 6,000 100,000 9 Cash Common Stock Paid-In Capital in Excess of Par - Common Stock To record the issuance of Common Stock 10,000 90,000 30,271 4,729 10 Interest Expense Premium on Bonds Pavable Interest Payable To record accrual of interest and the related amortization 35,000

75,000 11 Bad Debt Expense Allowance for doubtful accounts To record bad debt expense 75,000 12 Income Tax Expense Income Tax Payable To record December's income tax expense