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Problem 5-05A a, b1-b3, c-e (Video) The trial balance of Blue Spruce Corp. contained the following accounts at November 30, tBlue Spruce Corp. Worksheet Account Titles Trial Balance Dr. Cr. Adjustments Dr. Adj. Trial Balance Dr. Income Statement Dr.Prepare a multiple-step income statement for the year. (If there is a net loss then enter the amount using either a negativePrepare a retained earnings statement for the year. Blue Spruce Corp. Retained Earnings Statement SHOW LIST OF ACCOUNTS --- -Blue Spruce Corp. Balance Sheet Assets Liabilities and Stockholders EquityJournalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manJournalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manuaPrepare a post-closing trial balance. Blue Spruce Corp. Post-Closing Trial Balance Debit Credit Totals SHOW LIST OF ACCOUNTS

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As per policy, only four parts are allowed to answer at a time, but here answering 5 parts for you:

Worksheet:
Trial balance Adjustments Adj. Trial Balance Income Statement Balance Sheet
Account titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 8500 8500 8500
AR 28600 28600 28600
Inventory 42500 41800 42500 41800 41800
Supplies 6100 3600 2500 2500
Equipment 131000 131000 131000
Acc Dep-Eq. 27000 14000 41000 41000
Notes payable 50500 50500 50500
AP 39400 39400 39400
Com Stock 50000 50000 50000
RE 40000 10500 29500 29500
Dividends 10500 10500
Sales Rev. 755800 755800 755800
Sales Ret.& Allow. 8800 8800 8800
COGS 497400 42500 41800 498100 498100
Sal.& wages exp. 139600 139600 139600
Advertising exp. 24000 24000 24000
Utilities exp. 13900 13900 13900
Maint.& Rep exp. 11600 11600 11600
Freight out 16400 16400 16400
Rent expense 23800                  23800 23800
Totals 962700 962700
Supplies exp. 3600 3600 3600
Dep. Exp. 14000 14000 14000
Int. exp. 4000 4000 4000
Int. payable                4000                   4000                                     4000
totals 116400 116400 970200 970200 757800 755800
Net loss 2000 2000                  
Totals 214400 214400
Income Statement:
Amount $
Sales Rev. 755800
Sales Ret.& Allow. 8800
Net Sales 747000
Less: COGS 498100
Gross profit 248900
Less: Expenses:
Sal.& wages exp. 139600
Advertising exp. 24000
Utilities exp. 13900
Maint.& Rep exp. 11600
Freight out 16400
Rent expense 23800
Supplies exp. 3600
Dep. Exp. 14000
Int. exp. 4000
Total Expenses 250900
Net Loss 2000
Retained Earnings Statement:
Amount $
Opening Balance 40000
Less:Net Loss 2000
Less:Dividends paid 10500
Closing Balance 27500
Balance Sheet:
Assets: Amount $
Cash 8500
AR 28600
Inventory 41800
Supplies 2500
Current Assets 81400
Equipment 131000
Acc Dep-Eq. -41000
Total Assets 171400
Liabilities & Stock Eq.: Amount $
Notes payable 50500
AP 39400
Int. payable 4000
Current Liabilities 93900
Com Stock 50000
RE 27500
Total Liabi. & St. Eq. 171400
Adjusting Journal Entries;
Date Acc Titles Debit $ Credit $
30-Nov Supplies exp. 3600
Supplies   3600
(to adjust supplies exp.)
30-Nov Depre. Exp. 14000
Acc. Dep.- Eq. 14000
(to adjust depreciation on equipment)
30-Nov Interest exp. 4000
Interest payable 4000
(to adjust interest exp.)
30-Nov Inventory 41800
Cost of goods sold 41800
(to adjust closing inventory)
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