Question

I nee help with the trail balance (the last picture) This is all the information that goes along with it.

On January 1, 20X7, Jacqueline Fernandez formed a corporation to purchase wheat harvesting equipment and provide contract support services to farmers throughout the Midwest Information about the first year of operation follows Jan. 1 Investors provided $2,500,000 of cash in exchange for stock of Fernandez Cornnratinn Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable Jan. 1 Feb. 7 Purchased $40,000 of supplies on account that will be needed during the upcoming harvest Mar. 3 Apr. 1 Apr. 11 May 1 June 6 June 9 June 15 June 20 June 30 Aug. 1 Paid wages of $65,400 Billed customers for services in the amount of $230,000 Paid $30,000 toward the purchase of February 7 Purchased a $24,000 insurance policy, recorded as prepaid insurance Collected $210,000 on accounts receivable Paid wages of $130,600 Paid $30,200 for fuel costs Paid $12,500 for lodging costs incurred by crew Paid $120,000 of interest and $80,000 to reduce the balance of the note Billed customers for services provided in the amount of $812,000 12 Problem Worksheet(a)Worksheet(b)Worksheet(c) Worksheet(d) Ready June 30 Aug. 1 Sept. 3 Sept. 16 Sept. 25 Oct. 20 Nov. 3 Dec. 15 Dec. 31 Paid $120,000 of interest and $80,000 to reduce the balance of the note Billed customers for services provided in the amount of $812,000 Collected $715,000 on accounts receivable Purchased $25,000 of supplies on account Paid $61,200 for fuel costs Paid $8,100 for lodging costs incurred by crew Paid wages of $125,900 Collected $100,000 as deposits from customers who contracted for 20X8 harvesting services Declared and paid a $25,000 dividend to shareholders Fernandez Corporation uses the following accounts Cash Accounts Supplies Prepaid 5 Supplies 7 Prepaid Equipment Accumulated Accounts Interest Unearned Notes Capital Retained Dividends Revenues Wage Fuel Lodging Insurance Supplies Interest epreciation 5 Income (a) Journalize the listed transactions (b) Post the transactions to the appropriate general ledger accounts (c) Prepare a trial balance as of December 31 (d) Journalize and post adjusting entries based on the following additional information Problem Worksheet(a)Worksheet(b)Worksheet(c) Worksheet 2 Supplies 3 Interest Depreciation 5 Income (a) Journalize the listed transactions (b) Post the transactions to the appropriate general ledger accounts 9 (c) Prepare a trial balance as of December 31 (d) Journalize and post adjusting entries based on the following additional information 0 The equipment had 25-year life, with no salvage value Supplies on hand at year end amount to $20,000 At year end, $115,000 of additional interest is due on the note payable The insurance policy covered a 12-month period commencing on May 1 At year end, Fernandez had provided $30,000 of unbilled services to customers. These services will be billed in early 20X8 2 3 4 5 6 e) Prepare an adjusted trial balance as of December 31 (f) Prepare an income statement and statement of retained earnings for 20X7, and a classified balance sheet as of the end of the year 7 (g) Journaie and post closing entries 9 (h) Prepare a post-closing trial balance as of December 31 Problem Worksheet(a)Worksheet(b)Worksheet(c) Worksheet(d) eady A B G H Trial Balance December 31, 20X7 Debits Credits Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Note Payable Capital Stock Retained Earnings Dividens Revenues Problem Worksheet(a)Worksheet(b) Worksheet(c) Worksheet(d W eady

Answer 1

Date Accounts & Explanations Debit Credit Jan-01 Cash $25.00.000 Common Stock $25.00.000 Jan-01 Combines & Trucks $4.00.000 Cash Notes payables $1.00,000 $3.00.000 Feb-07 Supplies 40.000 Accounts payables 40,000 Mar-03 Wages Expenses 65,400 Cash 65,400 Apr-01 Accounts receivables $2,30,000 Service Revenue $2,30,000 $30,000 Apr-11 Accounts payables Cash 30.000 May-01 Prepaid Insurance 24.000 Cash 24.000 Jun-06 Cash $2.10.000 Accounts receivables $2.10.000 Jun-09 Wages Expenses 1.30.600 Cash 1.30.600 Jun-15 Fuel Expenses Cash 30.200 30.200 Jun-20 Lodging expenses 12,500 Cash 12,500 1,20,000 80,000 Jun-30 Interest Expenses Notes payables Cash $2.00,000 Aug-01 Accounts receivables $8,12,000 $8,12,000 Service Revenue Sep-03 Cash 7,15,000 Accounts receivables $7,15.000 Sep-1 이 Supplies 25.000 Accounts payables 25.000 Sep-25 Fuel Expenses Cash 61.200 61.200 Oct-20 Lodging expenses 12.500 Cash 12.500 Nov-03 Wages Expenses $1.25.900 Cash $ 1.25.900 Dec-15 Cash $1.00,000 1.00,000 Uneaimed revenue Dec-30 Dividend 25,000 Cash 25,000

Adjsuting Entries Dec-30 Depreciation expenses 16,000 Accmualted Depreciation 16,000 Dec-30 Supplies expenses Supplies 45,000 40000+25000-20000 45,000 $ 1,15,000 Dec-30|Interest expenses Interest pavables S1.15.000 Dec-301 Insurance expenses(8 Months) | $ 16,000 Prepaid Insurance 16.000 Dec-30 Accounts receivables 30,000 Service Revenue 30,000

Cash Particulars S 25,00,000 Combines & Trucks S 1.00,000 Common Stock Accounts receivables S 2.10.000 Wages Expenses s 65.400 Accounts receivables 7,15.000 Accounts Payables S 30,000 Wages Expenses S 1.30.600 Fuel Expenses 30.2 Lodging expenses S12.500 Interest expenses S 1.20,000 Notes payables Fuel Expenses S 61.200 Lodging expenses S2.500 Wages Expenses S 125,900 $27.07.700 S35,25.000 S35,25,000 Common Stock Particulars Closing balance Amount S 25,00,000 S 25.00.000 $25,00.000 Caslh S 25,00.000 Combines & Trucks Amount Particulars Amount 1.00,000 Closing balance S 4,00,000 Notes payables 3,B S 4,00,000 4,00,000 Notes payables Particulars ount Particulars 0,000 Combines&Trucks 3,00,000 Cash Closing Balance 2,20,000 S 3,00.000 S 3.00.000 Particulars Accounts Payables Amount Particulars 40.000 Supplies Expenses 65000 Accounts Payables Particulars ash s30.000 Supplies S 40.000 35,000 Supplies 65.000 S 65,000

Wages EXpenses Amount Particulars Cash Cash Cash Particulars Amount $ 3.21.900 65.400 Income Statement $ 1,30,600 $ 1.25.900 $ 3.21.900 $ 3.21.900 Accounts receivables Amount Particulars $ 2.30.000 Cash $ 8.12.000 Caslh Particulars Service Revenue Service Revenue Service Revenue Amount S 2.10.000 $ 7,.15.000 $ 1,47,000 $10,72,000 30,000Closing Balance $ 10,72.000 Service Revenue Amount Particulars Particulars Income Statement Amount $10,72.000 Accounts receivables 2,30,000 Accounts receivables 8,12,000 Accounts receivables 30,000 $10,72,000 $ 10,72.000 aid Insurance Particulars Cash Amount Particulars Amount $24.000 Insurance e S16,000 $8.000 $ 24.000 se Closing Balance $24.000 Insurance Expenses Amount Particulars Particulars 16.000 Income Statement Amount $16,000 $16,000 aid Insurance $16,000 ciation ses Particulars Accmualted Particulars Amount Amount eciation16,000 Income Statement S16.000 $16,000 $ 16,000 Accumulated Depreciation Amount Particulars $16.000 $16.000 Particulars Closing balance Amount ses $ 16,000 reciation S16.000

Fuel Expenses Amount S30.200 Particulars Cash Cash Particulars Amount 61.200 Income Statement 91.400 S 91.400 S 91.400 Lodging expenses Amount Particulars Cash Cash Particulars Amount S12,500 $12.500 Income Statement $25,000 25.000 $25,000 Interest e Amount ses Particulars Cash Interest Payable 1,15,000 Income statement Particulars Amount $ 1,20,000 2,35,000 S 2.35.000 $ 2.35.000 Unearned Revenue Amount Particulars Closing expenses$1,00,000 Cash Particulars Amount $ 1,00,000 $ 1,00,000 $1.00.000 Dividend Amount Particulars Retained earmingS$25,000 Cash Particulars Amount $ 25.000 $ 25.000 S25.000 Suppiles e Amount ses Particulars Supplies Particulars Amount 45,000 Income statement45.000 $ 45,000 $ 45,000 Interest payable Particulars Amount Particulars Amount Closing Balance 1,15,000 Interest expenses S 1,15,000 1,15,000 $ 1,15,000

Trail Balance Particulars Debit Credit S 27,07,700 Cash Common Stock Combines & Trucks Notes pavables Supplies Accounts Pavables Fuel Expenses Lodging expenses Interest ex Unearned Revenue Dividend Suppiles expenses Interest pavable Accumulated Depreciation S 25.00.000 4,00,000 2,20,000 20,000 35,000 91,400 25,000 2,35,000 nses 1,00,000 25,000 45,000 1,15,000 16,000 reciation Ex 16,000 16,000 8,000 nses Insurance Ex Prepaid Insurance Service Revenue Accounts receivables Wages Expenses Total nses $10,72,000 1,47,000 3,21,900 S 40,58,000S40,58,000