1

Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any.

2

Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any.

3

Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any.

4

Reconstruct the journal entry for cash paid for other operating expenses, incorporating the change in the related balance sheet account(s), if any.

5

Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any.

6

Reconstruct the entry for the purchase of new equipment.

7

Reconstruct the entry for the issuance of common stock.

8

Reconstruct the entry to record the payment of cash dividends.

9

Close the revenue account(s) to income summary.

10

Close the expense accounts to income summary.

11

Close Income Summary to Retained Earnings.

Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Additional Information on Current Year Transections a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current flscal year. Upon completion, the trial balance tab should agree with the December 31 , current year balances. Note: Enter debits before credits