1,500 Francis Company, Inc. December 31, 2017 Unadjusted Trial balance Cash 45,000 Accounts Receivable 23,000 Allowance for Doubtful Accounts Short Term Note Receivable 84,000 Interest Receivable 0 Supplies 5,000 Prepaid Insurance 40,000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 3,000 Sales Sales Returns & Allowances 2,300 Sales Discounts 1,900 Cost of Goods Sold 45,500 Delivery Expense 2,000 Depreciation Expense 16,000 Bad Debt Expense 0 Rent Expense 98,300 Insurance Expense 40,000 Wages Expense 200,000 Supplies Expense 15,500 Interest Revenue 0 Loss on Disposal Interest Expense 6,500 Income Tax Expense 36,000 Total 767,000 42,000 14,000 18,000 7,000 65,000 106,000 2,500 511,000 0 767.000 On Dec 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank (1) enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank [7] enter the account to be credited. In Blank (8) enter the amount to be credited. Dr. [1]______ [2]$ Cr. [3] [4]$ Dr. (5). [6]$ Cr. [71 [8]$ accounts receivable A 16500 A sales revenue 16500 A/ cost of goods sold inventory 5500 5500 The company made a loan to Jackson Co. in the form of a short-term note receivable. Write the adjusting journal entry for the accrual of interest receivable from Oct. 1, 2017 to Dec 31, 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. (3) [4]$ A A Uncollectible Accounts Receivable of $1,600 needs to be written off for the year ended 2017. In Blank (1) enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4) enter the amount to be credited. Dr. [1] [2]$ Cr. [3] [4]$ Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjusting journal entry based on this information. In Blank (1) enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1]______ [2]$ Cr. [3] [4]$ A A A piece of equipment was retired on Dec. 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1, 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec. 31, 2017. Update the depreciation below (#5). In Blank (1) enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1]______ [2]$ Cr. [3] [4]$ A A A Record the retirement of the equipment (from #5) including the gain or loss. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited or debited for the gain or loss. In Blank [4] enter the amount to be credited or debited for the gain or loss. In Blank [5] enter the account to be credited. In Blank [6] enter the amount to be credited. A A/ What is the total dollar amount of debits in the Adjusted Trial Balance? (This number should be the same as the total dollar amount of credits.) Frank, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 48,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Note Receivable 50,000 Interest Receivable 1,350 Supplies 5,000 Prepaid Insurance 52,000 Inventory 6,500 Vehicle 16,000 Equipment 37,000 Accumulated Depreciation 12,000 Accounts Payable 28,000 Unearned Revenue 14,000 Wages Payable 2,000 Long-Term Notes Payable 55,000 Common Stock 114,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 519,500 Sales Returns & Allowances 13,000 Sales Discounts 3,000 Cost of Goods Sold 59,500 Delivery Expense 5,000 Depreciation Expense 19,000 Bad Debt Expense 2,600 Rent Expense 102,000 Insurance Expense 25,000 Wages Expense 195,000 Supplies Expense 16,000 Interest Revenue 1,350 Loss on Disposal 7,000 Interest Expense 2,500 Income Tax Expense 44,000 Total 750,350 750,350 What is Gross Profit for the period ending December 31, 2017? What is Operating Income for the period ending December 31, 2017? A: What is Ending Retained Earnings as A/ What is Net of December 31, 2017? Accounts Receivable as of December 31, 2017? A/ What is Total Current Assets as of December 31, 2017? A) What is Total Liabilities and Stockholders' Equity as of December 31, 2017 The final required step for this assignment is to upload an image of all pages of your completed hand-written assignment (journal entries, t-accounts, Adjusted Trial Balance, Income Statement, Statement of Retained Earnings, and Balance Sheet) to the Assignment dropbox area on D2L