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Jan. 1

Investors provided $2,500,000 of cash in exch

ange for stock of Harper

Corporation.

Jan. 1

Purchased combines and trucks in exchange for

$1,000,000 cash and a

$3,000,000 note payable.

Feb. 7

Purchased $40,000 of supplies on account that

will be needed during the

upcoming harvest.

Mar. 3

Paid wages of $65,400.

Apr. 1

Billed customers for services in the amount o

f $230,000.

Apr. 11

Paid $30,000 toward the purchase of February

7.

May 1

Purchased a $24,000 insurance policy. This tr

ansaction was recorded as

prepaid insurance.

June 6

Collected $210,000 on accounts receivable.

June 9

Paid wages of $130,600.

June 15

Paid $30,200 for fuel costs.

June 20

Paid $12,500 for lodging costs incurred by c

rew.

June 30

Paid $120,000 of interest and $80,000 to red

uce the balance of the note

payable.

Aug. 1

Billed customers for services provided in the

amount of $812,000.

Sept. 3

Collected $715,000 on accounts receivable.

Sept. 16

Purchased $25,000 of supplies on account.

Sept. 25

Paid $61,200 for fuel costs.

Oct. 20

Paid $8,100 for lodging costs incurred by cr

ew.

Nov. 3

Paid wages of $125,900.

Dec. 15

Collected $100,000 as deposits from customer

s who contracted for 2017

harvesting services.

Dec. 31

Declared a $25,000 dividend to shareholders

to be paid in January.

On January 1, 2016, Stephen Harper formed a corpora

tion to purchase wheat harvesting

equipment and provide contract support services to

farmers throughout the Prairies.

Information about the first year of operation is as

follows:

Cash

Accounts Receivable

Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation

Accounts Payable

Interest Payable

Dividends Payable

Unearned Revenue

Notes Payable

Capital Stock

Retained Earnings

Dividends

Revenues

Wage Expense

Fuel Expense

Lodging Expense

Insurance Expense

Supplies Expense

Interest Expense

Depreciation Expense

Income Summary

Required:

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

Journalize and post adjusting entries based on the

following additional information:

The equipment had 25-year life, with no salvage val

ue.

The insurance policy covered a 12-month period comm

encing on May 1.

Supplies on hand at year end amount to $20,000.

At year end, $115,000 of additional interest is due

on the note payable.

Calculate one ratio in each category: Liquidity, S

olvency, Efficiency and Profitability.

what is post-closing trial balance as of December

31.

what is income statement, statement of changes i

n equity and statement of cash

flows for the year, and a classified balance sheet

as of the end of the year.

what is adjusted trial balance as of December 31

.

Journalize and post closing entries.

The Corporation uses the following accounts:

At year end, Harper Corporation had provided $30,00

0 of unbilled services to

customers. These services will be billed early nex

t year.

Journalize the listed transactions.

Post the transactions to the appropriate general le

dger accounts.

what is trial balance as of December 31.