4 Part B: 5 1. Post the Journal Entries you made in Part A for Jelly World, Inc., to the 6 appropriate T-Accounts. Your T-Account entries must be properly linked to your 7 Journal Entry amounts. The first journal entry has been posted to the 8 appropriate T-Accounts for you (15 points-graded for accuracy and format, 9 including proper use of Excel spreadsheet links and formulas). 10 11 2. Show calculations below your completed T-Accounts proving that your 12 beginning and ending Accounting Equations balance. (3 points) 14 Check Figures: Ending Cash = $968,748; Total Ending Assets = $3,033,450. NOTE: Make sure your Total Debits = your Total Credits in the T-Accounts! 18 1.T-Accounts Solution: Assets Prepaid Insurance Cash 443,437 Uabilities be Cost of Goods Sold Mortgage Note Payable llowance for Doubtful Acc Dinc Simt P art Stmt of Ret Ea.. Supplies Expense Mortensen Beginning Balance Assets 13 RENE Ending Balance Equity Jelly World, Inc. Balance Sheet December 31, 2018 Assets urrent Assets Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Inventory Prepaid Insurance Total Current Assets 443,437 28,250 (565) 1,207,665 677 824 1,680,288 Property, Plant, and Equipment Land Furniture and Equipment Accumulated Depreciation--Furniture and Equipment Buildings Accumulated Depreciation--Buildings Net Property, Plant, and Equipment Equipment 145,500 22,500 (15,000) 630,000 (63,000) 720,000 in Total Assets $ 2,400,288 vo Liabilities and Stockholders' Equity Part A. JEs & Background Info Part B. T-Acets & Acct Equation Select destination and press ENTER or choose Paste Part C. Trial Bal & Closing JE P Land Furniture and Equipment Accumulated Depreciation--Furniture and Equipment Buildings Accumulated Depreciation--Buildings Net Property, Plant, and Equipment 145,500 22,500 (15,000 630,000 (63,000) 720,000 Total Assets $ 2,400,288 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest Payable Taxes Payable Total Current Liabilities 297,899 24,975 49,885 372,759 28 7 Long-term Liabilities Mortgage Note Payable 320,000 Note Payable 235,000 100 Total Long-term Liabilities 555,000 101 102 Total Liabilities 927,759 103 104 Stockholders' Equity 105 Common Stock, 13,000 shares issued and outstanding. $10 130,000 106 Retained Earnings 1,342,529 107 Total Stockholders' Equity 1,472,529 108 Part A. JEs & Background Info Part B. T Acts & Act Equation Part C. Triaal & Closing Seled destination and press ENTER heese Paste Pan Calibri 11 A ALE B CUSI w laplex cut Le Copy : & Format Painter BI U 1. Merge & Center - $ - % Clipboard Alignment Font AB Accounts Payable Interest Payable Taxes Payable Total Current Liabilities 297,89 24,97 49,88 372,75 Long-term Liabilities Mortgage Note Payable Note Payable Total Long-term Liabilities 320,000 235,000 555,000 Total Liabilities 927,759 w 4 Stockholders' Equity 5 Common Stock, 13,000 shares issued and outstanding, $10 06 Retained Earnings Total Stockholders' Equity 08 Total Liabilities and StockHolders' Equity 10 130,000 1,342,529 1,472,529 $ 2,400,288 11 112 113 114 115 116 4 Part B: 5 1. Post the Journal Entries you made in Part A for Jelly World, Inc., to the 6 appropriate T-Accounts. Your T-Account entries must be properly linked to your 7 Journal Entry amounts. The first journal entry has been posted to the 8 appropriate T-Accounts for you (15 points-graded for accuracy and format, 9 including proper use of Excel spreadsheet links and formulas). 10 11 2. Show calculations below your completed T-Accounts proving that your 12 beginning and ending Accounting Equations balance. (3 points) 14 Check Figures: Ending Cash = $968,748; Total Ending Assets = $3,033,450. NOTE: Make sure your Total Debits = your Total Credits in the T-Accounts! 18 1.T-Accounts Solution: Assets Prepaid Insurance Cash 443,437 Uabilities be Cost of Goods Sold Mortgage Note Payable llowance for Doubtful Acc Dinc Simt P art Stmt of Ret Ea.. Supplies Expense Mortensen Beginning Balance Assets 13 RENE Ending Balance Equity Jelly World, Inc. Balance Sheet December 31, 2018 Assets urrent Assets Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Inventory Prepaid Insurance Total Current Assets 443,437 28,250 (565) 1,207,665 677 824 1,680,288 Property, Plant, and Equipment Land Furniture and Equipment Accumulated Depreciation--Furniture and Equipment Buildings Accumulated Depreciation--Buildings Net Property, Plant, and Equipment Equipment 145,500 22,500 (15,000) 630,000 (63,000) 720,000 in Total Assets $ 2,400,288 vo Liabilities and Stockholders' Equity Part A. JEs & Background Info Part B. T-Acets & Acct Equation Select destination and press ENTER or choose Paste Part C. Trial Bal & Closing JE P Land Furniture and Equipment Accumulated Depreciation--Furniture and Equipment Buildings Accumulated Depreciation--Buildings Net Property, Plant, and Equipment 145,500 22,500 (15,000 630,000 (63,000) 720,000 Total Assets $ 2,400,288 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Interest Payable Taxes Payable Total Current Liabilities 297,899 24,975 49,885 372,759 28 7 Long-term Liabilities Mortgage Note Payable 320,000 Note Payable 235,000 100 Total Long-term Liabilities 555,000 101 102 Total Liabilities 927,759 103 104 Stockholders' Equity 105 Common Stock, 13,000 shares issued and outstanding. $10 130,000 106 Retained Earnings 1,342,529 107 Total Stockholders' Equity 1,472,529 108 Part A. JEs & Background Info Part B. T Acts & Act Equation Part C. Triaal & Closing Seled destination and press ENTER heese Paste Pan Calibri 11 A ALE B CUSI w laplex cut Le Copy : & Format Painter BI U 1. Merge & Center - $ - % Clipboard Alignment Font AB Accounts Payable Interest Payable Taxes Payable Total Current Liabilities 297,89 24,97 49,88 372,75 Long-term Liabilities Mortgage Note Payable Note Payable Total Long-term Liabilities 320,000 235,000 555,000 Total Liabilities 927,759 w 4 Stockholders' Equity 5 Common Stock, 13,000 shares issued and outstanding, $10 06 Retained Earnings Total Stockholders' Equity 08 Total Liabilities and StockHolders' Equity 10 130,000 1,342,529 1,472,529 $ 2,400,288 11 112 113 114 115 116