6. Prepare, using good form, an income statement, a statement of stockholders equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries to the general ledger T accounts (include a balance on each account). 9. Prepare a post-closing trial balance. I have attached what has already been done. I need help with these last questions above.

Monsdn Practice Set McDoogan Inc. Post-Closing Trial Balance December 31, 2019 Account Name Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Prepaid Rent Equipment-Computer Accumulated Depreciation - Computer Delivery Van Accumulated Depreciation - Delivery Van Accounts Payable Interest Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Total Once the financial statements are complete, prepare the closing entries for McDoogan Inc. (use the journal below and post to the ledger (T accounts) on pages 5 and 6). Once you post to the ledger create a post-closing trial balance. McDoogan Inc. Journal General - Closing Date Account Name Debit Credit McDoogan Inc. Classified Balance Sheet 12-31-2019 McDoogan Inc Income Statement Year Ended 12-31-2019 McDoogan Inc. Statement of Stockholders' Equity For the Year Ended 12-31-2019 Retained Common Stock Earnings Total Stockholders' Equity MeReagan Practice Set Based on the balance in the ledger (T accounts) on pages 5 and 6, complete an adjusted trial balance. Once the trial balance is complete, produce the financial statements. #McDoogan Inc Adjusted Trial Balance December 31, 2019 Account Name Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Prepaid Rent Equipment-Computer Accumulated Depreciation - Computer Delivery Van Accumulated Depreciation - Delivery Van Accounts Payable Interest Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Utilities Expense Salaries Expense Depreciation Expense Rent Expense Interest Expense Supplies Expense Bad Debt Expense Totals Adjusting Entries The data below was gathered for the accountant to complete December 31 adjusting entries (use the journal below and post to the ledger (T accounts) on pages 5 and 6). At December 31, the Company had $300 of supplies on hand. The computer system purchased on January 1 has a five-year useful life and a $2,000 anticipated salvage value. The delivery van purchased on June 1 has a ten-year useful life and a $5,500 anticipated salvage value. . 1% of the ending balance in the accounts receivable account is estimated to become uncollectible. The prepaid rent paid on March 31 was for two years beginning April 1. The $50,000 borrowed from Bank of America on April 1 was a 4 year note with a 9% rate of interest. Principal is due in 4 years, interest is paid annually on April 1. The $30,000 received on October 1 was for services that would be completed equally over 12 months beginning October 1. . Debit Credit McDoogan Inc. Journal General - Adjusting Date Account Name Dec 31 Statement of profit of loss Supplies 900 900 Dec 31 6000 Depreciation exp Accumulated Depreciation (computer) 6000 Dec 31 3150 Depreciation exp Accumulated Depreciation (delivery van) 3150 Dec 31 263 Allowance for receivable Account receivable 263 Dec 31 3375 Interest expense Interest payable 3375 Dec 31 7500 Deferred Revenue Revenue for service 7500 Common Stock Retained Earnings Dividends 70000 6000 70000 0 0 6000 Service Revenue Salaries Expense Interest Expense 36000 9000 45000 Advertising Expense Depreciation Expense Supplies Expense 1500 1500 0 0 Utilities Expense Rent Expense Bad Debt Expense 4000 7200 4000 7200 0 0 McDoogan Inc. T accounts - Post External Transactions' Journal Entries, Adjusting Journal Entries, and Closing Journal Entries Cash Accounts Receivable Supplies 36000 8500 1200 70000 50000 8500 32000 19200 9000 45000 10200 18700 59500 1200 10200 800 Allowance for Uncollectible Accounts 30000 4000 Prepaid Rent 12000 1500 6000 168700 168700 0 0 12000 Accumulated Depreciation- Computer Equipment - Computer 32000 Delivery Van 59500 0 0 32000 59500 Accumulated Depreciation Delivery Van 0 0 Interest Payable Deferred Revenue Accounts Payable 800 1200 30000 800 1200 0 0 30000 Salaries Payable 0 0 Notes Payable 0 McDoogan Inc. Journal General Account Name Debit Credit Date Oct 1 Cash 30000 Deferred revenue 30000 Nov 15 1500 Advertising exp cash 1500 Dec 15 Dividend 6000 Cash 6000 Dec 30 9000 Account receivable Service revenue 9000 McDoogan Inc. Journal General - External Transactions Account Name Credit Date Jan 1 Debit 70000 Cash Common stock 70000 Jan 1 32000 Equipment- computer Cash 32000 Jan 14 1200 Supplies Accounts payable 1200 Feb 25 Account receivable 36000 Service revenue 36000 Mar 31 Rent 7200 12000 Prepaid rent Cash 19200 April 1 50000 Cash Bank of America 50000 May 14 8500 Cash Account receivable 8500 June 1 59500 Delivery van Cash 59500 July 31 800 Accounts payable cash 800 Aug 10 Cash 10200 Account receivable 10200 Sep 1 Utilities 4000 Cash 4000 McDoogan Inc. engaged in the following transactions in 2019. Jan 1 The owner invested $70,000 into the company in exchange for 5,000 shares of no-par common stock. Jan 1 Purchased a computer system for $32,000. Jan 14 Purchased $1,200 of supplies on account. Feb 25 Invoiced clients for services provided on account, $36,000. Mar 31 Paid rent for two years, $19,200. April 1 The company borrowed $50,000 from Bank of America. May 14 Collected $8,500 on account. June 1 Purchase a delivery van to delivery copies to customers, the van had a purchase price of $53,000, taxes on the van were $5,000 and document charges of $1,500 were paid. July 31 Paid $800 on account for supplies purchased on January 14. Aug 10 Received cash for services provided, $10,200. Sept 1 Paid utilities of $4,000. Oct 1 Received $30,000 in advance for services to be provided in the future. Nov 15 Paid for an ad in the local newspaper, $1,500. Nov 27 Processed employee payroll and employer taxes, gross earnings were $4,000. Nov 30 Paid the employee salaries, taxes are not due until January. Dec 15 The company declared and paid $6,000 in dividends. Dec 30 Invoic ents for services performed totaling $9,000. Dec 27 Processed employee payroll and employer taxes, gross earnings were $4,000. Dec 30 Paid the employee salaries, taxes are not due until January. McDoogan Inc. Chart of Accounts Account Names Cash Common Stock Accounts Receivable Retained Earnings Allowance for Uncollectible Accounts Dividends Supplies Service Revenue Prepaid Rent Advertising Expense Equipment-Computer Utilities Expense Accumulated Depreciation - Computer Salaries Expense Delivery Van Depreciation Expense Accumulated Depreciation - Delivery Van Rent Expense Interest Expense Accounts Payable Supplies Expense Interest Payable Bad Debt Expense Deferred Revenue Salaries Payable Notes Payable McDengan Practice Set Practice Set Instructions: 1. Prepare journal entries to record external transactions. 2. Post journal entries to general ledger T accounts. 3. Prepare journal entries to record adjusting entries. 4. Post the adjusting entries to the general ledger T accounts (include a balance on each account) 5. Prepare an adjusted trial balance. 6. Prepare, using good form, an income statement, a statement of stockholders' equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries to the general ledger T accounts (include a balance on each account). 9. Prepare a post-closing trial balance. Company Information: McDoogan provides printing services to customers. They began operations on January 1, 2019. In January 2020, they realized the current VP had not created the records in an accounting system, and due to a time issue, the financial information must be recorded by hand to produce GAAP based financials for the year ending 2019. As such, they have hired you as the Accountant to get the manual system completed before implementing software for 2020. The research begins: First, you find the company uses straight-line depreciation for all long-term depreciable assets. They also must use the Allowance method to account for uncollectible accounts to be in line with GAAP. The company has decided to use the calendar year, so December 31 is the company's year-end. The company hired two employees on November 1, 2019, you will use the following for the November 27 and December 27 entries. The employees will receive a salary of $2,000 each (4,000 in total). Payroll is processed on the 27th of the month creating the employee and the employer taxes and then net pay is paid on the last day of each month. Upon further investigation, you find the following information related to the company's transactions during 2019. Process the information and produce GAAP based financials for McDoogan, Inc for the year ending December 31, 2019. Monsdn Practice Set McDoogan Inc. Post-Closing Trial Balance December 31, 2019 Account Name Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Prepaid Rent Equipment-Computer Accumulated Depreciation - Computer Delivery Van Accumulated Depreciation - Delivery Van Accounts Payable Interest Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Total Once the financial statements are complete, prepare the closing entries for McDoogan Inc. (use the journal below and post to the ledger (T accounts) on pages 5 and 6). Once you post to the ledger create a post-closing trial balance. McDoogan Inc. Journal General - Closing Date Account Name Debit Credit McDoogan Inc. Classified Balance Sheet 12-31-2019 McDoogan Inc Income Statement Year Ended 12-31-2019 McDoogan Inc. Statement of Stockholders' Equity For the Year Ended 12-31-2019 Retained Common Stock Earnings Total Stockholders' Equity MeReagan Practice Set Based on the balance in the ledger (T accounts) on pages 5 and 6, complete an adjusted trial balance. Once the trial balance is complete, produce the financial statements. #McDoogan Inc Adjusted Trial Balance December 31, 2019 Account Name Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Prepaid Rent Equipment-Computer Accumulated Depreciation - Computer Delivery Van Accumulated Depreciation - Delivery Van Accounts Payable Interest Payable Deferred Revenue Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Utilities Expense Salaries Expense Depreciation Expense Rent Expense Interest Expense Supplies Expense Bad Debt Expense Totals Adjusting Entries The data below was gathered for the accountant to complete December 31 adjusting entries (use the journal below and post to the ledger (T accounts) on pages 5 and 6). At December 31, the Company had $300 of supplies on hand. The computer system purchased on January 1 has a five-year useful life and a $2,000 anticipated salvage value. The delivery van purchased on June 1 has a ten-year useful life and a $5,500 anticipated salvage value. . 1% of the ending balance in the accounts receivable account is estimated to become uncollectible. The prepaid rent paid on March 31 was for two years beginning April 1. The $50,000 borrowed from Bank of America on April 1 was a 4 year note with a 9% rate of interest. Principal is due in 4 years, interest is paid annually on April 1. The $30,000 received on October 1 was for services that would be completed equally over 12 months beginning October 1. . Debit Credit McDoogan Inc. Journal General - Adjusting Date Account Name Dec 31 Statement of profit of loss Supplies 900 900 Dec 31 6000 Depreciation exp Accumulated Depreciation (computer) 6000 Dec 31 3150 Depreciation exp Accumulated Depreciation (delivery van) 3150 Dec 31 263 Allowance for receivable Account receivable 263 Dec 31 3375 Interest expense Interest payable 3375 Dec 31 7500 Deferred Revenue Revenue for service 7500 Common Stock Retained Earnings Dividends 70000 6000 70000 0 0 6000 Service Revenue Salaries Expense Interest Expense 36000 9000 45000 Advertising Expense Depreciation Expense Supplies Expense 1500 1500 0 0 Utilities Expense Rent Expense Bad Debt Expense 4000 7200 4000 7200 0 0 McDoogan Inc. T accounts - Post External Transactions' Journal Entries, Adjusting Journal Entries, and Closing Journal Entries Cash Accounts Receivable Supplies 36000 8500 1200 70000 50000 8500 32000 19200 9000 45000 10200 18700 59500 1200 10200 800 Allowance for Uncollectible Accounts 30000 4000 Prepaid Rent 12000 1500 6000 168700 168700 0 0 12000 Accumulated Depreciation- Computer Equipment - Computer 32000 Delivery Van 59500 0 0 32000 59500 Accumulated Depreciation Delivery Van 0 0 Interest Payable Deferred Revenue Accounts Payable 800 1200 30000 800 1200 0 0 30000 Salaries Payable 0 0 Notes Payable 0 McDoogan Inc. Journal General Account Name Debit Credit Date Oct 1 Cash 30000 Deferred revenue 30000 Nov 15 1500 Advertising exp cash 1500 Dec 15 Dividend 6000 Cash 6000 Dec 30 9000 Account receivable Service revenue 9000 McDoogan Inc. Journal General - External Transactions Account Name Credit Date Jan 1 Debit 70000 Cash Common stock 70000 Jan 1 32000 Equipment- computer Cash 32000 Jan 14 1200 Supplies Accounts payable 1200 Feb 25 Account receivable 36000 Service revenue 36000 Mar 31 Rent 7200 12000 Prepaid rent Cash 19200 April 1 50000 Cash Bank of America 50000 May 14 8500 Cash Account receivable 8500 June 1 59500 Delivery van Cash 59500 July 31 800 Accounts payable cash 800 Aug 10 Cash 10200 Account receivable 10200 Sep 1 Utilities 4000 Cash 4000 McDoogan Inc. engaged in the following transactions in 2019. Jan 1 The owner invested $70,000 into the company in exchange for 5,000 shares of no-par common stock. Jan 1 Purchased a computer system for $32,000. Jan 14 Purchased $1,200 of supplies on account. Feb 25 Invoiced clients for services provided on account, $36,000. Mar 31 Paid rent for two years, $19,200. April 1 The company borrowed $50,000 from Bank of America. May 14 Collected $8,500 on account. June 1 Purchase a delivery van to delivery copies to customers, the van had a purchase price of $53,000, taxes on the van were $5,000 and document charges of $1,500 were paid. July 31 Paid $800 on account for supplies purchased on January 14. Aug 10 Received cash for services provided, $10,200. Sept 1 Paid utilities of $4,000. Oct 1 Received $30,000 in advance for services to be provided in the future. Nov 15 Paid for an ad in the local newspaper, $1,500. Nov 27 Processed employee payroll and employer taxes, gross earnings were $4,000. Nov 30 Paid the employee salaries, taxes are not due until January. Dec 15 The company declared and paid $6,000 in dividends. Dec 30 Invoic ents for services performed totaling $9,000. Dec 27 Processed employee payroll and employer taxes, gross earnings were $4,000. Dec 30 Paid the employee salaries, taxes are not due until January. McDoogan Inc. Chart of Accounts Account Names Cash Common Stock Accounts Receivable Retained Earnings Allowance for Uncollectible Accounts Dividends Supplies Service Revenue Prepaid Rent Advertising Expense Equipment-Computer Utilities Expense Accumulated Depreciation - Computer Salaries Expense Delivery Van Depreciation Expense Accumulated Depreciation - Delivery Van Rent Expense Interest Expense Accounts Payable Supplies Expense Interest Payable Bad Debt Expense Deferred Revenue Salaries Payable Notes Payable McDengan Practice Set Practice Set Instructions: 1. Prepare journal entries to record external transactions. 2. Post journal entries to general ledger T accounts. 3. Prepare journal entries to record adjusting entries. 4. Post the adjusting entries to the general ledger T accounts (include a balance on each account) 5. Prepare an adjusted trial balance. 6. Prepare, using good form, an income statement, a statement of stockholders' equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries to the general ledger T accounts (include a balance on each account). 9. Prepare a post-closing trial balance. Company Information: McDoogan provides printing services to customers. They began operations on January 1, 2019. In January 2020, they realized the current VP had not created the records in an accounting system, and due to a time issue, the financial information must be recorded by hand to produce GAAP based financials for the year ending 2019. As such, they have hired you as the Accountant to get the manual system completed before implementing software for 2020. The research begins: First, you find the company uses straight-line depreciation for all long-term depreciable assets. They also must use the Allowance method to account for uncollectible accounts to be in line with GAAP. The company has decided to use the calendar year, so December 31 is the company's year-end. The company hired two employees on November 1, 2019, you will use the following for the November 27 and December 27 entries. The employees will receive a salary of $2,000 each (4,000 in total). Payroll is processed on the 27th of the month creating the employee and the employer taxes and then net pay is paid on the last day of each month. Upon further investigation, you find the following information related to the company's transactions during 2019. Process the information and produce GAAP based financials for McDoogan, Inc for the year ending December 31, 2019