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Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 29.500 24.000 8.900 1.900 218.800 152,500 10.900 Totals $318.600 $318.600 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the machines for the year is $8.900. b. Employee salaries are paid every two weeks. The last pay period ended on December 23. Salaries earned from December 24 through December 31, 2018, are $2.900. c. On September 1, 2018, Jaguar borrows $29.500 from a local bank and signs a note. The note requires interest to be paid annually on August 31 at 12%. The principal is due in five years. d. On March 1, 2018, the company purchases insurance for $17.400 for a one-year policy to cover possible injury to mechanics. The entire $17.400 was debited to Prepaid Insurance at the time of the purchase. e. $3,900 of supplies remains on hand at December 31, 2018 f. On December 30, Jaguar receives a utility bill of $1.650 for the month. The bill will not be paid until early January 2019. and no entry was recorded when the bill was received. Required: 1., 2. & 6. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the entries to the T-accounts. Cash 16.500 Accounts Receivable 13.900 Beg. Bal. Beg. Bal. ADJ. a. End. Bal. 18,500 End. Bal. 13,900 Supplies Prepaid Insurance Beg Bal. Beg. Bal. ADJ. e. ADJ. d. End. Bal. 0 End. Balo Equipment Accumulated Depreciation Bea, Bal Beg. Bal. End. Bal. End. Bal. Accounts Payable Salaries Payable Bea. Bal. Beg. Bal. Bal 0 End. Bal. Required information Utilities Payable Interest Payable Beg. Bal. Beg. Bal. End. Ball End. Bal. Notes Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. 01 End. Bal. 0 Retained Earnings Dividends Beg. Bal. Beg. Bal. End. Bal 0 End. Bal. O Service Revenue Salaries Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Depreciation Expense Insurance Expense Beg Bal Beg. Bal. Supplies Expense Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Interest Expense Beg. Bal. End. Bal. JAGUAR AUTO COMPANY Adjusted Trial Balance December 31, 2018 Debit Accounts Credit 11S 4-a. Prepare an income statement for the year ended December 31, 2018. (Loss amount should be Indicated by a minus slgn.) JAGUAR AUTO COMPANY Income Statement For the Year Ended December 31, 2018 Expenses Total expenses 4-b. Prepare a statement of shareholders' equity for the year ended December 31, 2018. Assume that no common stock is issued during the year. (Amounts to be deducted should be Indicated by a minus sign.) JAGUAR AUTO COMPANY Statement of Stockholders' Equity For the Year Ended December 31, 2018 Common Stock Retained Earnings Total Stockholders Equity Balance at January 1 Balance at December 31 4-c. Prepare a classified balance sheet for the year ended December 31, 2018. (Amounts to be deducted should be Indicated by a minus sign.) JAGUAR AUTO COMPANY Balance Sheet December 31, 2018 Assets Liabilities Current assets: Current liabilities: 0 Total current assets Long-term assets: Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Total stockholders equity 0 Total liabilities and stockholders' equity Total assets S 5. Record closing entries and then post them to the T-accounts provided above. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet
