a) prepare a income statement.
B)prepare a balance sheet.
C)journalize the adjusting and closing entries.
D)post the adjusting and closing entries into the ledger.
E)finished a post-closing trial balance .
Adjusted trial balance Accounts Name crec bank Dabur 46.212 85 Accounts receivable 2.719.75 10 11 Accounts payables 23.052.84 supplies 2.626.00 TE prepaid insurance 2650.00 Land 1.200.000,00 car 1,046,121.94 Accumulated depreciation-car 306.000,00 Equipment 198.000.00 Accumulated Depreciation equipment 16,000,00 HST payable 1,027 00 HST recoverable 354 25 Bank loan $11.200.000 Mortgage payable $400,000.00 fox capital $1,075,359.23 fox drawings 116.000.00 Rental sales $789.42351 repair sales 53 934 20 Adertisment Expense 5.766.50 Bark interest expense 6.850 20 miscellaneous expense telephone expense is expense wages expense total 3.306,60 1.376.20 4.344.56 95,66793 2675.996.78 2675,996.78 Credit Hande This is the trial Balance for fox car as of November 30, 2012- Forward these balances into each Balance Column Accant in the ledger - these will be the forwarded bolantes for December 1, 2012 Fox Car TRIAL BALANCE November bo, 2012 Acct # Account Name Debit ol Bank 6.53.15.75 Mo Accounts Receivable 27712.15 120 Supplies 12.5 15.00 Prepaid Insurance 2.650.00 12 Land 200 ! ho car 0462144 1411 Accumulated Deprecor 15306.000.00 LISA TEuipment 15 ano 151 Acuma Dery-Equipment 11.900.00 201 Povable 121.08 210 Nos 622.68 2011 TAST Recoverable ia 29.28 Linearne Revue 55720909 270 Bank Loan Do 000.00 28 Mortage Podoble 400 000.00 Bos Fox capite los 259.23 Fox Drawings INIS DOO.00 Rental sale 229 423.51 40% Repair Sales 41 034.26 500 Advertising expense 4.516.So S10 Berk Otec Expense 5650.20 520 Denreciation parte con 0400 520 DE Decitation Expansel 0.00 Suo Ashrance Expense Miscellaneous Expanse 3.250.40 560 Supplies Expande 570 Telephone Expense 3160 58 Lories Expense 3925R Sao Wages Expense 95_124 AM 600 Income timmar 2.779 3859152719935.7 219 105 1550 B. Journalize the following transactions for December 2012. Make sursach Journal entry's explanation includes the source document. Use November's Trial Balance as your Chart of Accounts December 1 Sales Invoice No. 636 to A. Newman, for repairing a car for the month $7.900 plus HST $1,027 and total $8.927. 4 Cheque Copy No 755, for December's Advertising 51.250 plus HST $162.50 total $1,412.50 Sales Invoice No. 637, to L. Walker, to rent a car, 5900 plus HST $117. total $1,017. 8 9 Cash Receipts List From A Newman, on account 12 Purchase Invoice From Staples, No 472, for Supplies. $1.475 plus HST $191.75, total $1,666.75 Bank Debit Advice 200 From Central Bank, for interest on bank loan, $1.200 15 17 Cheque Copy No. 757, to fox for personal use. 51.000 20 Internal Company Memo #39 Correction required: $56.20 of Miscellaneous Expense had been debited to Wages Expense by mistake. YOU MUST CORRECT IT! 24 Bank Debit Advice 201 fox reduces Bank Loan by $10,000 27 Cheque Copy No. 766, to Federal Government, payment of HST owed for the month of November (HINT: Look at November Trial Balance) 30 CreditInvoice Issued No. 69. to L. Walker, because of renting a faulty rickshaw. Full refund provided (refer to Invice No. 637). 31 Internal Company Memo #40 $5,000 cash was received in advance from client last month to repair car Service is finally performed. Unearned Revenue is reversed C. Post all your Journal entries into your Ledger D. Complete a Trial Balance for December 31, 2012. E. Prepare an 8-column Worksheet using the additional information below. ADJUSTMENTS 1. Supplies counted on December 31 is $500 2. Prepaid Insurance was purchased on March 31, 2013. It is a three-year policy, 3. Late arriving invoices as of December 31: 1 Telephone Expense $3,000 Miscellaneous Expense S 700 4. $2,500 of revenue received to repair car was received in advance during the month. The repair service will be performed in January 2013 5. Depreciation for Equipment is calculated using the straight-line method. t Estimated life-10 years Estimated salvage value - $48,000. 6. Depreciation for car is calculated using the declining balance method. According to the government, electric car depreciate at 15% a year. F. Prepare an Income Statement for December 31, 2012. G. Prepare a Classified Balance Sheet. H. Journalize the adjusting and closing entries
