ACCOUNTING
1. Record the tanisactions in general journal form - Do wor swa UNES BETWTtw EACt TFAFISMCTICN. Round AtL caloulations to the NEAREST WHOLE DOLLAR 2. Post the tansactions to the T-accounts. 3. Prepare an unadjusted trial balance, 4. Record the adjusting entres. Post the entries to the T-accounts. 5. Prepare an adjusted trial batance- 6. Prepare an a. income statement b. statement of retained earninas. c. batance sheet 7. Record the closing entries. Post the entrles to the F-atcounts. 8. Prepare a post-closing tral balance. 10T4 inci authorued 20.000 shares of 55 gar value ccenmen stock. The tral balance of adiz inc a5 of tanuary 1,2021 , is as followsi Transactions for 2021 : 1 tan 1il purchased new equipment for $65,000. The corporation paid cash. 2 tan 15H. - issued 1,200 add tionat shares of the 55 par value common stock for 58 pet thate 3. tan31t - paid the salaries payable trom 2020. A. fot 1d-after several astempts to collect frem customers, wrote off 52.250 of. uncoliectible accounti receivable. 5. Feb 15m - purchased 200 units of inventoty at a cost ce 5200 , pryes cash for the purchase: 6. Feb 28n5 sold 225 units for $400 each. All aler were of actocnt. (Use FlFo to tompete Cont of Goods sold) 7. Mar 1th - j0T Corporatien declared a 522,000 cash dividend to be pu d Apre 5to shareholders of record on March 111. 3. Apr 1It - paid $12,000 for one year's office fent in advance. 9. Afe $n paid dlvidend declared on March 1 . 10. May 111 - purchased \$425 of suppties on account. (hecond to Accounts Favable actesnt) 11. June 111 - sold $99,000 of services for the year, fieceved $33,000 cash oayments with the remaining $66,000 as sales on account. 12. July Itu - collected $177,000 of accounts receivable durng the yeat. 13. Aug 14 - paid salaries of $54,000. 14. Oct 1nn= borrowed $40,000 from the bank Note had a 7X annuai rate of interest and will mature on 9/30/2022. Interest and principal are to be paid on the maturitydate. 15. Oct 1a - declared a 51 per thare dividend on the canmon stock to be paid to shareholders of record on October 1, pyable on Novernter 1, 2021. 16. Nov 111 - paid the dividends that had beten declared October 1 . 17. Dec 117 - paid operating expenses of $45. oso for the year. 18. 0ec 151 - paid the balance of the accounts pyoble. 19. Dec 31z - paid the annual installment of $18,000 os the mortexpe paratle for the bulding. The interest rate for the mortgace payabie is 2.5%. $18.000 is the total PRNCPPA. PAVMINT) PANT Colculate the intereit that is to be pod WITH the 518,000 principol poyment.) 20. Dec 31t - sold the tadd for 322,000canh, Adjustments 21. There was $210 of supplies on tiand at the end of the year. 22. RecognLe expired rent for the clice for the year. 23. Recognite the bad debt eapense for the vear ving the allowasce method. JDT Corporation estimates that is of current year total rales and services on occount will net be collected. 24. Pecognice depreciation expense on the equpment and building. The corporation uses straieht line depreciation for all assets iftecond as two transactions one for ail equipment and one tor the buiding: 1 7. The new equipment purchased tanuary 1nt has an estimated Ife of 7 years and a salvage value of 59,000 : b. The existing equipment was purchased on January 1,2018 , for $12,000, has a 5 . year weful the and a $2,000 residual value. The total priot yeari depreciation is $6,000. c. The building was purchased on January 1,2017 , for 5115,000 , tas a 40 -vear useful life and a $10,000 residual valual. The total ptiot years' depreciation his $10,500. 25 . Recoed the accrued interest an the note payable for the banik losn at December 31, 2021. 1. Record the tanisactions in general journal form - Do wor swa UNES BETWTtw EACt TFAFISMCTICN. Round AtL caloulations to the NEAREST WHOLE DOLLAR 2. Post the tansactions to the T-accounts. 3. Prepare an unadjusted trial balance, 4. Record the adjusting entres. Post the entries to the T-accounts. 5. Prepare an adjusted trial batance- 6. Prepare an a. income statement b. statement of retained earninas. c. batance sheet 7. Record the closing entries. Post the entrles to the F-atcounts. 8. Prepare a post-closing tral balance. 10T4 inci authorued 20.000 shares of 55 gar value ccenmen stock. The tral balance of adiz inc a5 of tanuary 1,2021 , is as followsi Transactions for 2021 : 1 tan 1il purchased new equipment for $65,000. The corporation paid cash. 2 tan 15H. - issued 1,200 add tionat shares of the 55 par value common stock for 58 pet thate 3. tan31t - paid the salaries payable trom 2020. A. fot 1d-after several astempts to collect frem customers, wrote off 52.250 of. uncoliectible accounti receivable. 5. Feb 15m - purchased 200 units of inventoty at a cost ce 5200 , pryes cash for the purchase: 6. Feb 28n5 sold 225 units for $400 each. All aler were of actocnt. (Use FlFo to tompete Cont of Goods sold) 7. Mar 1th - j0T Corporatien declared a 522,000 cash dividend to be pu d Apre 5to shareholders of record on March 111. 3. Apr 1It - paid $12,000 for one year's office fent in advance. 9. Afe $n paid dlvidend declared on March 1 . 10. May 111 - purchased \$425 of suppties on account. (hecond to Accounts Favable actesnt) 11. June 111 - sold $99,000 of services for the year, fieceved $33,000 cash oayments with the remaining $66,000 as sales on account. 12. July Itu - collected $177,000 of accounts receivable durng the yeat. 13. Aug 14 - paid salaries of $54,000. 14. Oct 1nn= borrowed $40,000 from the bank Note had a 7X annuai rate of interest and will mature on 9/30/2022. Interest and principal are to be paid on the maturitydate. 15. Oct 1a - declared a 51 per thare dividend on the canmon stock to be paid to shareholders of record on October 1, pyable on Novernter 1, 2021. 16. Nov 111 - paid the dividends that had beten declared October 1 . 17. Dec 117 - paid operating expenses of $45. oso for the year. 18. 0ec 151 - paid the balance of the accounts pyoble. 19. Dec 31z - paid the annual installment of $18,000 os the mortexpe paratle for the bulding. The interest rate for the mortgace payabie is 2.5%. $18.000 is the total PRNCPPA. PAVMINT) PANT Colculate the intereit that is to be pod WITH the 518,000 principol poyment.) 20. Dec 31t - sold the tadd for 322,000canh, Adjustments 21. There was $210 of supplies on tiand at the end of the year. 22. RecognLe expired rent for the clice for the year. 23. Recognite the bad debt eapense for the vear ving the allowasce method. JDT Corporation estimates that is of current year total rales and services on occount will net be collected. 24. Pecognice depreciation expense on the equpment and building. The corporation uses straieht line depreciation for all assets iftecond as two transactions one for ail equipment and one tor the buiding: 1 7. The new equipment purchased tanuary 1nt has an estimated Ife of 7 years and a salvage value of 59,000 : b. The existing equipment was purchased on January 1,2018 , for $12,000, has a 5 . year weful the and a $2,000 residual value. The total priot yeari depreciation is $6,000. c. The building was purchased on January 1,2017 , for 5115,000 , tas a 40 -vear useful life and a $10,000 residual valual. The total ptiot years' depreciation his $10,500. 25 . Recoed the accrued interest an the note payable for the banik losn at December 31, 2021
