ACCOUNTING CYCLE PROBLEM:

On December 1, 2015, Aaron Company had the following account balances.

Debits Credits

Cash $ 67,000 Accumulated depn, equip $ 12,000

Accounts receivable 34,000 Accounts payable 29,500

Inventory 52,700 Wages payable 3,800

Supplies 2,400 Common stock 100,000

Equipment 120,000 Retained earnings 130,800

$ 276,100 $ 276,100

During December, the company completed the following summary transactions:

Dec 1 Paid $6,000 for six months rent.

2 Purchased new equipment that cost $50,000 by signing a 3-year, 6% note payable. The note and related interest will be paid in December 2018.

5 Paid $4,500 for wages due employees, of which $700 is for the month of December.

8 Received $18,700 from customers in payment on their accounts (no discount is applicable).

10 Sold merchandise for cash, $9,450. The cost of the merchandise sold was $5,670.

14 Purchased merchandise on account from Elizabeth Company, $16,000, terms 2/10, n/30.

15 Purchased supplies for cash, $500.

16 Returned merchandise to Elizabeth Company, $1,000.

17 Sold merchandise on account to Perry Company $43,400, terms 3/15, n/30. The cost of the merchandise was $26,040.

19 Paid $4,500 for wages due employees.

20 Perry Company returned defective merchandise to Aaron Company, $900. The fair value of the goods was $500.

22 Paid Elizabeth Company.

29 Received payment for total amount due from Perry Company.

Additional information:

a. Aaron Company uses a perpetual inventory system and has a monthly accounting cycle.

b. Accrued salaries payable, $4,000.

c. Depreciation for the month, $2,000.

d. Supplies on hand, $750.

REQUIRED: (I have done journal entries and adjusted journal entries) Thanks

Prepare journal entries to record the December transactions.

Enter the December 1 balances into T accounts and post the December journal entries into the T accounts.

Prepare and post all necessary adjusting journal entries.

Preparing a worksheet is optional.

Prepare an adjusted trial balance.

Prepare a multi-step income statement for the month of December.

Prepare a stockholders equity statement as of December 31, 2015.

Prepare a classified balance sheet as of December 31, 2015.

Prepare and post the closing journal entries.

Prepare a post-closing trial balance.