Accounting Cycle Review 15 a-e Oriole Corporations trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below.

Debit Credit Cash $25,900 Accounts Receivable 56,000 Inventory 23,300 Land 62,200 Buildings 89,600 Equipment 30,000 Allowance for Doubtful Accounts $410 Accumulated DepreciationBuildings 28,000 Accumulated DepreciationEquipment 15,200 Accounts Payable 19,100 Interest Payable 0 Dividends Payable 0 Unearned Rent Revenue 7,600 Bonds Payable (10%) 52,000 Common Stock ($10 par) 30,000 Paid-in Capital in Excess of ParCommon Stock 6,000 Preferred Stock ($20 par) 0 Paid-in Capital in Excess of ParPreferred Stock 0 Retained Earnings 54,690 Treasury Stock 0 Cash Dividends 0 Sales Revenue 581,000 Rent Revenue 0 Bad Debt Expense 0 Interest Expense 0 Cost of Goods Sold 405,000 Depreciation Expense 0 Other Operating Expenses 36,200 Salaries and Wages Expense 65,800 Total $794,000 $794,000

Unrecorded transactions and adjustments:

1. On January 1, 2020, Oriole issued 1,100 shares of $20 par, 6% preferred stock for $25,300. 2. On January 1, 2020, Oriole also issued 1,000 shares of common stock for $23,000. 3. Oriole reacquired 290 shares of its common stock on July 1, 2020, for $49 per share. 4. On December 31, 2020, Oriole declared the annual cash dividend on the preferred stock and a $1.30 per share dividend on the outstanding common stock, all payable on January 15, 2021. 5. Oriole estimates that uncollectible accounts receivable at year-end is $5,600. 6. The building is being depreciated using the straight-line method over 30 years. The salvage value is $5,600. 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $3,000. 8. The unearned rent was collected on October 1, 2020. It was receipt of 4 months rent in advance (October 1, 2020 through January 31, 2021). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended December 31, 2020, has not been paid or recorded.

(Ignore income taxes.)

Prepare journal entries for the transactions and adjustment listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No. Account Titles and Explanation Debit Credit 1.

2.

3.

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5.

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7.

8.

9.

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Prepare an updated December 31, 2020, trial balance, reflecting the journal entries in part(a).

ORIOLE CORPORATION Trial Balance

Debit Credit

$ $

$ $

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Prepare a multiple-step income statement for the year ending December 31, 2020. (List other revenues before other expenses.)

ORIOLE CORPORATION Income Statement

$

$

$

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Prepare a retained earnings statement for the year ending December 31, 2020. (List items that increase retained earning first.)

ORIOLE CORPORATION Retained Earnings Statement

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$

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Prepare a classified balance sheet as of December 31, 2020. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment. Enter account name only and do not provide descriptive information.)

ORIOLE CORPORATION Balance Sheet

Assets

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$ :

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$ Liabilities and Stockholders' Equity

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$

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$