Accounting - General Ledger

For, Prepaid Insurance, Buildings, Land, Equipment!

Universal Foods Post Closing Trial Balance As of December 31,2021 During the current fiscal year (2022) the following transaction occurred for which you need to record journal entries: 1. Sold Bacon to cash paying customers for $290,000 2. Sold Bacon to customers on account totaling $898,000 3. Collected cash on accounts receivable totaling $1,100,000 4. Purchased Supplies for cash totaling $123,000 5. Purchased Supplies on credit totaling $636,000 6. Paid off $300,000 of Accounts Payable 7. Paid off total balance (as of 12/31/21 ) of Payroll Payable 8. Paid an additional $500,000 in wages (expense) 9. Paid off total balance (as of 12/31/21) of Taxes Payable 10. Recorded additional Taxes payable of $50,000 11. Purchased new equipment on credit totaling $1,655,000 12. Paid cash for repairs to old equipment totaling $225,000 13. Paid cash for utilities totaling $458,000 \begin{tabular}{|l|l|l||c||c||r||} \hline \multicolumn{1}{|c|}{ Prepaid Insurance } & \multicolumn{1}{c||}{128} \\ \hline Date & \multicolumn{1}{c|}{ Explanation } & & DEBIT & CREDIT & BALANCE \\ \hline & Beginning Balance & & & & 200,000 \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} Year end adjusting journal entry information for which you need to record and post adjusting journal entries is as follows: a) A physical count of supplies determines a total of $550,000 where used during the year. b) A total of $120,000 of prepaid insurance has expired and needs to be recorded as an expense c) Depreciation on Buildings is $33,000 for 2022 d) Depreciation on Equipment is $751,000 for 2022 e) Customers were billed $2,574,000 for product and services provided in December 2022 that will not be paid for until January 2023. f) Employees earned $180,000 in wages that will not be paid until January 2023 g) Interest accrued at year end on Note Payable totals $35,000