Accounting homework..please see attachment

The company prepared a detailed count of shop supplies at March 31, 20X4 with $37,904 on hand at that date. Management believed this level was greater than necessary

I-03.04 Plicta Motors is an automobile service center offering a full range of repair services for high performance cars. The following information is pertinent to adjusting entries that are needed for Plicta as of March 31, 20X5. Plicta has a fiscal year ending on March 31 and only records adjusting entries at year end. Plicta has a large investment in repair equipment and maintains detailed asset records. These records show that depreciation for fiscal "X5" is $123,400. As of March 31, 20X5 accrued interest on loans owed by Plicta is $21,678. Auto dealerships outsource work to Plicta. This work is done on account and billed monthly. As of March 31, 20X5 $54,800 of unbilled services have been provided. Plicta maintains a general business liability insurance policy. The prepaid annual premium is $6,000. The policy was purchased on October 1, 20X4. Another policy is a 6-month property and casualty policy obtained on December 1, 20X4 at a cost of $3,000. Both policies were initially recorded as prepaid insurance. The company prepared a detailed count of shop supplies at March 31, 20X4 with $37,904 on hand at that date. Management believed this level was greater than necessary and undertook a strategy to reduce these levels over the next year. During the fiscal year 20X5, Plicta purchased an additional $125,000 of supplies and debited the Supplies account. By March 31, 20X5, the effort to reduce inventory was successful as the count revealed an ending balance of only $13,600. During the fiscal year, Plicta began offering a service contract to retail customers entitling them regular tire rotations, car washing, and other routine maintenance items. Customers prepay for this service agreement, and Plicta records the proceeds in the Unearned Revenue account. The service plan is a flat fee of $219, and Plicta sold the plan to 456 customers. At March 31, 20X5, it is estimated that 25% of the necessary work has been provided under these agreements. Plicta's primary advertising is on billboards. Lamzar Outdoor Advertising sold Plicta a plan for multiple sign locations around the city. Because Plicta agreed to prepay the full price of $26,000, Lamzar agreed to leave the signs up for 13 months. Plicta paid on June 1, 20X4 and recorded the full amount as a prepaid. However, the advertising campaign was not begun until July 1, 20X4. It will conclude on July 31, 20X5. Plicta leases shop space. Monthly rent is due and payable on the first day of each month. Plicta paid the Marc rent on March 1, and expects to pay the April rent on April 1. I-03.04 Prepare adjusting entries (hint: when necessary) for Plicta, as of March 31, 20X5. Name: Date: I-03.04 Section: GENERAL JOURNAL Date Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Page Accounts Debit Credit Name: Date: Section: I-03.04 B-04.02 Reagan Sakai is in charge of financial management for Land Monitrix. Land Monitrix utilizes satellite technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping, and other encroachments on property these customers own around the globe. Customers typically purchase one-year contracts for this service, and the pricing depends on the number and size of sites monitored. Mr. Sakai desires to review financial reports -- an income statement, statement of retained earnings, and balance sheet. Prepare these reports from the following adjusted trial balance. Mr. Sakai needs this information for internal review purposes, and does not require a classified balance sheet. The operating data relate to the full year, and the blank worksheet already includes partial data. LAND MONITRIX CORPORATION Adjusted Trial Balance As of December 31, 20X5 Debits Cash $ Accounts receivable Credits 834,221 $ - 345,909 - Prepaid expenses 45,787 - Supplies 66,665 - 3,009,000 - Accumulated depreciation - 1,222,199 Accounts payable - 544,190 Unearned revenues - 455,000 Loan payable - 1,000,000 Capital stock - 560,000 Retained earnings, Jan. 1 - 228,892 Dividends 50,000 - Revenues - 2,373,402 Selling expenses 476,445 - Interest expense 80,000 - Salaries expense 677,667 - Maintenance and supplies expense 222,989 - Depreciation expense 575,000 - Satellite equipment $ 6,383,683 $ 6,383,683 B-04.02 Name: Date: B-04.02 Section: Income Statement Revenues Services to customers $ - Expenses $ - Net income $ - Note -- The "Excel" tip uses macros, and your security settings may limit access. LAND MONITRIX CORPORATION Statement of Retained Earnings Beginning retained earnings $ Plus: Net income - $ - $ - Name: Date: B-04.02 Section: LAND MONITRIX CORPORATION Balance Sheet Assets $ - Satellite equipment $ Less: Accumulated depreciatio - Total assets $ - $ - Liabilities $ - Total liabilities Stockholders' equity $ - Total stockholders' equity Total liabilities and equity $ - B-04.05 Timber Creek prepared the following adjusted trial balance on December 31, 20X3. The company has completed preparation of financial statements and is now ready to prepare closing entries. TIMBER CREEK Adjusted Trial Balance As of December 31, 20X3 Debits Cash $ Accounts receivable Credits 35,600 $ - 23,700 - 7,500 - 325,700 - Accumulated depreciation - 40,400 Accounts payable - 34,800 Loan payable - 100,000 Capital stock - 80,000 Retained earnings - 70,000 Dividends 20,000 - Revenues - 478,400 Rent expense 120,000 - Salaries expense 235,600 - Supplies expense 18,000 - 7,400 - 10,100 - Supplies Equipment Interest expense Depreciation expense $ 803,600 $ 803,600 (a) Prepare the necessary closing entries. (b) Use T-accounts to determine the post-closing balances of the accounts. (c) Prepare the post-closing trial balance. Name: Date: B-04.05(a) Section: GENERAL JOURNAL Date Page Accounts Debit Dec. 31 To close revenues to Income Summary Dec. 31 To close Summary expenses to Income Dec. 31 To close Income Summary to retained earnings Dec. 31 To close dividends Credit Name: Date: B-04.05(b) Section: CASH DIVIDENDS closing ACCOUNTS RECEIVABLE REVENUES closing SUPPLIES RENT EXPENSE closing EQUIPMENT SALARIES EXPENSE closing ACCUMULATED DEPRECIATION SUPPLIES EXPENSE closing ACCOUNTS PAYABLE INTEREST EXPENSE closing LOAN PAYABLE DEPRECIATION EXPENSE closing CAPITAL STOCK INCOME SUMMARY closing closing RETAINED EARNINGS closing closing closing Name: Date: Section: B-04.05(b) Name: Date: B-04.05(c) Section: TIMBER CREEK Post-Closing Trial Balance As of December 31, 20X3 Debits $ $ Credits - $ - - - - - - - - - - - - - - - - - - $ - I-04.06 Use this randomly arranged data to prepare a classified balance sheet for Imamani Corporation as of December 31, 20X5. Some of the accounts do not belong in the balance sheet, and 20% of the loan payable matures each June 30. Capital Stock Patent Accumulated depreciation (equipment) Building Land held for speculation Dividends $ 755,000 275,000 (477,654) 1,990,776 156,098 50,000 Cash 182,345 Retained earnings 646,992 Accounts receivable 56,766 Accounts payable 78,011 Income tax expense Prepaid insurance Accumulated depreciation (building) Loan payable 123,334 3,883 (988,777) 1,000,000 Equipment 887,885 Land 278,790 Interest payable Inventories Cash value of life insurance 31,117 121,008 25,000 Name: Date: Section: IMAMANI CORPORATION Balance Sheet December 31, 20X5 Assets Liabilities I-04.06 Name: Date: Section: I-04.06