Adeniyi Flooring Projects Due: March 31 at midnight in drop box in D2L (Excel spreadsheet) Instructions: Complete all transactions in the Excel template A. Journalize and post normal monthly transactions for December 2018. B. Prepare unadjusted trial balance C. Journalize and post adjusting entries Prepare adjusted trial balance. Prepare multi-step income statement, statement of retained earnings, and classified balance sheet in worksheet #4 Journalize and post closing entries. Prepare post closing trial balance E. A. Adeniyi Flooring- Normal journal entries for the month of December, 2018 Record the JE's in worksheet #3 and then to worksheet #2 and total in Column F &G 12/1 Paid rent expense of $5,000 for December. 12/1 Took out long term bank note for $100,000 with an interest rate of 12%. 12/3 Purchased $400,000 of inventory terms 2/10 net 30 12/8 Sold equipment with original cost of $40,000 and accumulated depreciation of $15,000 for $12,000 12/9 Purchased building for $20,000 cash. 12/10 Sold inventory on account for $400,000 2/10 net 30 with a cost of $200,000 12/11 Paid for inventory purchased December 3 12/12 Paid postage $350, Miscellaneous $400, Entertainment $175 in cash 12/18 Wrote off uncollectible accounts $15,000. 12/19 Received payment for sale on December 10. 12/31 Declared and paid cash dividend of $0.50 per share. 12/31 Paid wages and salaries of $10,000 C. Adjusting Journal Entries Record the AE's in worksheet #3 and then to worksheet #2 and total in Column L & M, as you did in the first part above 1.Record interest due on the note payable received on December 1. 2. Depreciation expense for the month is $3,000 for building and $1,800 for equipment. Accrue sales for goods sold for $25,000 with a cost of $10,000 4. 5. 6. Insurance expense for the month of December is $400. Unearned revenue of $12,000 with a cost of $8,000 was earned during the month. Ending office supplies inventory $4,200 Allowance for bad debts is 3 percent of net sales rounded to the nearest dollar Adeniyi Flooring November Trial Balance A. Normal Monthly Transactions Unadjusted Trial Balance DR DR CR DR CR CR Cash Accounts Receivable Allowance for Bad Debts Merchandise Invent Office Supplies Prepaid Insurance 125,000 303,000 5,000 25,000 251,000 6,300 5,800 Term Investments Land Buildin Accumulated Depreciation- Buildin Equipment Accumulated Depreciation- Equipment Patents Goodwill Accounts Payable Notes Payable Unearned Revenue Interest Payable Common Stock (S5Pa Paid-in Capital in Excess of Par Value 251,000 458,000 79,000 167,230 45,600 60,000 24,000 184,300 50,000 840,000 40,000 295,730 829,720 Retained Earnin Sales Sales Discounts Sales Returns & Allowances Cost of Goods Sold Wages & Salaries Ex Rent Expense Bad Debt Expense Depreciation Expense- Building Utitlity Expense Depreciation Expense- Euipment Interest Expense Office Supplies Expense Gain/Loss on Disposal of Equipment Insurance Expense Amortization Expense Miscellaneous Expense Postage Expense Entertainment Expense 10,000 94,800 67,400 5,000 72,400 10,000 11,000 5,600 6,000 ,670 200 Totals 2,389,350 2,389,350 C. December Adjustments D. December G.December Adjusted Trial Balance DR Post Closing Trial Balance DR CR CR DR CR A. Normal Journal Entries Explanations Date Account Debit Dec/1Rent Expense 5,000 Cash 1,00,000 Notes Payable 4,00,000 C. Adjusting Entries Explanations Date Account Debit| F. Closing Entries Explanations Date Account Debit E. Prepare financial statements for Adeniyi Flooring 2018. Adeniyi Flooring Income Statement For the yearended Dec 31, 2018 Gross Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Expenses Total Expenses Net Income Adeniyi Flooring Statement of Retained Earnings For the yearended Dec 31, 2018 Beginning Retained Earnings Add Net Income Less Dividends Ending Retained Earnings Adeniyi Flooring Balance Sheet December 31, 2018 2018 Assets Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Account Receivable Net Inventory Preaid Insurance Total Current Assets Fixed Assets Land Building Accum Depr Building Equipment Accum Depr Equipment Total Fixed Assets Long Term Investments Intangible Assets Patents Total Intangible Assets Total Assets Liabilities Current Liabilities Accounts Payable Unearened Revenue Interest Payable Current Liabilities Long Term Liabilities Notes Payable Long Term Liabilities Stockholders Equity Common Stock Paid-in Capital Retained Earnings Total Stockholders Equity Total Liabilities & Stockholders Equity Adeniyi Flooring Projects Due: March 31 at midnight in drop box in D2L (Excel spreadsheet) Instructions: Complete all transactions in the Excel template A. Journalize and post normal monthly transactions for December 2018. B. Prepare unadjusted trial balance C. Journalize and post adjusting entries Prepare adjusted trial balance. Prepare multi-step income statement, statement of retained earnings, and classified balance sheet in worksheet #4 Journalize and post closing entries. Prepare post closing trial balance E. A. Adeniyi Flooring- Normal journal entries for the month of December, 2018 Record the JE's in worksheet #3 and then to worksheet #2 and total in Column F &G 12/1 Paid rent expense of $5,000 for December. 12/1 Took out long term bank note for $100,000 with an interest rate of 12%. 12/3 Purchased $400,000 of inventory terms 2/10 net 30 12/8 Sold equipment with original cost of $40,000 and accumulated depreciation of $15,000 for $12,000 12/9 Purchased building for $20,000 cash. 12/10 Sold inventory on account for $400,000 2/10 net 30 with a cost of $200,000 12/11 Paid for inventory purchased December 3 12/12 Paid postage $350, Miscellaneous $400, Entertainment $175 in cash 12/18 Wrote off uncollectible accounts $15,000. 12/19 Received payment for sale on December 10. 12/31 Declared and paid cash dividend of $0.50 per share. 12/31 Paid wages and salaries of $10,000 C. Adjusting Journal Entries Record the AE's in worksheet #3 and then to worksheet #2 and total in Column L & M, as you did in the first part above 1.Record interest due on the note payable received on December 1. 2. Depreciation expense for the month is $3,000 for building and $1,800 for equipment. Accrue sales for goods sold for $25,000 with a cost of $10,000 4. 5. 6. Insurance expense for the month of December is $400. Unearned revenue of $12,000 with a cost of $8,000 was earned during the month. Ending office supplies inventory $4,200 Allowance for bad debts is 3 percent of net sales rounded to the nearest dollar Adeniyi Flooring November Trial Balance A. Normal Monthly Transactions Unadjusted Trial Balance DR DR CR DR CR CR Cash Accounts Receivable Allowance for Bad Debts Merchandise Invent Office Supplies Prepaid Insurance 125,000 303,000 5,000 25,000 251,000 6,300 5,800 Term Investments Land Buildin Accumulated Depreciation- Buildin Equipment Accumulated Depreciation- Equipment Patents Goodwill Accounts Payable Notes Payable Unearned Revenue Interest Payable Common Stock (S5Pa Paid-in Capital in Excess of Par Value 251,000 458,000 79,000 167,230 45,600 60,000 24,000 184,300 50,000 840,000 40,000 295,730 829,720 Retained Earnin Sales Sales Discounts Sales Returns & Allowances Cost of Goods Sold Wages & Salaries Ex Rent Expense Bad Debt Expense Depreciation Expense- Building Utitlity Expense Depreciation Expense- Euipment Interest Expense Office Supplies Expense Gain/Loss on Disposal of Equipment Insurance Expense Amortization Expense Miscellaneous Expense Postage Expense Entertainment Expense 10,000 94,800 67,400 5,000 72,400 10,000 11,000 5,600 6,000 ,670 200 Totals 2,389,350 2,389,350 C. December Adjustments D. December G.December Adjusted Trial Balance DR Post Closing Trial Balance DR CR CR DR CR A. Normal Journal Entries Explanations Date Account Debit Dec/1Rent Expense 5,000 Cash 1,00,000 Notes Payable 4,00,000 C. Adjusting Entries Explanations Date Account Debit| F. Closing Entries Explanations Date Account Debit E. Prepare financial statements for Adeniyi Flooring 2018. Adeniyi Flooring Income Statement For the yearended Dec 31, 2018 Gross Sales Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Expenses Total Expenses Net Income Adeniyi Flooring Statement of Retained Earnings For the yearended Dec 31, 2018 Beginning Retained Earnings Add Net Income Less Dividends Ending Retained Earnings Adeniyi Flooring Balance Sheet December 31, 2018 2018 Assets Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Account Receivable Net Inventory Preaid Insurance Total Current Assets Fixed Assets Land Building Accum Depr Building Equipment Accum Depr Equipment Total Fixed Assets Long Term Investments Intangible Assets Patents Total Intangible Assets Total Assets Liabilities Current Liabilities Accounts Payable Unearened Revenue Interest Payable Current Liabilities Long Term Liabilities Notes Payable Long Term Liabilities Stockholders Equity Common Stock Paid-in Capital Retained Earnings Total Stockholders Equity Total Liabilities & Stockholders Equity