adjusting entries

AutoSave Off H2 Intermediate Assignment Search A Orleana D Bland OD X File Home Insert Page Layout Formulas Data Review View Help QuickBooks Share Comments Insert ab Calibri 11 A A == a Wrap Text General 28 O s 2X Delete LIV Paste BIU a-A~ F y Ideas $ %, 809 Merge & Center Sensitivity Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Clipboard Font Alignment Number Cells Ideas Sensitivity Q21 fx B c D E F G H 1 J K L M N o R T 1 INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT 4 5 6 7 9 10 11 12 - - 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 01/01/2019 - 12/31/2019 TRIAL BALANCE UNADJUSTED BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT ACCOUNT TYPE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash ASSET $ 326,000 $ Accounts Receivable ASSET $ 450,000 $ Inventory ASSET $ 575,000 $ Building Improvements ASSET $ 650,000 $ Accumulated Depreciation-Building Improvement ASSET $ $ 65,000 Machinery and Equipment ASSET $ 216,000 $ Accumulated Depreciation-Machinery and Equip ASSET $ $ 50,000 Accounts Payable LIABILITY $ $ 230,000 Interest Payable LIABILITY $ $ 2,000 Salaries and Wages Payable LIABILITY $ $ Sales Tax Payable LIABILITY $ $ 2,000 Unearned Subscription Revenue LIABILITY $ $ Lawsuit Liability LIABILITY $ $ . Note Payable (PNC Bank) LIABILITY $ Bonds Payable LIABILITY $ $ Preferred Stock-1,000 shares authorized, $5 par v EQUITY $ 5,000 Common Stock-50,000 shares authorized. $1 par EQUITY $ $ 10,000 Paid-In Capital-Stock Options EQUITY $ $ Paid-In Capital In Excess Of Par - Common Stoch EQUITY $ 274,000 Paid-in Capital In Excess Of Par-Preferred Stock EQUITY $ 147,000 Retained Earnings EQUITY $ $ Sales Revenue REVENUE - SALES $ $ 1,670,000 Subscription Revenue REVENUE - SALES $ 500,000 Cost of Goods Sold PENSE - COST OF GOODS SQ $ 433,000 $ Salaries and Wages Expense EXPENSE - OPERATING $ 140,000 $ Compensation Expense EXPENSE - OPERATING $ Depreciation Expense EXPENSE - OPERATING $ 115,000 $ Income Tax Expense EXPENSE - INCOME TAXES $ 50,000 $ Interest Expense EXPENSE - OTHER $ $ Lawsuit Loss EXPENSE - OTHER $ $ Totals 2,955,000 $ 2,955,000 Net Income Totale 1. Adjusting Entries 2. Worksheet 3. Income Statement 4. Retained Earnings Statement - 34 35 36 37 5. Balance Sheet | 6. Statem ... B + 60% Type here to search . a BEL HH 10:29 PM 11/25/2020 AutoSave Off H Intermediate Assignment Search A Orleana D Bland OD X File Home Insert Page Layout Formulas Data Review View Help QuickBooks Share Comments Insert Liberation Sans 10AA == ab Wrap Text General AY O W 5 DX Delete v LIV Paste BIU a-A- Ideas Ft E Merge & Center $ %, 8-20 y Sensitivity Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Clipboard Font Alignment Number Cells Ideas Sensitivity V15 AB c E F H H J K L M N P R S S T V Y z AA Awesome Company Balance Sheet 1 2 3 4 5 6 6 7 8 1 Assets 2 3 4 1 112 3 14 15 6 17 118 8 9 9 110 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 9 51 10 61 11 71 12 8 13 91 14 10 101 15 11 16 12 17 13 18 14 19 15 20 161 21 17 22 18 23 19 24 201 25 21 26 221 27 23 28 24 29 25 30 26 31 271 32 28 33 29 34 301 35 31 Liabilities and Stockholders' Equity ... 4. Retained Earnings Statement 5. Balance Sheet 6. Statement of Cash Flows | 7. Note Disclosures + B + 66% Type here to search . a 1 - BEL Dax 10:26 PM 11/25/2020 AutoSave Off H2 Intermediate Assignment Search A Orleana D Bland OD X File Home Insert Page Layout Formulas Data Review View Help QuickBooks Share Comments X Insert Liberation Sans 10AA == General 48 0 5 a Wrap Text EE E Merge & Center DX Delete v LIV Paste BIU MA $ %, 820 Ideas y Sensitivity Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Clipboard Font Alignment Number Cells Ideas Sensitivity L1 A B D E F G H J K I M N O P Q R S 1 2 Awesome Company Statement of Cash Flows 3 4 5 1 6 2 1 12 2 3 7 3 8 4 14 9 5 61 6 10 5 15 16 17 8 11 7 9 12 81 13 91 14 10 15 11 10 11 16 12 12 13 14 17 13 18 14 19 15 20 16 21 17 22 181 10 15 16 17 18 2. Worksheet 3. Income Statement 4. Retained Earnings Statement 5. Balance Sheet 6. Statement of Cash Flows 7. ... @ + 100% Type here to search | 0 a BEL HE 10:24 PM 11/25/2020 AutoSave Off H2 Intermediate Assignment Search A Orleana D Bland OD X File Home Insert Page Layout Formulas Data Review View Help QuickBooks Share Comments Insert Liberation Sans 10AA ab == General 28 O 5 a Wrap Text - 3 Merge & Center DX Delete v LIV Paste BIU A $ %, 809 Ideas y Sensitivity Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Clipboard Font Alignment Number Cells Ideas Sensitivity P17 X A B E F H 1 J K L M N P P R S S T U Y Z 1 2 3 Awesome Company Income Statement 1 12 3 4 5 4 5 11 6 2 2 7 3 8 4 9 5 10 61 11 7 12 8 81 13 91 14 101 15 11 16 12. 17 13 18 14 19 150 20 16 21 17 22 180 23 191 24 20 25 21 26 22 27 231 28 24 29 25 30 26 6 7 8 8 9 10 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 1. Adjusting Entries 2. Worksheet 3. Income Statement 4. Retained Earnings Statement 5. Balance Sheet 6. Statem ... B + 77% Type here to search a BEL HH 10:28 PM 11/25/2020 AutoSave Off H2 Intermediate Assignment Search A Orleana D Bland OD X File Home Insert Page Layout Formulas Data Review View Help QuickBooks Share Comments Insert Liberation Sans 10AA == ab Wrap Text General AY O 5 DX Delete v LIV Paste BIU MA EE E Merge & Center $ %, 820 y Ideas Sensitivity Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Clipboard Font Alignment Number Cells Ideas Sensitivity E11 B D E F H | J K L M N O Q R S T 1 2 Awesome Company Retained Earnings Statement 3 4 5 1 1 6 2 7 3 8 4 5 9 10 6 | 2 3 4 5 15 16 7 8 19 10 11 7 12 81 13 9|| 14 10|| 15 16 17 18 19 20 21 22 4. Retained Earnings Statement 5. Balance Sheet 6. Statement of Cash Flows 7. Note Disclosures + @ + 100% Type here to search o E a BEL HH 10:27 PM 11/25/2020 AutoSave Off H2 Intermediate Assignment Search A Orleana D Bland OD X File Home Insert Page Layout Formulas Data Review View Help QuickBooks Share Comments Insert Calibri == General AY 0 $ 11 AA A a Wrap Text EE E Merge & Center LIV Paste BIU $ %, -20 2X Delete Format Ideas Sensitivity Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Clipboard Font Alignment Number Cells Ideas Sensitivity R6 fx A B E F H 1 J K L N P R s Note Disclosures 1 (1) NOTE DISCLOSURE OF SHORT-TERM DEBT 2 3 (2) NOTE DISCLOSURE OF BONDS 4 5 (3) NOTE DISCLOSURE OF UNEARNED SUBSCRIPTION REVENUE 6 7 (4) NOTE DISCLOSURE OF COMPENSATED ABSENCES POLICY 4. Retained Earnings Statement 5. Balance Sheet | 6. Statement of Cash Flows 7. Note Disclosures + 3 + 64% Type here to search a BEL 10:26 PM 11/25/2020 Awesome Company borrowed $20,000 on November 1, 2019, by signing a $20,000, 9%, 3- month note from PNC Bank. The funds were used to purchase equipment in January 2020. Prepare Awesome's November 1, 2019, entry and the December 31, 2019, annual adjusting entry. Awesome Company authorized and issued at par 100 five-year term bonds with a par value of $1,000 each, dated January 1, 2019, secured by equipment, and bearing interest at an annual rate of 5 percent payable semiannually on January 1 and July 1. Prepare Awesome's January 1, 2019 issuance, July 1, 2019 interest payment, and the December 31, 2019, adjusting entry. Awesome Company sold 15,000 annual subscriptions on August 1, 2019, for $20 each. Prepare Awesome's August 1, 2019, journal entry and the December 31, 2019, annual adjusting entry, assuming the magazines are published and delivered monthly. Awesome Company's employees are entitled to paid vacation, personal, and sick days off, depending on job status, length of service, and other factors. The Company's policy is to recognize the cost of compensated absences and to accrue liability when employees become vested in the benefits At December 31, 2019, 100 employees have each earned 3 week of vacation time. The employees' average salary is $200 per week. Prepare the December 31, 2019, adjusting entry to record the year's compensated absences accrual and expense. There were no other compensated absences benefits earned during the year. Awesome Company is a defendant in a lawsuit at December 31, 2019. Based upon counsel and management's opinion, the outcome of such matters is expected to have a material adverse effect on the financial position of the company. The dispute is expected to be resolved in 2020 and it has been estimated that Awesome will be liable for $750,000 as a result of this suit. Prepare the December 31 entry assuming it is probable that Awesome will be liable for $750,000 as a result of this suit. Other information regarding the suit include; Alleged wrongful injury and/or death from exposure to asbestos fibers in the air Alleged period of exposure - March 10, 2019 to April 15, 2019