AutoSave OFF AAS 5 = Project Fall 2019(1) - Compatibility Mode - Saved to my Mac Home Share Comments Insert Draw Design Layout References Mailings Review View Arial 12A A Aa A EvEv BI va x, x A LA EEEEE AL AaBbCcDd AaBbCcDdt AaBbCcDc AaBbCcDc Aa BbCcDdEe No Spacing Heading 1 Title Subtitle AaBbCcDdEE Subtle Emph... Paste Normal Emphasis Styles Sensitivity Panel Journal Entries: 1. Dresser paid the interest due on the Bonds Payable on January 1. 2. Dresser paid $750 of salaries and wages, which includes the amount accrued as of December 31, 2018. 3. Dresser sold 4,000 units of inventory for $13.00 each. 4. Dresser purchased supplies on account for $1,200. 5. Dresser purchased 3,000 units of inventory for $1.70 each. 6. Dresser sold 2,800 units of inventory for $14.00 each. 7. Dresser wrote off as uncollectible the accounts of Barker Corporation ($3,200) and Elm Company ($2,500). 8. Dresser paid the interest due on the Bonds Payable on July 1. 9. Dresser purchased 1,500 units of inventory for $1.72 each. 10. Dresser collected $1,000 from Elm Company, part of the balance previously written off. 11. Dresser paid salaries and wages of $64,000. 12. Dresser paid $7,200 for insurance coverage from May 1, 2019 thru April 30, 2020. 13. Dresser sold 2,500 units of inventory for $15.00 each. 14. Dresser collected $98,900 from customers on account. 15. Dresser purchased 3,800 units of inventory for $1.75 each. 16. Dresser paid $12,300 on accounts payable. 17. Dresser sold 600 units of inventory for $14.50 each as a cash sale. 18. Dresser paid $1,800 selling expenses and $2,650 administrative expenses. 19. Dresser declared and paid $4,000 in dividends to its stockholders. 20. Dresser accepted a $55,000, 6%, 3 year note receivable from a trusted customer for 3,000 units of inventory on October 1. The market rate of interest on Oct. 1 was 5%. Interest is received semiannually on April 1 and Oct. 1 Page 2 of 3 910 words 4* English (United States) O Focus E S 3 - - + 120% AutoSave OFF AAS 5 = Project Fall 2019(1) - Compatibility Mode - Saved to my Mac Home View Share Comments Insert Draw Design Layout References Mailings Review Arial 12A A Aa A EvEv BI U v zb x, x A LA EE AaBbCcDdt AL v AaBb CcDdi No Spacing AaBbCcDc AaBbCcDc AaBbCcDdEe Heading 1 Title Subtitle AaBbCcDdEt AaBbCcDdEt Subtle Emph... Emphasis Paste Ev v Normal Styles Sensitivity Panel Adjusting Journal Entries: 1. Prepaid insurance expires evenly each month. 2. A count of supplies at year end revealed $380 of supplies on hand. 3. Interest is recorded on the long-term note receivable. 4. Interest is recorded on the Bonds Payable. 5. Depreciation on the equipment is calculated using the sum-of-years-digits method. The salvage value is $2,000, life is 10 years, and 4 years are depreciated as of Dec. 31, 2018. 6. Depreciation on the building is calculated using the straight-line method. The salvage value is $10,000, life is 30 years, and 10 years are depreciated as of Dec. 31, 2018. 7. Salaries and wages payable at year end amounted to $1,000. 8. [+esser performed an aging analysis of its year end Accounts Receivable as follows: 0-30 days 31-60 days 61-90 days > 90 days A/R Balance % $ (balance) 50% | 25% | 15% | 10% % Uncollectible 12% 30% 60% 80% 9. Income tax is recorded at $21,692. Check figures: Cash ending balance Inventory ending balance $ 22,100 $ 5,600 $ 387,955 $ 52,481 Total Unadjusted Trial Balance Total Adjustment columns on Worksheet Income from operations Total Current Assets Total Current Liabilities Interest receivable balance Accounts receivable balance Retained earnings balance $ 825 $ 36,580 $ 57,420 $ 72,307 $ 56,728 $ 35,522 Page 3 of 3 910 words 4* English (United States) O Focus E S 3 - - + 120% AutoSave OFF AAS 5 = Project Fall 2019 Home Insert Draw Page Layout Formulas Data Review View Share Comments 12 General A AA = = = OU A E = a Wrap Text E Merge & Center Arial BI U D fx Cash Insert Delete Format V $ % ) 8. Conditional Format Formatting as Table Cell Styles ideas Sort & Filter X Paste A9 Sensitivity Find & Select , X G H I K L M N O P i Initial Data: Dresser Company Balance Sheet December 31, 2018 $ Liabilities and Stockholders' Equity: Current Liabilities: Accounts Payable Interest Payable Salary and Wages Payable Total Current Liabilities 10,200 12,480 (6,250) 12,620 2,000 410 31,460 7,600 2,000 200 9,800 7 Assets: 8 Current Assets: 9 Cash 10 Accounts Receivable 11 Less Allowance for Doubtful Accounts Inventory ** 13 Prepaid Insurance Supplies Total Current Assets 16 17 Property, Plant and Equipment: 18 Building 19 Less Accumulated Depreciation 20 Equipment 21 Less Accumulated Depreciation Total Property, Plant and Equipment 23 $ Long Term Liabilities: Bonds Payable, 8%, 10 year *** 15 $ $ 50,000 $ Total Liabilities $ 59,800 100,000 (30,000) 60,000 (35,855) 94,145 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity 22 $ $ 55,000 10,805 $ 65,805 27 Total Assets $ 125,605 Total Liabilities and Stockholders' Equity $ 125,605 29 *** Interest payable Jan. 1 and July 1 $ 30 **Inventory balance is: 31 5000 units at $1.60 each 32 2800 units at $1.65 each 33 Total Inventory 8,000 4,620 12,620 $ 34 Balance Sheet Dec 2018 Journal Entries T-Accounts Accounting Worksheet Income Statement Statement of Retained Earnings Balance Sheet + Post-Closing Trial Balance @ 0 - - + 100% AutoSave OFF AAS 5 = Mariane R. Project Fall 2019 Home Insert Draw Page Layout Formulas Data Review View Share Comments LOLE = Dov General 14 AAE DUA E a Wrap Text E Merge & Center v Arial BI X ID Conditional Format Formatting as Table Insert E Delete v Format $ A ovzro Sort & Find & X Filter Select % ) Cell Styles 68.90 ideas Sensitivity Paste M76 A L U fx . C D E F G H I L M N O P Q R S 3 Credit JE # Account Names 1 Interest Payable Cash Debit 2,000 2,000 550 2 Salaries & Wages Salaries & Wages Payable Cash 200 750 52,000 3 Accounts Receivable Sales Revenue 52,000 Missing the Cost of goods sold / inventory entry not inventory, purchasing supplies 14 1,200 4 Inventory Accounts Payable 1,200 5,100 5 Inventory Accounts Payable 5,100 39,200 6 Accounts Receivable Sales Revenue 39,200 Missing the Cost of goods sold / inventory entry 5,700 7 Allowances For Doubtful Debts Accounts Receivable 5,700 2,000 interest what? 8 Interest Cash 2,000 2,580 9 Inventory Accounts Payable 30 2,580 1,000 10 Cash Allowances For Doubtful Debts need to first reverse the writeoff entry, then do the 1,000 collection entry. 33 34 Journal Entries T-Accounts Accounting Worksheet Income Statement Statement of Retained Earnings Balance Sheet Post-Closing Trial Balance + @ 0 - - - + 100% AutoSave OFF AAS 5 = Mariane R. Project Fall 2019 Home Insert Draw Page Layout Formulas Data Review View Share Comments = Dov a General LL Arial BIUL 14 AAE A Wrap Text Merge & Center Insert Deletev Format A U-2". Sort & v Filter Paste E $ % ) .90 Cell Styles Conditional Format Formatting as Table ideas Find & Select Sensitivity X X fx M76 . C D E F G H I J K L M N S T U V 34 64,000 Salaries and wages what? 11 Salaries & Wages Cash 64,000 38 7,200 12 Prepaid Insurance Cash 7,200 37,500 Missing the Cost of goods sold / inventory entry 13 Accounts Receivable Sales Revenue A2 37,500 98,900 14 Cash Accounts Receivable 98,900 6,650 15 Inventory Accounts Payable 6,650 12,300 16 Accounts Payable Cash 12,300 8,700 Missing the Cost of goods sold / inventory entry 17 Cash Sales Revenue 8,700 18 Selling Expenses Administrative Expenses Cash 1,800 2,650 4,450 4,000 19 Dividend Cash 4,000 55,000 20 6% Notes Receivable Sales Revenue 55,000 see the notes receivable handout to calculate this amount Missing the Cost of goods sold / inventory entry 66 Adjusting Entries Journal Entries T-Accounts Accounting Worksheet Income Statement Statement of Retained Earnings Balance Sheet Post-Closing Trial Balance + @ 0 - - + 100% AutoSave OFF AAS 5 = Project Fall 2019(1) - Compatibility Mode - Saved to my Mac Home Share Comments Insert Draw Design Layout References Mailings Review View Arial 12A A Aa A EvEv BI va x, x A LA EEEEE AL AaBbCcDd AaBbCcDdt AaBbCcDc AaBbCcDc Aa BbCcDdEe No Spacing Heading 1 Title Subtitle AaBbCcDdEE Subtle Emph... Paste Normal Emphasis Styles Sensitivity Panel Journal Entries: 1. Dresser paid the interest due on the Bonds Payable on January 1. 2. Dresser paid $750 of salaries and wages, which includes the amount accrued as of December 31, 2018. 3. Dresser sold 4,000 units of inventory for $13.00 each. 4. Dresser purchased supplies on account for $1,200. 5. Dresser purchased 3,000 units of inventory for $1.70 each. 6. Dresser sold 2,800 units of inventory for $14.00 each. 7. Dresser wrote off as uncollectible the accounts of Barker Corporation ($3,200) and Elm Company ($2,500). 8. Dresser paid the interest due on the Bonds Payable on July 1. 9. Dresser purchased 1,500 units of inventory for $1.72 each. 10. Dresser collected $1,000 from Elm Company, part of the balance previously written off. 11. Dresser paid salaries and wages of $64,000. 12. Dresser paid $7,200 for insurance coverage from May 1, 2019 thru April 30, 2020. 13. Dresser sold 2,500 units of inventory for $15.00 each. 14. Dresser collected $98,900 from customers on account. 15. Dresser purchased 3,800 units of inventory for $1.75 each. 16. Dresser paid $12,300 on accounts payable. 17. Dresser sold 600 units of inventory for $14.50 each as a cash sale. 18. Dresser paid $1,800 selling expenses and $2,650 administrative expenses. 19. Dresser declared and paid $4,000 in dividends to its stockholders. 20. Dresser accepted a $55,000, 6%, 3 year note receivable from a trusted customer for 3,000 units of inventory on October 1. The market rate of interest on Oct. 1 was 5%. Interest is received semiannually on April 1 and Oct. 1 Page 2 of 3 910 words 4* English (United States) O Focus E S 3 - - + 120% AutoSave OFF AAS 5 = Project Fall 2019(1) - Compatibility Mode - Saved to my Mac Home View Share Comments Insert Draw Design Layout References Mailings Review Arial 12A A Aa A EvEv BI U v zb x, x A LA EE AaBbCcDdt AL v AaBb CcDdi No Spacing AaBbCcDc AaBbCcDc AaBbCcDdEe Heading 1 Title Subtitle AaBbCcDdEt AaBbCcDdEt Subtle Emph... Emphasis Paste Ev v Normal Styles Sensitivity Panel Adjusting Journal Entries: 1. Prepaid insurance expires evenly each month. 2. A count of supplies at year end revealed $380 of supplies on hand. 3. Interest is recorded on the long-term note receivable. 4. Interest is recorded on the Bonds Payable. 5. Depreciation on the equipment is calculated using the sum-of-years-digits method. The salvage value is $2,000, life is 10 years, and 4 years are depreciated as of Dec. 31, 2018. 6. Depreciation on the building is calculated using the straight-line method. The salvage value is $10,000, life is 30 years, and 10 years are depreciated as of Dec. 31, 2018. 7. Salaries and wages payable at year end amounted to $1,000. 8. [+esser performed an aging analysis of its year end Accounts Receivable as follows: 0-30 days 31-60 days 61-90 days > 90 days A/R Balance % $ (balance) 50% | 25% | 15% | 10% % Uncollectible 12% 30% 60% 80% 9. Income tax is recorded at $21,692. Check figures: Cash ending balance Inventory ending balance $ 22,100 $ 5,600 $ 387,955 $ 52,481 Total Unadjusted Trial Balance Total Adjustment columns on Worksheet Income from operations Total Current Assets Total Current Liabilities Interest receivable balance Accounts receivable balance Retained earnings balance $ 825 $ 36,580 $ 57,420 $ 72,307 $ 56,728 $ 35,522 Page 3 of 3 910 words 4* English (United States) O Focus E S 3 - - + 120% AutoSave OFF AAS 5 = Project Fall 2019 Home Insert Draw Page Layout Formulas Data Review View Share Comments 12 General A AA = = = OU A E = a Wrap Text E Merge & Center Arial BI U D fx Cash Insert Delete Format V $ % ) 8. Conditional Format Formatting as Table Cell Styles ideas Sort & Filter X Paste A9 Sensitivity Find & Select , X G H I K L M N O P i Initial Data: Dresser Company Balance Sheet December 31, 2018 $ Liabilities and Stockholders' Equity: Current Liabilities: Accounts Payable Interest Payable Salary and Wages Payable Total Current Liabilities 10,200 12,480 (6,250) 12,620 2,000 410 31,460 7,600 2,000 200 9,800 7 Assets: 8 Current Assets: 9 Cash 10 Accounts Receivable 11 Less Allowance for Doubtful Accounts Inventory ** 13 Prepaid Insurance Supplies Total Current Assets 16 17 Property, Plant and Equipment: 18 Building 19 Less Accumulated Depreciation 20 Equipment 21 Less Accumulated Depreciation Total Property, Plant and Equipment 23 $ Long Term Liabilities: Bonds Payable, 8%, 10 year *** 15 $ $ 50,000 $ Total Liabilities $ 59,800 100,000 (30,000) 60,000 (35,855) 94,145 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity 22 $ $ 55,000 10,805 $ 65,805 27 Total Assets $ 125,605 Total Liabilities and Stockholders' Equity $ 125,605 29 *** Interest payable Jan. 1 and July 1 $ 30 **Inventory balance is: 31 5000 units at $1.60 each 32 2800 units at $1.65 each 33 Total Inventory 8,000 4,620 12,620 $ 34 Balance Sheet Dec 2018 Journal Entries T-Accounts Accounting Worksheet Income Statement Statement of Retained Earnings Balance Sheet + Post-Closing Trial Balance @ 0 - - + 100% AutoSave OFF AAS 5 = Mariane R. Project Fall 2019 Home Insert Draw Page Layout Formulas Data Review View Share Comments LOLE = Dov General 14 AAE DUA E a Wrap Text E Merge & Center v Arial BI X ID Conditional Format Formatting as Table Insert E Delete v Format $ A ovzro Sort & Find & X Filter Select % ) Cell Styles 68.90 ideas Sensitivity Paste M76 A L U fx . C D E F G H I L M N O P Q R S 3 Credit JE # Account Names 1 Interest Payable Cash Debit 2,000 2,000 550 2 Salaries & Wages Salaries & Wages Payable Cash 200 750 52,000 3 Accounts Receivable Sales Revenue 52,000 Missing the Cost of goods sold / inventory entry not inventory, purchasing supplies 14 1,200 4 Inventory Accounts Payable 1,200 5,100 5 Inventory Accounts Payable 5,100 39,200 6 Accounts Receivable Sales Revenue 39,200 Missing the Cost of goods sold / inventory entry 5,700 7 Allowances For Doubtful Debts Accounts Receivable 5,700 2,000 interest what? 8 Interest Cash 2,000 2,580 9 Inventory Accounts Payable 30 2,580 1,000 10 Cash Allowances For Doubtful Debts need to first reverse the writeoff entry, then do the 1,000 collection entry. 33 34 Journal Entries T-Accounts Accounting Worksheet Income Statement Statement of Retained Earnings Balance Sheet Post-Closing Trial Balance + @ 0 - - - + 100% AutoSave OFF AAS 5 = Mariane R. Project Fall 2019 Home Insert Draw Page Layout Formulas Data Review View Share Comments = Dov a General LL Arial BIUL 14 AAE A Wrap Text Merge & Center Insert Deletev Format A U-2". Sort & v Filter Paste E $ % ) .90 Cell Styles Conditional Format Formatting as Table ideas Find & Select Sensitivity X X fx M76 . C D E F G H I J K L M N S T U V 34 64,000 Salaries and wages what? 11 Salaries & Wages Cash 64,000 38 7,200 12 Prepaid Insurance Cash 7,200 37,500 Missing the Cost of goods sold / inventory entry 13 Accounts Receivable Sales Revenue A2 37,500 98,900 14 Cash Accounts Receivable 98,900 6,650 15 Inventory Accounts Payable 6,650 12,300 16 Accounts Payable Cash 12,300 8,700 Missing the Cost of goods sold / inventory entry 17 Cash Sales Revenue 8,700 18 Selling Expenses Administrative Expenses Cash 1,800 2,650 4,450 4,000 19 Dividend Cash 4,000 55,000 20 6% Notes Receivable Sales Revenue 55,000 see the notes receivable handout to calculate this amount Missing the Cost of goods sold / inventory entry 66 Adjusting Entries Journal Entries T-Accounts Accounting Worksheet Income Statement Statement of Retained Earnings Balance Sheet Post-Closing Trial Balance + @ 0 - - + 100%