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 = General 14 AAE A Dov E Arial BIU P Alxv fx a Wrap Text E Merge & Center Insert E Delete v Format Paste A ovzro Sort & Find & X Filter Select $ % ) 6890 Cell Styles Conditional Format Formatting as Table ideas Sensitivity L DEFGHI L M N LOPQR S 1 Journal Entries JE # Account Names Debit Credit Balance Sheet Dec 2018 Journal Entries T-Accounts Accounting Worksheet I ncome Statement Statement of Retained Earnings Balance Sheet + Post-Closing Trial Balance @ 0 - - + 100% 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%