based on the first photo fill out the balance sheet that is in the last photo

ACME Distribution, Inc. December 31, 2016 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adjusting journal entries use the account titles from the trial balance or the general ledger Post each of the entries below to the trial balance and calculate the adjusted account balances. 1) A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below. 18000/12.9=13500 Debit Credit Account description Insurance experse 43400 prepaid insurance Post the above entry to the trial balance in the adjustment columns 13500 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). 8day $925 Debit Credit Account description salaries expense salar to payable 7400 7403 Post the above entry to the trial balance in the adjustment columns. ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued >> The.company takes a physical inventory count at the end of the year and rust the way we can there is a difference between the invertory value anterior rent in een compared to the general ledger. The information below the lates the number of res comuns wory purchases of inventory during the month Number of units held in the company wory 121342016 based on a court try A listing of purchases during the month of December resolows On To Date Purchased December 5, 2016 December 14, 2016 10 53257 4.00 $ December 21, 2016 They Unit Cout Com 58875 26.000 33.750 7.500 5 17641 15700 3141 450 33750 113436 6500 The company uses FIFO to account for its inventory cout What is the cost of the company's ending into round answer to nearest dollar and show your calculation below for full credit)? 3359 47,186 The balance in inventory per the unadjusted trial balance before making any adjustments is 579,327 What is the amount of the December 31 adjustment to inventory cost (show your calculation below for full credit) 3214L 79 327 -47186 32141 Complete below the adjusting journal entry necessary for inventory Account description Debid Credit 32141 Inventory COGS Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 4) The company has estimated, based on historical information, that 1.5% of secounts receivable will testery not be collected. Therefore, they provide an allowance for bed debts at that level Calculate the appropriate amount for the allowance at December 31, 2016 Accounts receivable balance per the unadjusted tit balance 42 400 1901 Estimated allowance amount {Round answer to the nearest dolar and show your calculation below for full credit). 42400. 045-1906 Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit). 42-100.045 1908 Complete below the adjusting journal entry necessary for the allowance for bad debts: Credit Account description Debit bad dext exponce 1908 allowance for bord Post the above entry to the trial balance in the adjustment columns 1906 ACME Distribution, the December 31, 2015 Adjusting Entries Continued 5) On July 31, 2016 the company purchased warehouses the amount of 550.000. No depreciation has been recorded yet in 2016 estimated to have a use of years and save 55.000 What is the depreciation expenset 2016 using the Round to the nearest dollar and show your calculation below for 2344 50poo - 5000/8=5625 - / 5625.5/12= 2343,75 5/12 - 0.41667 Complete below the adjusting joumal entry necessary for depreciation Account description depreciation excele lace depreciation equipment Credit Debit 23424 2344 Post the above entry to the trial balance in the adjustment columns ACME Distribution December 31, 2016 Adjusting Entries Continued 6) The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The bond has a contractual interest rate of 6.8% and was issued at par. The bond matures in 10 years and pays interest on July 31 and January 31 each year. What is the amount of interest to be accrued at December 31, 20187 Round answer to nearest dollar and show your calculation below for full credit) 2125 125 (75000. 068)/ Complete below the adjusting journal entry necessary for accrued interest Account description Credit Interest expense Interest payable Debit 2125 2125 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31 2016 2015 $ Assets Current assets Cash Accounts receivable Allowance for bad debts Accounts receivable-net of allowance Inventory Supplies Prepaid insurance Prepaid rent Total current assets 34,620 25,060 (1.200 23,860 66,750 10,700 2.600 138,530 Property, plant and equipment Office equipment Warehouse equipment Less accumulated depreciation Net property, plant and equipment 35,000 30.000 65.000 24,000 41.000 Total assets 179,530