\begin{tabular}{ll} Account Number & \\ \hline 100 & Cash \\ 110 & Accounts Receivable \\ 115 & Allowance For Bad Debts \\ 120 & Inventory \\ 130 & Notes Receivable \\ 135 & Accumulated Depreciation \\ 140 & Equipment \\ 160 & Buildings \\ 170 & Land \\ 180 & Patents \\ 185 & Accumulated Amortization \\ 190 & Interest Receivable \\ 195 & Prepaid Insurance Expense \\ 200 & Accounts Payable \\ 205 & Unearned Rent Revenue \\ 210 & Salaries Payable \\ 230 & Dividends Payable \\ 300 & Common Stock \\ 310 & Additional Paid in Capital \\ 340 & Retained Earnings \\ 400 & Sales Revenue \\ 405 & Rent Revenue \\ 410 & Interest Revenue \\ 415 & Loss on Sale of Equipment \\ 500 & Cost of Goods Sold \\ 510 & Depreciation Expense \\ 518 & Amortization Expense \\ 520 & Bad Debt Expense \\ 540 & Salaries \& Wage Expense \\ 560 & Insurance Expense \\ 570 & Interest Expense \\ 599 & Income Tax Expense \\ 600 & Dividends \end{tabular} 1. Prepare the journal entries for transactions A-T below and record them on the "Journal Entries" tab. 2. Once you have created the journal entries, post them to the "T-Accounts" tab. 3. Prepare journal entries for adjusting journal entries 16. 4. Post the adjusting entries to the correct T-Accounts in the " -Accounts m tab. J August 6: Pane purchases land with cash. At the time of purchase, Pane also had to pay for survey fees related to the land. Cost of Land Survey Fees K November 1: Pane lends one of their employees $200,000 in exchange for a note receivable. The employee is required to pay Pane back for the principal and interest on 5eptember 1, 2019. PrincipalInterestRateMaturityDate$200,0009%9/1/2019 L November 15: Pane sales additional goods to customers on account. Sales on account Cost of Goods Sold December 1: Pane puchases a piece of machinery with cash that will assist in making "T-Panes" Cost of Machinery Installation Fees Transportation Costs December 10: Pane collects a portion of their accounts receivable Amount collected $43,758,000 0 December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. Sale Price Equipment Historical Cost Accumulated Depreciation for this equipment $10,000 $55,000 $38,000 December 31: Pane paid the IRS their 2018 income tax. Income Tax Paid $2,000,000 Q The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has not been recorded on Pane's books. Number of Employees Employee payment (daily) Days worked in the current year 200 $175 250 STOP: Post each of the preceding journal entries to the appropriate T-Accounts before preparing the adjusting journal entries. Year-End Adjusting Entries: 1 Recognize the revenue earned from the rent paid in transaction B. 2 Recognize the expiration of the prepaid insurance policy, purchased in transaction D. 3 Recognize the interest earned on the note receivable issued in transaction K 4,8 4 Record the bad debt expense for the year, assuming uses 3% of accounts receivable to estimate their uncollectible accounts. 5 Depreciation Expense for the year is 2,556,000 6 Amortization Expense for the year is 3,000 Post each of the adjusting journal entries to the appropriate T-Accounts-DO NOT prepare closing journal entries yet Pane in the Glass Company (Pane) is a glass manufacturer based out of California. They produce a number of glass products including car windows and windshields, windows for houses, stained glass windows, and a number of other specialty products. The following information pertains to the fiscal year ending December 31, 2018: At the beginning of the 2018 , the company's 1/1/2018 trial balance was as follows: Other assumptions for the year a. Depreciation and amortization are computed using the straight line method. b. Pane uses a perpetual system to track their inventory. c. Pane uses the percentage of receivables method to estimate their bad debt expense d. Pane has a year end of December 31, 2018 As the accountant for Pane in the Glass company, you have been asked to do the following: 1. Evaluate the following information and transactions listed on the "Transactions" tab and make the necessary journal entries in the "Journal Entries" tab. You should only use the accounts listed on the "Chart of Accounts" tab in your journal entries. 2. Post the journal entries into the appropriate t-accounts in the "T-Accounts" tab 3. Prepare the adjusting journal entries in the "Journal Entries" tab 4. Post the adjusting journal entries to the appropriate t-accounts in the "T-Accounts" tab 5. Prepare the income statement using the "Adjusted Trial Balance" tab 6. Prepare your closing journal entries in the "Journal Entries- Closing" tab 7. Post the closing entries into the appropriate accounts on the "T-Accounts- Closing" tab 8. Use the Post Closing trial balance to prepare the Balance Sheet 405 - Rent Revenue 520 - Bad Debt Expense \#\#\#\#\# 115- Allowance For Bad Debts Liabilities Current Liabilities Total Current Liabilities Total Liabilities Total Contributed Capital Retained Earnings Total Stockholder's Equity TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY Pane in the Glass Company Balance Sheet December 31, 2018 \begin{tabular}{lc} \hline & December 31, 20 \\ \hline Current Assets & Assets \\ Less: Allowance for Bad Debts \end{tabular} Total Current Assets Property and Equipment Less: Accumulated Depreciation Total Property and Equipment Intangible Assets Less: Accumulated Amortization Total Intangible Assets TOTAL ASSETS Note: Be sure to fill in all of the yellow cells for the financial statements. Use the amounts in the adjusted trial balance to create your income statement. The order of the accounts within each section does not matter. Instructions: Use the data provided to complete the your balance sheet. Do not input data into this tab. Instructions: Prepare the closing journal entries for Pane Company. Once you have recorded the journal entries, post them to the "T-Accounts - Closing" tab. Trial Balance and Adjustments Instructions: Use the data provided to complete your income statement. Do not input data into this tab