Below appears the Balance Sheet of Alphabet Ltd. as of December 31, 2022 (amounts are in

thousands).

Alphabet Ltd. - Balance Sheet as of December 31, 2022

Assets

Cash 100,000

Accounts Receivable 80,000

Merchandise Inventory 44,000

Prepaid Rent 6,000

Equipment 100,000

Accumulated depreciation

of Equipment (10,000)

TOTAL ASSETS 320,000

Liabilities and Owners Equity

Accounts Payable 40,000

Notes Payable 40,000

Total Liabilities 80,000

Paid-in Capital 160,000

Retained Earnings 80,000

Total Owners Equity 240,000

TOTAL LIABILITIES +

OWNERS EQUITY 320,000

During the 2023 fiscal year, the company undertook the following transactions:

1. January 8th. The company collected all outstanding accounts receivable from 2022.

2.1. March 31st. The prepaid rent on the balance sheet at the end of 2022 was used for the

rent of the warehouse of the first 3 months of 2023.

2.2. April 2nd

. Alphabet paid $24,000 to its property owner in advance for the rent ($18,000

for the last 9 months of 2023 and the rest for the first 3 months of 2024).

3. April30th

. During the first quarter of the year, the company had cash sales of $200,000.

4. December 31st. Total wages expense in 2023 amounted to $80,000 but only $70,000

had been paid by the year-end.

5. December 31st. The ending balance of merchandise inventory on December 31st, 2022,

was $35,000.

Required: (Solve the exercise on the ANSWER SHEET)

a) Prepare the journal entries and the general ledger entries for the 2023 fiscal year.

(Note that some adjustments may be needed) (5+2 points).

b) Prepare the Trial Balance as of December 31, 2023. (2 points).

Below appears the Balance Sheet of Alphabet Ltd. as of December 31, 2022 (amosints are int thousands). Alphabet L.t. - Balance Sheet as of December 31, 2022 During the 2023 fiscal year, the company undertook the following transactions: 1. Jannan 8. The company collected all outstanding accounts receivable from 2022 2.1. Mant 31". The prepaid rent on the balance sheet at the end of 2022 was used for the rent of the warehouse of the first 3 months of 2023. 2.2. April 24. Alpbabet paid $24,000 to its property owner in advance for the rent ($18,000 for the last 9 months of 2023 and the rest for the first 3 months of 2024). 3. April30. During the first quarter of the year, the company had cash sales of $200,000. 4. December 31st. Total wages expense in 2023 amounted to $80,000 but only $70,000 had been paid by the year-end. 5. December 31 st. The ending balance of merchandise inventory on December 31st,2022, was $35,000. Required: (Solve the exercise on the ANSWER SHEET) a) Prepare the journal entries and the general ledger entries for the 2023 fiscal year. (Note that some adjustments may be needed) (5+2 points). b) Prepare the Trial Balance as of December 31, 2023. (2 points)