can anyone help me with these adjusting entries and the closing entries for hydro paddle bord practice set?
all i have is trial balance
the appro- (For the manual set, complete the Trial Balance mot be completeclumnof the work sheet at this pointy Jan Insurance expired during January Insurance expired during January- a on the monthly Factory (debit Factory Overhead) Factory Overhead) s2,628.00 FO, D $2,628.00 122.50 ; e1iE rp 537.60 CEn C ded General Office supplies inventory as of January 31, $22,440.00 S3,300.00. Depreciation for the month Factory equipment (debit op Factory Overhead$1,284.00 ary (debit Factory Overhead)... $450.00 6,200.00 23,950.00 14,280.00 73 12,620.25 Amortization of patents for Janu- the general bor payroll as incurred t labor are nth. Debit abor and her salary Property tax accrued for the month: Factory (debit Factory Overhead) $970.00 274.52 Close out underapplied Factory Overhead of $2,741.38 to Cost of Goods Sold for 7596 ome Tax d credit Based on past experience, Hydro Paddle Boards, Inc. estimates that $15,800.00 is a reasonable balance for the January 31 balance in the Allowance for Doubtful es for factory Accounts. Income tax is based on 40% of income before tax. Accrue income tax owed by debiting Income Tax Expense and crediting y per- xpense Income Tax Payable for $13,110.11. nt tax nt tax th in prepare financial statements at this point) (For the manual set, complete the work sheet and ched the Closing Entries the Jan. 31 Prepare closing entries to close revenue and expense accounts to Income Summary, and transfer net income to Retained Earnings. (It om 2.00 is acknowledged that this step is not dle performed until year end, this is for instructional purposes only.) Prepare a Post- Closing Trial Balance. in HYDRO PADDLE BOARDS, INC. Trial Balance January 1, 20- Account Numbor Debit Credit 110 S 157,195.20 .174,840.98 Accounts Receivable. Allowance for Doubtful Accounts 112 S 6,734.00 121 122 Indirect Materials and Factory Supplies... 123 Work in Process 124 Finished Goods. 131Prepaid Insurance 132 Office Supplies 161 Factory Equipment 162 Accumulated Depreciation-Factory Equipment... 163 office Equipment 164 Accumulated Depreciation-Office Equipmen. 142,400.00 38,432.54 261,169.00 42,651.54 4,280.00 3,800.00 503,888.66 202,424.68 125,886.44 42,672.40 Organization Cost. Patents 4,640.00 27,400.00 172 210 Accounts Payable. 221 Employees' Income Tax Payable 222 FICA Tax Payable. 223 Federal Unemployment Tax Payable 224 State Unemployment Tax Payable 225 Property Tax Payabl.e. 226 Income Tax Payable 310 Common Stock ($10 Par).. 11 Paid-In Capital in Excess of Par-Common Stock 12 Retained Earnings 93,698.24 26,353.78 17.928.88 638.38 812.44 12,642.00 14,846.72 750,000.00 10,000.00 227.832 84 SL 506 584 36 Totals S1 506 58436
