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can you help me nuuuulu uuw Gun. uluun Cash 6,000 Accounts receivable 6,000 Allowance for uncollecta ble accounts Supplies Materials Equipment Accumulated Depreciation Land Accounts
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nuuuulu uuw \"Gun. uluun Cash 6,000 Accounts receivable 6,000 Allowance for uncollecta ble accounts Supplies Materials Equipment Accumulated Depreciation Land Accounts payable Wages payable Interest payable Income taxes payable Long-term notes payable Common stock (8,000 shares, $0.50 par value Additional paid-in capital Retained earnings Service revenue Wages expense Supplies expense Bad debt expense Interest expense Depreciation expense Income tax expense Misc. expenses 110,000 Transaction during 2019: a. $15,000 cash was borrowed on a five-year 8% note payable, dated 3/ll2019. b. $13,000 cash was paid for [and c. Earned $215,000 in sales revenues for 2019. $52,000 on account and the remainder in cash. d. Issued 4,000 additional shares of common stock for cash at $1 per share on lflf2019. c. Incurred $114,000 in miscellaneous expenses for 2019, $20,000 on credit and the nest paid in cash. f. Collected $34,000 owned on account. g. Purchased materials with $15,000 cash. h. Purchased $27,000 supplies on account. 1. Paid $26,000 accounts payable. j. Signed a $12,000 one-year service contract for work to begin on 21/1/2020. k. Declared and paid $25,000 in cash dividends. Adjusting entries: 1. $18,000 in supplies remained on 12312019. m. $10,000 depreciation on equipment. 1). Interest accrued on notes payable in step a. 0. $16,000 in wages earned but will not be paid until 1139020. p. $11,000 in income taxes for 2019 will be paid in 2020. q. $2,000 was written off during the year. r. $2,000 of AR is estimated to he uneollectable. Hint: The AiUA has a $1,000 debit balance aer the mite-offs. Required: 1) Prepared journal entries for the 2019 and ransactions and post them to the ledger. 2) Prepared and post the adjusting entries (Adjusted rial balance total debits =404,000) 3}Prepared the Income Statement, Balance sheet, Statement of cash flow, and statement of stockholder's equity in the correct order (Total liabilities and stockholders equity = 182,000) 4)Journalize and post the closing entries. 5}Compute the following ratios for 2019 and explain what you WStep by Step Solution
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