Chapter Home Insert Draw Page Layout Formulas Data Review View Ruler Formula Bar Zoom 100% Normal Page Break Page Custom Gridlines Headings Zoom to 100% Zoom to New Arran Preview Layout Views Selection Window All A1 x fx On December 1 of the current year, the general ledger of Mossland Company, which w A B D E F G H 1 1 On December 1 of the current year, the general ledger of Mossland Company, which was incoporated this year, includes the following account balances: 1 2 Credit 3 4 5 6 Debit 22,600 6,000 3,900 58,000 Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Dividends Totals 7 8 9 10 11 12 4,000 88,500 2,000 92,500 92,500 14 15 19 1) During December, the following transactions occur, analyze each on the analysis tab. 13 December 1 Purchased equipment for $20,000 by signing a five year note payable. December 2 Purchase rental space for one year in advance, $8,400 ($700/month). 16 December 9 Purchase additional supplies on account, $4,300. 17 December 13 Provide services to customers on account, $26,300. December 17 Receive cash in advance from customers for services to be provided in the 18 future, $4,500 December 20 Pay cash for salaries, $12,300. 20 December 22 Receive cash on accounts receivable, $24,900. 21 December 29 Pay cash on accounts payable, $4,800. 22 2) At the end of December, the following information was supplied to you. Analyze the 23 transactions on the analysis tab. 24 25 December 31 Rent for the month of December has expired. 26 December 31 Supplies remaining on hand at the end of the month totaled $2,400. 27 December 31 By the end of December, 15% of the deferred revenue has been eamed. 28 December 31 Salaries eamed but not yet paid as of the end of the month totalled $1,030. 29 December 31 Annual depreciation on the equipment is $1,200. December 31 The interest rate on the December 1 note is 12%. The annual interest totals 30 $2,400. 31 32 3) Post all transactions to the ledger on the ledger tab. 33 4) Created an adjusted trial balance. 34 5) Create the financial statements. 35 6) Record the closing entries on the closing entries tab (do not post to the ledger) 36 37 Instructions Analysis Ledger Trial Balance Financial Statements Closing B D F G . M N 0 Q R R E 1 Journal Income Statement E 2 Date Balance Sheet L 10,000 A SE R R NI Cash Flow CF No Effect CR DR 10,000 3 12/1/21 Account equipment notes payable 10,000 4 10,000 12/2/21 5 6 7 8 9 10 12/9/21 4300 4,300 4,300 supplies accounte payable 4,300 11 12 13 12/13/21 26,300 26,300 26,300 26,300 account recavable 14 15 12/17/21 16 17 18 12/20/21 19 20 21 12/22/21 22 23 12/29/21 12/31/21 24 25 26 27 28 29 30 31 12/31/21 32 33 12/31/21 34 35 36 12/31/21 37 38 39 40 41 12/31/21 42 12/31/21 43 44 45 Totals 46 40,600 14,300 26,300 26,300 26,300 14,300 14,300 Cash Accounts Receivable Prepaid Rent Supplies Land Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Supplies Expense Credit Mossland Company Trial Balance December 31, 2021 Accounts Debit Cash Accounts Receivable Prepaid Rent Supplies Land Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Salaries Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Supplies Expense Totals D Mossland Company Income Statement For the year ended December 31, 2021 Mossland Company Statement of Stockholders' Equity For the year ended December 31, 2021 Common Stock Retained Earnings Total Balance, January 1 Plus: Issuance of Stock Plus: Net Income Less: Dividends Balance, December 31 Mossland Company Balance Sheet December 31, 2021 Liabilities: Current: Assets Current Net Income Total Current Assets Total Current Liabilities: Property, Plant & Equipment: Long-term Liabilities: Total Liabilities: Stockholders' Equity: Net PP&E Total Assets Total Liabilities & SE: 1 Balance Sheet Income Statement Cash Flow Journal 2 Date A L SE R E NI CF Account DR CR 3 12/31/21 4 5 6 12/31/21 7 8 9 10 11 12 13 12/31/21 14 15 16 17 18 19 20