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Comprehensive On November 30, 2013, Davis Company had the following account balances: During the month of December, Davis entered into the following transactions: Required: 1.
Comprehensive On November 30, 2013, Davis Company had the following account balances: During the month of December, Davis entered into the following transactions: Required: 1. Prepare general journal entries to record the preceding transactions. 2. Post to general ledger T-accounts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 years with no residual value; (c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e) the income tax rate is 30%; income taxes are payable in the first quarter of 2014. 4. Prepare the company's financial statements for 2013 . 5. Prepare the 2013 (a) adjusting and (b) closing entries in the general journal. Accounts Pavable \begin{tabular}{|r|rr} \hline 12/21/2013 & $10,700 & Beg. Bal. \\ 12/28/2013 & & 12/7/2013 \\ & & \\ \hline & $10,700 & Bal. 12/31/13 \end{tabular} Allowance for Doubtful Accounts Retained Earnings Buildings and Equipment \begin{tabular}{l|l|l} \hline Beg. Bal. & $42,000 & \\ & & \\ Bal. 12/31/13 & $42,000 & \end{tabular} Accumulated Depreciation Accounts Payable Sales Revenue Adjusting Entries for 2013 5)Worksheet (WORKSHEET need to be used as a tool to prepare the F/S ) 6) Finanical Statements (only fill out the green highlighted cells) income tax calculation: pretax in 7) Closing entries
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