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Comprehensive Problem: Chapters 13 to 15 683 COMPREHENSIVE PROBLEM: CHAPTERS 13 TO 15 CP15 Quigley Corporation's trial balance at December 31, 2017, is presented below.

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Comprehensive Problem: Chapters 13 to 15 683 COMPREHENSIVE PROBLEM: CHAPTERS 13 TO 15 CP15 Quigley Corporation's trial balance at December 31, 2017, is presented below. All 2017 transac tions have been recorded except for the items described below. Credit Debit $ 25,500 $1,000 22,700 65.000 95,000 40,000 Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Interest Payable Dividends Payable Uncamed Rent Revente Bonds Payable (10%) Common Stock (510 par) Paid in Capital in Excess of Par-Common Stock Preferred Stock 520 par) Paid in Capital in Excess of Par Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense Total $ 450 30,000 14.400 19,300 -0- 0 8,000 50.000 30,000 6,000 -0- -0- 75,050 -0 -0- 570,000 -0- -0- 0 400,000 -0- 39,000 65,000 $803,200 $803.200 Unrecorded transactions and adjustments 1. On January 1, 2017, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000 2. On January 1, 2017. Ouigley also issued 1.000 shares of common stock for $23,000. 3. Ouigley reacquired 300 shares of its common stock on July 1, 2017, for 549 per share. 4. On December 31, 2017. Quigley declared the annual cash dividend on the preferred stock and a $1.50 per share dividend on the outstanding common stock, all payable on January 15, 2018 5. Quigley estimates that uncollectible accounts receivable at yearend is 55,100, 6. The building is being depreciated using the straight-line method over 30 years. The salvace value is $5,000 7. The equipment is being depreciated using the straight-line method over 10 years. The salvage value is $4,000. 8. The unearned rent was collected on October 1, 2017. It was the receipt of 4 months rent in advance (October 1, 2017 through January 31, 2018). 9. The 10% bonds payable pay interest every January 1. The interest for the 12 months ended Decem ber 31, 2017. has not been paid or recorded. Instructions (Ignore income taxes.) (a) Prepare journal entries for the transactions and adjustment listed above. (6) Prepare an updated December 31, 2017. trial balance, reflecting the journal entries in (a), (e) Prepare a multiple-step income statement for the year ending December 31, 2017 Total 5571 100

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