EXCEL 1 Assignment Summer 2018

Wilson Companys fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2014

appears below: Account Title

Cash Accounts receivable Allowance for uncollectible accounts Supplies Inventory Note receivable (current) Interest receivable Prepaid rent Prepaid insurance Equipment Accumulated depreciation equipment Accounts payable Wages payable Note payable (due 9/30/24 Interest payable Unearned revenue Common stock Retained earnings Sales revenue Interest revenue Cost of goods sold Wage expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Bad debt expense

Debits 30,000 40,000

1,500 60,000 20,000

-0- 2,000

-0- 80,000

70,000 18,900 11,000 -0-

-0- 1,100 6,000 3,000

$343,500

Credits 3,000

30,000 28,000 -0- 50,000 -0-

-0- 60,000 24,500 148,000 -0-

$343,500

Information necessary to prepare the year-end adjusting entries appear below: 1. The equipment is depreciated on a straight-line basis, no salvage, eight year life. 2. The company estimates that $5,500 of the outstanding accounts receivable probably will not be collected. 3. Employee wages are paid twice a month and wages earned from the last two weeks in December will be

paid in January 2015 total $1,500. 4. The $50,000 note payable was borrowed on October 1, 2014 at a 12% interest rate. Interest is to be paid

annually on September 30. 5. On March 1, 2014 the company lent a supplier $20,000 and a note was signed requiring the principal and

interest at 8% to be paid on February 28, 2015. 6. On April 1, 2014, the company paid an insurance company $6,000 for a two-year fire insurance policy. The

entire $6,000 was debited to insurance expense. 7. $800 of supplies remained on hand at 12/31/14. 8. A customer paid Wilson $2,000 in December for a product to be manufactured and delivered in Jan 2015. 9. On December 1, Wilson paid $2,000 rent for December & January at $1,000 per month.

REQUIRED:A. Prepare an adjusting entry page with all the necessary entries (p. 129 below Illus 3C-1)

Prepare a 10-column worksheet (p. 128 Illus 3C-1)

Prepare an Income Statement, Statement of Retained Earnings, and a classified Balance Sheet.

Assume no dividends were paid. (pp. 115- 116; Illus 3-39, Ills 3-40, Ills 3-41)

SUBMIT: to the folder in the Assignments tab under Assessments in CourseDen.

An adjusting entry page

A 10-column worksheet regular view

A 10-column worksheet formula view

An Income Statement, Statement of Retained Earnings, and a classified Balance Sheet.