finals study guide, just want to make sure i am doing everything correctly!!!

For each of the accounts listed, indicate the category to which it belongs the normal balance, and the financial statement on which it would be reported Financial Account Name Category Normal Balance Statement Temporary permanent Cash Common Stock Retained Earnings Sales Cost of Goods Sold Accounts Receivable Accounts Payable Accumulated Depreciation Merchandise Inventory Prepaid Insurance Record the appropriate joumal entries for each of the following transactions. 1. Borrowed $50,000 from the bank by signing a 2 year note payable. 2. Pald cash to buy land for $15,000 3. Purchased $8000 of merchandise inventory on account 4. Sold $18,000 of merchandise on account. Use a perpetual inventory system to record the cost of the merchandise of $7000. Use the following information from an adjusted trial balance to prepare an income statement for 2016 and a Balance Sheet at December 31, 2016. Administrative Expenses $250,000 Office Supplies 21200 Building 1,025,000 Retained Earnings 937.600 Capital Stock 200.000 Salaries Payable -6,000 Cash 106,000 2.550,000 Cost of Merchandise Sold 1,400.000 Sales Discounts 40,000 Dividends 50.000 Sales Returns and Allowances 150.000 Interest Expenso 15,000 Selling Expenses 410,000 Merchandise Inventory 260,000 Store Supplies 15.400 Notes Payable 59,000 Sales Use the list of the accounts above to prepare the closing entries for 2016, Chapter 4 Prepare the following adjusting entries. a) Insurance expired during the month, $300 b) Supplies on hand on May 31 are $600. During the month supplies that cost $2200 were purchased C) Depreciation of office equipment for May is $330. d) Accrued receptionist salary at May 31 is $240. e) Fees of $5000 were collected from customers in advance of our company providing a service At the end of May, $2000 of this amount is still unearned, Chapter 5 Balance per bank $11,200 Balance per company books 9,295 Bank service charges. 25 Deposit in transit 1.650 NSF Check received from customer .... 600 Outstanding checks... 4,180 Prepare a bank reconciliation and the indicated journal entries. Chapter 6 Company A sells merchandise to Company B on account, $23,400, terms 2/10,n/30. The cost of the merchandise sold is $14,000. Company B returns $4,400 for merchandise retumed (cost to Company A = $2600). Company A receives the amount due from Company B within the discount period. Record the sale/purchase, return, receipt of cash/payment for both of the companies. Chapter 8 1. South Bay Interior Decorators issued a 90-day, 6% note for $40,000, dated April 15. Determine the due date of the note Determine the maturity value of the note. 2. During its first year of operations, Master Plumbing Supply Co. had net sales of $3,500,000 During the year they wrote off $15,000 of accounts receivable using the allowance method, a. Determine the bad debt expense for the year assuming the expense is estimated as 1%% of net sales b. Determine the bad debt expense assuming an analysis of accounts receivable showed that $22,000 of the accounts receivable was uncollectible. Chapter 9 NB Company purchased equipment on January 2, 2015, for $380,000. The equipment was expected to have a useful life of four years, or 8,000 operating hours, and a residual value of $36,000 Determine the depreciation expense for 2015, 2016, 2017 and 2018 a) The straight-line method b) The double declining balance method c) The units of production method assuming the following hours were used each year: 2015- 3,000; 2016- 2,500; 2017 - 1,400; 2018 - 1.100. Chapter 11 K Company has the following stockholders' equity accounts with balance on January 1, 2016: Common Stock, $20 par value, (250,000 shares authorized, 175,000 shares issued). $3,500,000 Paid-in Capital in Excess of Par Value 1,750,000 Retained Earnings 4,600,000 Treasury Stock $40,000 shares, at cost). 1,000,000 Joumalize the following: a) Paid cash dividends of $0.40 per share on the common stock. The dividend had been properly recorded when declared on November 29 of the preceding year for $54,000. b) Sold all of the treasury stock for $1,350,000. c) Issued 50,000 shares of common stock for $1,700,000. d) Purchased 25,000 shares of treasury stock for $800,000. Answer the following questions: a) If net income for 2016 is $400,000, what is the final balance in Retained Earnings? b) What is the final number of issued shares of common stock? c) How many of those shares are outstanding at the end of the problem? Prepare a statement of stockholders' equity for the year