Financial Statement Homework #2 Name Nike Corboru Upload a copy of ALL PAGES of the Financial Statement HW to the D2L dropbox. You must handwrite (not type) the assignment. Insert image of your assigned unadjusted Trial Balance HERE: 16.000 42.000 53,000 14,000 2.000 70,000 100,000 2,500 David, Inc. December 31, 2017 Unadjusted Trial balance Cash 100 000 Accounts Receivable 65,000 Allowance for Doubtful Accounts Short Term Not Receivable 40.000 Interest Receivable Supplies 1000 Prepaid Insurance 48.000 Inventory 12000 Vehicle Equipment 75,000 Accumulated Depreciation Accounts Payable Uneamed Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends Sales Sales Returns & Allowances 7.000 Sales Discounts 3,000 Cost of Goods Sold 46,000 Delivery Expense 5,000 Depreciation Expense 16.000 Bad Debt Expense 0 Rent Expense 98,000 Insurance Expense 40,000 Wages Expense 195,000 Supplies Expense 15,500 Interest Revenue Loss on Disposal 0 Interest Expense 6,500 36,000 Income Tax Expense Total 832,000 541,000 0 832,000 ATIDARE DE TUI RUMENT A T DE INDIANEN TO Part 1b: Post the adjusting journal entries to t-accounts: (Specific instructions: Above each T-account, write the account name of each account affected by a Journal entry. Write in the unadjusted balance for each of these accounts (from page 1). the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.) ARI DACEAE TM ENT IT BE HIDARE TO Part 1c: Prepare the Adjusted Trial Balance (l.e., use ending balances after the previous journal entries are posted) Credit December 31, 2017 Adjusted Trial balance Debit Cash Accounts Receivable Allowance for oubtful Accounts Short Term Note Receivable Interest Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Delivery Expense Depreciation Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total Part 1h Dan.. Part 1a: Prepare adjusting journal entries using the unadjusted trial balance on the previous page and the information provided below. Use only the account names provided on the previous page (do not create any new account names). 1. On Dec 31, 2017 merchandise was sold on account for $16,500 with a cost of $6,500 terms 3/10 net 30. A ccels recievable 16,500 Sales Revenge F16,500 Cost of goals cold Imenov 5,500 5.500 2. The company issued a 6 month, 12% interest note short-term note for the amount listed on the unadjusted trial balance on Oct. 1, 2017. All interest and principal will be paid back at the end of the 6 months. Write the adjusting journal entry required for its financial statements as of Dec. 31, 2017. Tulevest cible 1200 Interest revence 1200 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017. Allo world for Dowtical Acais 1600 Accounts Receivable 1600 4. Management estimates that of the remaining accounts receivable balance. $2.000 will be uncollectible. Record the adjustment based on this information. Hint: Use the AFDA balance AFTER the above write off during 2017. Use an AFDA T-account! Bad debt expense 2100 Allo would be o CD 5. A piece of equipment was retired on Dec. 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1. 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec 31, 2017. Update the depreciation below (#5). Then record the retirement (#6). Depriccion expuse Acconette depreciaron 6. Record the retirement of the equipment (from #5) including the gain or loss. Alunulated depricialla 27000 Loss On Disposer 7000 Equipment 21000 ALL DAGECO T U ENTIT DE TIDIANEN TO
