Financial Statement Problem (50 points) American Clothing Co. Post-Closing Trial Balance December 31, 2017 Credit Debit $90,000 25,000 5,000 100,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation, Equip Land Accounts Payable Capital Stock Retained Earnings $20,000 75,000 70,000 95,000 110.000 $295,000 $295,000 Total During 2018, the company had the following transactions: A. Paid Rent of $12,000. B. Purchased Supplies for $8,000 on account. C. Paid $10,000 for Marketing costs. D. Paid $5,400 for a nine month insurance beginning July 1, 2018. E. Billed customers for services provided, $75,000. F. Paid Salaries of $15,000 G. Paid Utilities of $12,000. H. Received $50,000 from customers on account. I. A cash dividend of $7,000 was paid during the year Required: 1. 2. Prepare journal entries to record each of the 2018 transactions Post the journal entries to the ledger (t-accounts) DON'T FORGET THE BEGINNING 3. 4. BALANCES FROM THE TRIAL BALANCE ABOVE Prepare a Trial Balance at December 31, 2018. Complete Adjusting Journal entries below, prepare Adjusted Trial Balance. a. Utilities accrued but unpaid, $2,500 b. Insurance adjustment for 2018 Supplies on hand at December 31, 2018, $2,000 c. d. Depreciation of $5,000 on Equipment 5. Prepare an Income Statement, Balance Sheet, Statement of Retained Earnings for the 6. 7. December 31, 2018. Prepare closing entries. Prepare a post-closing trial balance