Floppy Company's December 31, 2014trial balance is as follows:

Floppy Corporation
Trial Balance
December 31, 2014
Account	Debit	Credit
Cash	$43,500
Accounts Receivable	53,500
Allowance for Doubtful Accounts	1,500
Notes Receivable	30,000
Merchandise Inventory	55,000
Land	20,000
Building	150,000
Accumulated Depreciation, Building		$15,000
Equipment	50,000
Accumulated Depreciation, Equipment		21,000
Goodwill	26,000
Accounts Payable		25,000
Long Term Notes Payable		75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding		20,000
Retained Earnings		147,000
Sales Revenue		700,000
Salaries Expense	150,000
Utilities Expense	3,500
Cost of Goods Sold	350,000
Administrative Expenses	55,000
Sales Expenses	15,000	_______
Totals	$1,003,000	$1,003,000

Floppyis a small company and records adjusting entries & closing entries only atfiscal (calendar) year end. Correcting and adjusting entries have not beenrecorded.

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Additional Information:

a.Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.

b. LongTerm Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014.Interest is payable annually.

c.Building is depreciated at 3% per year. There is no salvage value.

d.Equipment is depreciated at 15% year. There is no salvage value.

e. Floppydiscovered, on December 30^th, that the inexperienced bookkeeperrecorded in the general journal and general ledger that day's $1,500 cash salesas a debit to Accounts Receivable and a credit to Sales Revenue.

f. Theyear-end physical count for Merchandise Inventory reflected a value of $51,500.Any difference in value will not be considered theft or loss.

g.Salaries for the last half of December, payable in January, amount to $5,500.

h. Floppyestimates that of the Accounts Receivable 5% will not be collectable.

Required:

a. Preparein journal form, any required correcting entries

b. Preparein journal form, all end-of-the period adjusting entries

c. Preparea December adjusted trial balance

d. Preparea classified balance sheet for the year ended December 31, 2014

e. Preparein journal form, the closing entries for the year ended December 31, 2014