Foley Mountain Company GENERAL JOURNAL Trial Balance Instructions: You must tum in the work performed on the sheets printed with this page. This WILL NOT BE DATE ACCOUNT NAME DEBIT CREDIT 11/30/17 ACCEPTED ON PLAIN PAPER Dr Cr Write the journal entries (on the following General Journal page) required for each of the events Cash 112.000 described below. Write the entries in the order described below (91-98). Accounts Receivable 127,000 Use ONLY the accounts listed on the trial balance for your journal entries Allowance for Doubtful Accounts 1.000 Post the transactions to individual accounts and prepare an adjusted bra balance for your assigned company from page one as of December 31, 2017 Short Term Note Receivable 50,000 Supplies 65.000 Inventory 62,000 1. The company purchased a building December 1, 2017 with a LT Mortgage Payable of $300.000 25 Equipment 75,000 interest. (Record the purchase of the building) Building Accumulated Depreciation 32,000 2. The company issued 1,000 shares of Common Stock for $6.000 on December 25, 2017 Copyright 106.000 Accounts Payable 12.000 3. On December 23, 2017 the company declared a cash dividend of $3.00 per share for common stock on the Dividends. Pavable 0 shares issued and declared (induding the additional 1,000 shares sued on December 25") Interest Payable 0 Unearned Revenue 22,000 4. The terms of the LT mortgage payable from 1 above require the company to make monthly installment ST Note Payable 45.000 payments over the term of the loan. Each payment consists of interest on the unpaid balance of the loun LT Mortgage Payable 0 and a reduction of loun principal. Record the first monthly payment of $3.000 on the LT Mortgage Payable Bonds Payable 125.000 on December 31, 2017 Premium on Bonds Payable 16,840 5. The company lust paid interest on the ST note puyable on November 1, 2017. Record the scored Common Stock - $1.75 per 125.000 Paid In Capital In Excess of Par-CS interest expense for the last 2 months of 2017. The annual interest rates Round to nearest 86,000 whole dollar Preferred Stock - $5 par 1,000 Paid In Capital In Excess of Par-PS 50,000 Treasury Stock 0 6. The Bonds Payable and related Premium amounts on the Now.trul balance relate to the da. 1. 2017 Retained Earnings 3,500 issuance of the following bonds On Jan 1, 2017, the company issued 10%, 10 yeur bonds when the Dividends 2,000 market rate for similar investments was. The company purs interest euch your on January 19 on Dec 31, 2017, use the effective interest method of amortizing the premium on bonds payable to come Sales Revenue 480,160 Sales Returns & Allowances 10,000 the interest expense for 2017. Round your interest expense calculation to the nearest whole dollar Sales Discounts 3,000 Cost of Goods Sold 46.000 Bad Debts Expense 30,000 7. The Uneamed Revenue amount on the Nov. trial balance relates to mounts that the company previously Depreciation Expense 26,000 collected in cash for sales that were to be completed in the future. The company completed some of these Wages Expense 160,000 sales during December and now owes only $10,000 of that unearned revenue. Record the necessary Rent Expense 98,000 adjustment for December 31, 2017. Insurance Expense 25.000 Supplies Expense 16,000 8. On December 31, 2017, the company purchased 50 shares of is own Preferred Stock for Trey Stock , , Interest Revenue 1,000 for $11 per share. Interest Expense 6,500 Gain on Sale of Equipment 15,000 Income Tax Expense 46.000 Total 1,065,500 1,065,500 Use the space below for T-accounts (REQUIRED) ADJUSTED TRIAL BALANCE Supplemental Questions (Specific instructions: Prepare T-accounts for each account affected by a journal entry. Write in the 12/31/17 unadjusted balance for each of these accounts (from page 1) the unadjusted balance might be a 1. What will be the balance in the Mortgage Payable Account at Jan. 31, 2018 after the second debit, a credit, or zero balance. Now you are ready to post your journal entries from page 3 onto the monthly payment is made? corresponding T-accounts and then calculate adjusted balances) DF C 2. The Company is about to issue $2,000,000 of 5-year, 12% bonds. Interest will be paid semi- annually. The market interest rate for such securities is 10%. How much can The Company expect to receive from the sale (issuance) of these bonds? Foley Mountain Company GENERAL JOURNAL Trial Balance Instructions: You must tum in the work performed on the sheets printed with this page. This WILL NOT BE DATE ACCOUNT NAME DEBIT CREDIT 11/30/17 ACCEPTED ON PLAIN PAPER Dr Cr Write the journal entries (on the following General Journal page) required for each of the events Cash 112.000 described below. Write the entries in the order described below (91-98). Accounts Receivable 127,000 Use ONLY the accounts listed on the trial balance for your journal entries Allowance for Doubtful Accounts 1.000 Post the transactions to individual accounts and prepare an adjusted bra balance for your assigned company from page one as of December 31, 2017 Short Term Note Receivable 50,000 Supplies 65.000 Inventory 62,000 1. The company purchased a building December 1, 2017 with a LT Mortgage Payable of $300.000 25 Equipment 75,000 interest. (Record the purchase of the building) Building Accumulated Depreciation 32,000 2. The company issued 1,000 shares of Common Stock for $6.000 on December 25, 2017 Copyright 106.000 Accounts Payable 12.000 3. On December 23, 2017 the company declared a cash dividend of $3.00 per share for common stock on the Dividends. Pavable 0 shares issued and declared (induding the additional 1,000 shares sued on December 25") Interest Payable 0 Unearned Revenue 22,000 4. The terms of the LT mortgage payable from 1 above require the company to make monthly installment ST Note Payable 45.000 payments over the term of the loan. Each payment consists of interest on the unpaid balance of the loun LT Mortgage Payable 0 and a reduction of loun principal. Record the first monthly payment of $3.000 on the LT Mortgage Payable Bonds Payable 125.000 on December 31, 2017 Premium on Bonds Payable 16,840 5. The company lust paid interest on the ST note puyable on November 1, 2017. Record the scored Common Stock - $1.75 per 125.000 Paid In Capital In Excess of Par-CS interest expense for the last 2 months of 2017. The annual interest rates Round to nearest 86,000 whole dollar Preferred Stock - $5 par 1,000 Paid In Capital In Excess of Par-PS 50,000 Treasury Stock 0 6. The Bonds Payable and related Premium amounts on the Now.trul balance relate to the da. 1. 2017 Retained Earnings 3,500 issuance of the following bonds On Jan 1, 2017, the company issued 10%, 10 yeur bonds when the Dividends 2,000 market rate for similar investments was. The company purs interest euch your on January 19 on Dec 31, 2017, use the effective interest method of amortizing the premium on bonds payable to come Sales Revenue 480,160 Sales Returns & Allowances 10,000 the interest expense for 2017. Round your interest expense calculation to the nearest whole dollar Sales Discounts 3,000 Cost of Goods Sold 46.000 Bad Debts Expense 30,000 7. The Uneamed Revenue amount on the Nov. trial balance relates to mounts that the company previously Depreciation Expense 26,000 collected in cash for sales that were to be completed in the future. The company completed some of these Wages Expense 160,000 sales during December and now owes only $10,000 of that unearned revenue. Record the necessary Rent Expense 98,000 adjustment for December 31, 2017. Insurance Expense 25.000 Supplies Expense 16,000 8. On December 31, 2017, the company purchased 50 shares of is own Preferred Stock for Trey Stock , , Interest Revenue 1,000 for $11 per share. Interest Expense 6,500 Gain on Sale of Equipment 15,000 Income Tax Expense 46.000 Total 1,065,500 1,065,500 Use the space below for T-accounts (REQUIRED) ADJUSTED TRIAL BALANCE Supplemental Questions (Specific instructions: Prepare T-accounts for each account affected by a journal entry. Write in the 12/31/17 unadjusted balance for each of these accounts (from page 1) the unadjusted balance might be a 1. What will be the balance in the Mortgage Payable Account at Jan. 31, 2018 after the second debit, a credit, or zero balance. Now you are ready to post your journal entries from page 3 onto the monthly payment is made? corresponding T-accounts and then calculate adjusted balances) DF C 2. The Company is about to issue $2,000,000 of 5-year, 12% bonds. Interest will be paid semi- annually. The market interest rate for such securities is 10%. How much can The Company expect to receive from the sale (issuance) of these bonds