Following is Magnificent trial balance for calendar year $20$18 through April $\mathrm{}30$th$.$This trial balance does not reflect the transactions that occurred during the last $11$days of the year or adjustments that are necessary, as described by the additional information below. The Loan payable is due in $48$months $($hint: current or non current$).$
 

 

 

The company received payment to settle a $$11,000$Account receivable on December $21.$The terms of the receivable were B$/10,$N $30$and the payment reflected that it was within the discount period.

On Dec $22,$the company settled with cash a $$16,000$Account payable with a vendor who sold the company inventory on December $18($the balance is included in Accounts payable at Dec $20).$The terms of the payable were B$/10,$N $30$and the payment reflected that it was within the discount period.

The company sold C of toy mice on December $22.$The terms of the sale were B$/10,$N $30.$The cost $($inventory$)$of the mice was $$2,500.$

The company's president, Eliza, decided the company needed more capital, so she sold more stock on December $30$th for A

The equipment was purchased near the beginning of the year. D of its cost expired this year.

Interest of E is owed on December $31,$but has not been recorded.

Supplies on hand at year end were counted, and amount to $$2,000.$

December's rent of $$2,000$is owed, but has not been recorded$\mathrm{.}000$Account receivable on December $21.$The terms of the receivable were B$/10,$N $30$and the payment reflected that it was within the discount period.

On Dec $22,$the company settled with cash a $$16,000$Account payable with a vendor who sold the company inventory on December $18($the balance is included in Accounts payable at Dec $20).$The terms of the payable were B$/10,$N $30$and the payment reflected that it was within the discount period.

The company sold C of toy mice on December $22.$The terms of the sale were B$/10,$N $30.$The cost $($inventory$)$of the mice was $$2,500.$

The company's president, Elizabeth, decided the company needed more capital, so she sold more stock on December $30$th for A

The equipment was purchased near the beginning of the year. D of its cost expired this year.

Interest of E is owed on December $31,$but has not been recorded.

Supplies on hand at year end were counted, and amount to $$2,000.$

December's rent of $$2,000$is owed, but has not been recorded.

$1.$ Set up a three column General Ledger and drop in the account balances from the provided trial balance

$2.$ Set up a General Journal and prepare the necessary entries through yearend.

$3.$ Post journal entries to your General Ledger set up in and determine the adjusted balances of the accounts. and create an adjusted trial balance

MAGNIFICENT LANDSCAPING SERVICE Adjusted Trial Balance April 30, 2018 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depreciation: Equipment Accounts Payable Salaries Payable Unearned Lawn Mowing Revenue Common Stock Dividends Lawn Mowing Revenue Gas Expense Advertising Expense Depreciation Expense: Equipment Supplies Expense Salaries Expense Debit Credit $2,950 575 40 240 2,500 $ 35 28 420 100 5,000 1,000 2,350 53 35 35 85 420 $7,933 $7,933