for the first question

for the FIFO

for LIFO

PLEASE ANSWER ALL THE QUESTIONS

A. CLOSING ENTRIES: The Adjusted Trial Balance for Extra Credit Lab Corp. is shown below. Select the appropriate information and journalize the CLOSING ENTRIES in good form for the Year ending December 31, 2020. The space for the Closing Entries is on the next page. Extra Credit Lab Corp Adjusted Trial Balance December 31, 2020 Account Title Credit Balance Debit $1,500 2.100 42,000 80,000 120,000 Cash Prepaid Insurance Prepaid Rent Land Equipment Accumulated Depreciation - Equipment Accounts Payable Utilities Payable Bonds Payable Common Stock Paid in Capital in Excess of Par - Common Retained Earnings Dividends Service Revenue Insurance Expense Rent Expense Depreciation Expense Computers Salaries Expense Utilities Expense $27,000 4,500 3,500 10.000 50.000 75.000 21.000 6,400 115,000 28,000 1,000 3.000 4,000 18,000 Total $306,000 $306,000 2 Accounts Date Dec. 31 DR CR Dec. 31 Dec. 31 Dec. 31 FIFO PERPETUAL INVENTORY RECORD: Use the information on beginning inventory, purchases, and sales to complete the table on the following page. Fill in the blank templates to prepare a FIFO Perpetual Inventory Record. Then calculate the Gross Profit. Information to be used to complete the inventory records: March 1 Beginning Balance 6 Purchase 8 Sale 21 Purchase 29 Sale 100 Tablets @ $200 each 75 Tablets @ $250 each 150 Tablets @ 400 each 50 Tablets @ $300 each 60 Tablets @ $400 each Perpetual Inventory Record: FIFO Purchases Unit Cost Total Cost FIFO Cost of Goods Sold Unit Cost Total Cost Inventory on Hand Unit Cost Total Cost Quantity Quantity Date Mar 1 6 Quantity 8 21 29 Totals Total Sales Revenue Cost of Goods Sold Gross Profit 5 LIFO PERPETUAL INVENTORY RECORD: Use the information on beginning inventory, purchases, and sales to complete the table on the following page. Fill in the blank template to prepare a LIFO Perpetual Inventory Record. Then calculate the Gross Profit. Information to be used to complete the inventory records: March 1 Beginning Balance 6 Purchase 8 Sale 21 Purchase 29 Sale 100 Tablets @ $200 each 75 Tablets @ $250 each 150 Tablets @ 400 each 50 Tablets @ $300 each 60 Tablets @ $400 each Perpetual Inventory Record: LIFO Purchases Unit Cost Total Cost LIFO Cost of Goods Sold Unit Cost Total Cost Inventory on Hand Unit Cost Total Cost Quantity Quantity Date Mar 1 6 Quantity 8 21 29 Totals Total Sales Revenue Cost of Goods Sold Gross Profit RECONCILIATION Prepare a bank reconciliation for December 2020: The bank statement shows the bank service charge is $100. The bank balance at December 31, 2020 was $29,400. Outstanding checks total $16,100. The bank statement shows the bank collected rent revenue in the amount of $14,200 for Lab Extra Credit Corp. and deposited the cash in the account at the bank but Lab Extra Credit Corp. has not yet entered the amount in the books. The book balance is $18,000 at December 31, 2020 The bank statement shows the bank deposited interest earned by Lab Extra Credit Corp. Inc in the amount of $3,900 A deposit of $20,000 is in transit. The bank statement shows a customer's check for $2,700 was returned for nonsufficient funds. The customer had given the Lab Extra Credit Corp.. the check in payment of an account receivable. Lab Extra Credit Corp. Bank Reconciliation December 31, 2020 BOOK BANK 29,400 18,000 Bank Balance 12/31/20 Add: Book Balance 12/31/20 Add: Less: Less