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golden Solden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entrie at year-end was unable to complete
golden
Solden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entrie at year-end was unable to complete the adjustments due to illiness. You have been given the following unadjusted trial balance along with some additional information for the December 31,2023 , year-end. Other information: 1. Assume all accounts have a normal balance. 2. 80% of the balance in the Advance Sales account is for wedding dresses to be made and delivered by Golden during 2024 : the remaining 20% is from sales earned during 2023. 3. Golden warranties its wedding dresses against defects and estimates its warranty liability to be 2% of adjusted net sales. 4. The 3\%, 5-year note payable was Issued on October 1, 2023; interest is payable annually each September 30. 5. The mortgage is paid annually on the first day of the next year. The next mortgage payment will be paid consisting of $9,142 interest and $24,537 principal for a total of $33,679. Other information: 1. Assume all accounts have a normal balance. 2. 80% of the balance in the Advance Sales account is for wedding dresses to be made and delivered by Golden during 2024 ; the remaining 20% is from sales earned during 2023. 3. Golden warranties its wedding dresses against defects and estimates its warranty liability to be 2% of adjusted net sales. 4. The 3\%, 5-year note payable was issued on October 1, 2023; interest is payable annually each September 30 . 5. The mortgage is paid annually on the first day of the next year. The next mortgage payment will be paid consisting of $9,142 interest and $24,537 principal for a total of $33,679. 6. Uncollectible accounts are estimated to be 1% of outstanding receivables. 7. A physical count of the inventory showed a balance actually on hand of $62,900. 8. Sarah promised her operations manager a year-end performance bonus of $3,276, which would be paid with her salary in January for high sales achieved this year. Required: 1. Based on the information provided, journalize the adjusting entries at December 31, 2023. Required: 1. Based on the information provided, journalize the adjusting entries at December 31,2023. Journal entry worksheet 2. Prepare a classified balance sheet. (Be sure to list the assets and liabilities in order of their liquidity. Round the fin: answers to the nearest whole dollar amount.) Total property, plant and equipment Total assets Liabilities Current liabilities: Total current liabilities Non-current liabilities: Total liabilities Equity Step by Step Solution
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