Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the...

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Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to illness. You have been given the following unadjusted trial balance along with some additional information for the December 31, 2023, year-end. Account Accounts receivable Accum. deprec., building Accun. deprec., equipment Advance sales Allowance for doubtful accounts Building Cash Equipment Estimated warranty liability Unadjusted Balance S 82,000 Land Account 128,000 Merchandise inventory 344,000 Mortgage payable 228,000 Note payable 300 Other operating expenses 439,000 Sales 88,300 Salaries & admin expense Unadjusted Balance $ 133,000 72,200 227,749 162,000 1,173,000 1,357,000 31,240 643,000 Sales returns and allowances 4,400 Sarah Golden, capital 8,800 219,091 Other Information: 1. Assume all accounts have a normal balance. 2. 75% of the balance in the Advance Sales account is for wedding dresses to be made and delivered by Golden during 2024; the remaining 25% is from sales earned during 2023. 3. Golden warranties its wedding dresses against defects and estimates its warranty liability to be 3% of adjusted net sales. 4. The 4%, 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 $9,110 interest and $24,469 principal for a total of $33,579. 6. Uncollectible accounts are estimated to be 1.5% of outstanding receivables 7. A physical count of the Inventory showed a balance actually on hand of $62,800 8. Sarah promised her operations manager a year-end performance bonus of $2,557, 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 View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record to adjust for earned sales ite Britar getits before cr and $24,469 principal for a total of $33,579. 6. Uncollectible accounts are estimated to be 1.5% of outstanding receivables 7. A physical count of the inventory showed a balance actually on hand of $62,800. 8. Sarah promised her operations manager a year-end performance bonus of $2,557, 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. View transaction list Journal entry worksheet < 2 3 4 5 6 7 Record to adjust for earned sales. Note: Enter dabits before credits. Date December 31, 2023 General Journal Debit Credit View general joumel Record entry Clear entry 2. Prepare & classified balance sheet. (Be sure to list the essets and llebilities in order of their liquidity. Round the final answers to the nearest whole dollar amount.) GOLDEN WEDDING DRESS COMPANY 2. Prepare a classified balance sheet (Be sure to list the assets and llablilties In order of their liquidity. Round the final answers to the nearest whole dollar amount.) GOLDEN WEDDING DRESS COMPANY Balance Shoet December 31, 2023 Assets Current assets Total current assets Property, plant and equipment. Total property, plant and equipment Total assets Current liabilities Total current liabilities Non-current liabilities Total liabilities 0 S Liabilities Equity $ 0 0 3 0 Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Current liabilities: Total current liabilities Non-current liabilities Total liabilities Total liabilities and equity $ 0 0 $ 0 Liabilities Equity $ 0 0 S 0 S Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to illness. You have been given the following unadjusted trial balance along with some additional information for the December 31, 2023, year-end. Account Accounts receivable Accum. deprec., building Accun. deprec., equipment Advance sales Allowance for doubtful accounts Building Cash Equipment Estimated warranty liability Unadjusted Balance S 82,000 Land Account 128,000 Merchandise inventory 344,000 Mortgage payable 228,000 Note payable 300 Other operating expenses 439,000 Sales 88,300 Salaries & admin expense Unadjusted Balance $ 133,000 72,200 227,749 162,000 1,173,000 1,357,000 31,240 643,000 Sales returns and allowances 4,400 Sarah Golden, capital 8,800 219,091 Other Information: 1. Assume all accounts have a normal balance. 2. 75% of the balance in the Advance Sales account is for wedding dresses to be made and delivered by Golden during 2024; the remaining 25% is from sales earned during 2023. 3. Golden warranties its wedding dresses against defects and estimates its warranty liability to be 3% of adjusted net sales. 4. The 4%, 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 $9,110 interest and $24,469 principal for a total of $33,579. 6. Uncollectible accounts are estimated to be 1.5% of outstanding receivables 7. A physical count of the Inventory showed a balance actually on hand of $62,800 8. Sarah promised her operations manager a year-end performance bonus of $2,557, 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 View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record to adjust for earned sales ite Britar getits before cr and $24,469 principal for a total of $33,579. 6. Uncollectible accounts are estimated to be 1.5% of outstanding receivables 7. A physical count of the inventory showed a balance actually on hand of $62,800. 8. Sarah promised her operations manager a year-end performance bonus of $2,557, 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. View transaction list Journal entry worksheet < 2 3 4 5 6 7 Record to adjust for earned sales. Note: Enter dabits before credits. Date December 31, 2023 General Journal Debit Credit View general joumel Record entry Clear entry 2. Prepare & classified balance sheet. (Be sure to list the essets and llebilities in order of their liquidity. Round the final answers to the nearest whole dollar amount.) GOLDEN WEDDING DRESS COMPANY 2. Prepare a classified balance sheet (Be sure to list the assets and llablilties In order of their liquidity. Round the final answers to the nearest whole dollar amount.) GOLDEN WEDDING DRESS COMPANY Balance Shoet December 31, 2023 Assets Current assets Total current assets Property, plant and equipment. Total property, plant and equipment Total assets Current liabilities Total current liabilities Non-current liabilities Total liabilities 0 S Liabilities Equity $ 0 0 3 0 Current assets Total current assets Property, plant and equipment Total property, plant and equipment Total assets Current liabilities: Total current liabilities Non-current liabilities Total liabilities Total liabilities and equity $ 0 0 $ 0 Liabilities Equity $ 0 0 S 0 S

Answer rating: 100% (QA)

Based on the information provided we will prepare the adjusting entries required at December 31 2023 Well address each item listed in the other information section 1 Advance Sales Account The balance ... View the full answer