this is all the info i have to fill out each of the part of the trial balances for the worksheet as well as the remaning journal entries.
Part One - Trial Balance Worksheet RE A. Journalize and post the normal monthly transactions for December 2019 (shown below). Use the correct format andprovide a brief explanation for each entry. Remember: DR=CR, debits should be listed first. Record the journal entries on Worksheet #2 and then go to Worksheet #1 and enter them in the appropriate column(s) and calculate new totals for all accounts. (This means entering the amounts for the journal entries into Worksheet #1, columns H&/ and then total all accounts to the right in columns K&L. Be sure you total each column across the bottom also. Aces, Inc. - Normal journal entries for the month of December, 2019: Dec 1 Issued 65,000 shares of common stock for $14 per share. Dec 1 Issued 65,000 shares of common stock for $14 per share. Dec 1 Paid December rent of $7,500. Dec 1 Issued $200,000 note payable at face amount with an interest rate of 10% due in 5 years. = Dec 3 Purchased $350,000 of inventory terms 1/10, net 30. Dec 5 Sold land at cost for cash, $20,000 Dec 8 Sold equipment with original cost of $60,000 and accumulated depreciation of $35,000 for $18,000 cash. Dec 9 Purchased equipment for $50,000 cash. Dec 10 Sold inventory on account for $340,000 with a cost of $160,000, terms 2/15, net 30. Dec 10 Sold inventory on account for $340,000 with a cost of $160,000, terms 2/15, net 30. Dec 11 Paid for merchandise inventory that was purchased on December 3rd. Dec 15 Paid utilities, $1,700 Dec 18 Wrote off uncollectible accounts, $18,000. Dec 19 Received payment for sale on December 10th. Dec 31 Declared and paid cash dividend of $0.40 per share. Dec 31 Paid wages and salaries of $9,200. B. Part One, continued: Adjusting Journal Entries B. Part One, continued: Adjusting Journal Entries Record the AJE's in worksheet #3 and then to worksheet #1 and total, as you did in Part A above. 1. Accrue interest on note issued on December 1st. 2. Depreciation expense for the month is $1,120 for for the building and $605 for equipment. 3. Accrue sales of $42,000 with a cost of goods sold of $19,000. 4. Prepaid insurance of $483 expired in December. 5. Unearned revenue of $7,500 was earned during December. 6. Record patent amortization of $1,200. 7. Allowance for bad debt account should equal 3% of the accounts receivable balance rounded to the nearest dollar. 5. C. Part One, continued: Closing Journal Entries Record appropriate closing entries in worksheet #4 and then in worksheet #1 and total as before. Aces, Inc. November Trial Balance DR CR 121,850 314,500 18,130 301,000 5,800 126,000 167,230 45,600 462,000 79,000 125,000 24,700 41,000 233,950 10,000 Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory Prepaid Insurance Long-Term Investments Equipment Accumulated Depreciation- Equipment Building Accumulated Depreciation - Building Land Goodwill Patents Accounts Payable Unearned Revenue Interest Payable Notes Payable Common Stock ($5 Par) Paid-in Capital in Excess of Par Value Retained Earnings Dividends Sales Sales Discounts Cost of Goods Sold Bad Debt Expense Depreciation Expense-Equipment Wages & Salaries Expense Rent Expense Utilities Expense Depreciation Expense-Building Insurance Expense Amortization Expense Gain/Loss on Sale of Equipment Interest Expense Totals 840,000 50,000 295,730 799,970 8,000 491,200 5,600 67,800 69,400 11,000 10,000 8,800 5,500 6,000 2.372.380 2.372.380 Note that the DR and CR columns equal each other here. Normal Monthly Transactions DR CR The DR and CR columns must equal each other! December Unadjusted Trial Balance DR CR The DR and CR columns must equal each other! December Adjustments DR CR The DR and CR columns must al each other! December Adjusted Trial Balance DR CR The DR and CR columns must equal eac Closing Entries DR CR The DR and CR columns must equal each other! Post-Closing Trial Balance DR CR The DR and CR columns must equal each other! Closing Journal Entries REQUIRED: Leave a blank line between each journal entry Date DR CR Adjusting Entries REQUIRED: Leave a blank line between each journal entry Date DR CR Normal Journal Entries REQUIRED: Leave a blank line between each journal entry Date DR CR
