Homework : 1 (Handwritten solution due on June 25, 2020. Follow submission instructions on syllabus) Question 1: Georgia Supply Corporation, a merchandising firm, prepared the following trial balance as of October 1: Debit Credit Cash $150,000 Account Receivable 21.540 Inventory 32.680 Land 15,400 Building 14.000 Account Payable $9,190 Mortgage Payable 23,700 Common Stock 140,000 Retained Earings 60,730 Totals $233,620 $233,620 1 7 Georgia Supply engaged in the following transactions during October 2017. The company records inventory using perpetual system. Oct. Sold merchandise on account to the Tracker Corporation for $12,000: Terms 2/10,n/30. Tracker paid $350 freight on goods. Merchandise cost $6,850. Oct. 5 Purchased inventory costing S10,250 on account; terms n/30 Oct Received payment from Tracker for goods shipped October 1. Oct. 15 The payroll paid for the first half of October was $22,000. (Ignore payroll taxes) Oct. 18 Purchased a machine for $8,600 cash Oct. 22 Declared a dividend of 0.45 per share on 45,000 shares of common stock outstanding Oct. 27 Purchased building and land for $125,000 in cash and a $225,000 mortgage payable, due in 30 years. The land was appraised at $150,000 and the building at $300,000 Required: a) Prepare journal entries for each transaction and record the October transactions directly to the T-accounts. b) Prepare T-accounts for all accounts including initial balances from accounts in the trial balance and any new accounts from the current transactions. Show the ending balances in the T-accounts. c) Prepare a trial balance at the end of October 31. Homework 31 (Handwritten solution due on June 25, 2020. Follow submission instructions on syllabus) Onestion 24 The following trial balance was taken from the books of ABC Corporation on December 31, 2020 before any adjustments were made. Account Debit Credit Cash $ 9,000 Accounts Receivable 40.000 Notes Receivable 10.000 Allowance for Doubtful Accounts $ 1.800 Inventory 34,000 Prepaid Insurance 4.800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 46,000 Retained Eamings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Prepaid Rent 12.000 Dividends 2.800 Totals $388.600 $388,600 At year end, the following items have not yet been recorded. a. Insurance expired during the year, $2,000. b. Estimated bad debts, 1% of gross sales. c. Depreciation on equipment, 10% per year on original cost. d. Interest at 6% is receivable on the note for 6 months e. 1-year rent was paid in advance at September 1, 2020. f. Accrued salaries and wages at December 31, 55,800. Required: (a) Prepare the necessary adjusting entries. (b)Prepare the necessary closing entries
