how do you do these and can you show the work? im just confused on these. thanks

here are the journal entires in case you need them

1 Part One - Trial Balance Worksheet 2 3 A. OWN 4 5 6 Journalize and post the normal monthly transactions for December 2020 (shown below). Use the correct format and provide 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. 7 8 9 Acme, Inc. - Normal journal entries for the month of December, 2020: Dec 1 Issued 65,000 shares of common stock for $14 per share. 10 11 12 13 14 15 16 17 18 19 20 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 un 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. O Dec 9 9 21 22 23 24 25 26 27 28 29 30 31 32 33 34 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 11 Paid for merchandise inventory that was purchased on December 3rd, Dec 15 Paid utilities, $1,700 31 Dec 11 Paid for merchandise inventory that was purchased on December 3rd. 32 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 Pald wages and salaries of $9,200. B. 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 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 Accrue sales of $42,000 with a cost of goods sold of $19,000 Prepaid insurance of $483 expired in December. Unearned revenue of $7,500 was earned during December. 6. Record patent amortization of $1,200. Allowance for bad debt account should equal 3% of the accounts receivable balance rounded to the nearest dollar, 3. 4. 5. 7. C. Part One, continued: Closing Journal Entries Record appropriate closing entries in worksheet #4 and then in worksheet #1 and total as before. c D E G Project: D E 2 Acme, Inc. November Trial Balance DR CR 121,850 314,500 18,130 301,000 5,800 126,000 167,230 45,600 462,000 79,000 125,000 24,700 41,000 233,950 10,000 3 4 6 Cash 7 Accounts Receivable 8 Allowance for Bad Debts 9 Merchandise Inventory 10 Prepaid Insurance 11 Long Term Investments 12 Equipment 13 Accumulated Depreciation Equipment 14 Building 15 Accumulated Depreciation Building 16 Land 17 Goodwill 18 Patents 19 Accounts Payable 20 Unearned Revenue 21 Interest Payable 22 Notes Payable 23 Common Stock ($S Par) 24 Paid-in Capital in Excess of Par Value 25 Retained Earnings 26 Dividends 27 Sales 28 Sales Discounts 29. Cost of Goods Sold 30 Bad Debt Expense 31 Depreciation Expense-Equipment 32 Wages & Salaries Expense 33 Rent Expense 34 Utilities Expense 35 Depreciation Expense- Building 36 Insurance Expense 37 Amortization Expense 38 Gain/Loss on Sale of Equipment 39 Interest Expense 40 Totals 41 42 840,000 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 $ 22372380 Note that the DR and CR columns equal each other here fx B H M 1 Project: H 2 3 Acme, Inc. Normal Monthly Transactions DR CR December Unadjusted Trial Balance DR CR 4 16 Cash 7 Accounts Receivable 8 Allowance for Bad Debts 9 Merchandise Inventory 10 Prepaid Insurance 11 Long Term Investments 2 Equipment 3 Accumulated Depreciation Equipment 4 Building 5 Accumulated Depreciation-Building 6 Land 7 Goodwill 3 Patents 9 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 The DR and CR columns must equal each other! The DR and CR columns must equal each other! M N B R P S N O Q R 1 Project: Acme, Inc. 2 3 December Adjustments DR CR December Adjusted Trial Balance DR CR 4 6 Cash 7 Accounts Receivable 8 Allowance for Bad Debts 9 Merchandise Inventory 10 Prepaid Insurance 11 Long Term Investments 12 Equipment 13 Accumulated Depreciation Equipment 14 Building 15 Accumulated Depreciation Building 16 Land 17 Goodwill 18 Patents 19 Accounts Payable 20 Unearned Revenue 21 Interest Payable 22 Notes Payable 23 Common Stock ($5 Par) 24 Paid-in Capital in Excess of Par Value 25 Retained Earnings 26 Dividends 27 Sales 28 Sales Discounts 29 Cost of Goods Sold 30 Bad Debt Expense 31 Depreciation Expense-Equipment 32 Wages & Salaries Expense 33 Rent Expense 34 Utilities Expense 35 Depreciation Expense- Building 36 Insurance Expense 37 Amortization Expense 38 Gain/Loss on Sale of Equipment 39 Interest Expense 40 Totals % t 41 42 The DR and CR columns must equal each other! The DR and CR columns must equal each other! fx U w B U T w 1 Project: Acme, Inc. Closing Entries Post-Closing Trial Balance DR CR DR CR 2 3 4 6 Cash 7 Accounts Receivable 8 Allowance for Bad Debts 9 Merchandise Inventory 10 Prepaid Insurance 11 Long-Term Investments 12 Equipment 13 Accumulated Depreciation Equipment 14 Building 15 Accumulated Depreciation-Building 16 Land 17 Goodwill 18 Patents 19 Accounts Payable 20 Unearned Revenue 21 Interest Payable 22 Notes Payable 23 Common Stock ($5 Par) 24 Paid-in Capital in Excess of Par Value 25 Retained Earnings 26 Dividends 27 Sales 28 Sales Discounts 29 Cost of Goods Sold 30 Bad Debt Expense 31 Depreciation Expense-Equipment 32 Wages & Salaries Expense 33 Rent Expense 34 Utilities Expense 35 Depreciation Expense Building 36 Insurance Expense 37 Amortization Expense 38 Gain/Loss on Sale of Equipment 39 Interest Expense 40 Totals 41 42 inform. ust The DR and CR columns must The DR and CR columns must equal each other! equal each other! 2 - Normal Joule - Adjusting Entries PART ONE 1 - Trial Balance Wo E F CR 910,000 7,500 200,000 1 Normal Journal Entries 2 REQUIRED: Leave a blank line between each journal entry 3 4 Date DR 5 Dec 1 Cash 910,000 6 Common stock 7 8 Dec 1 Rent Expense 7,500 9 Cash 10 11 Dec 1 Cash 200,000 12 Notes payable 13 14 Dec 3 Merchandise inventory 350,000 15 A/P 16 17 Dec Cash 20,000 18 Land 19 20 Dec Cash 18,000 21 Accum. Dep. 35,000 22 Loss on sale 7,000 23 Equip. 24 25 Dec 9 Equip 50,000 26 Cash 27 28 Dec 10 Sales 340,000 29 350,000 a 5 20,000 8 60,000 50,000 A/R 340,000 30 Dec. 160,000 31 32 33 34 10 COGS Merchandise Inventory 160,000 Dec 11 A/P 350,000 350,000 11 A/P Cash Merchansise Inventory 346,500 3,500 15 Utilities Cash 1,700 1,700 18 Allowance for Bad debt A/R 18,000 18,000 33 34 Dec 35 36 37 38 Dec 39 40 41 Dec 42 43 44 Dec 45 46 47 48 Dec 49 50 51 Dec 52 53 54 55 19 Cash Sales discount A/R 333,200 6,800 340,000 26,000 31 Dividend Cash 26,000 9,200 31 Wages & salaries Cash 9,200