I just need help with general ledger, and adjusting entries.

Runners Corporation Trial Balance December 1, 20XX Credit Debit $ 58,386 20,000 47.839 $4,500 20,595 250 2,000 10.000 150,000 Acct. No. 10100 10500 11000 11100 11500 11700 11900 16000 17000 17500 18000 18500 19000 20100 20200 20300 20400 20500 20600 20700 30100 7,500 42,675 8,535 5,000 5.00 56,803 Account Title Cash Marketable Securities Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Office Supplies Land Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation Office Equipment Organization Costs Accounts Payable Income Tax Payable Salaries Payable Cash Dividends Payable Interest Payable Note Payable Property Tax Payable Common Stock Premium on Common Stock Retained Earnings, January 1, 2011 Donated Capital Sales Sales Discounts Sales Returns and Allowances Gain on Sale of Marketable Securities Cost of Goods Sold Salaries Expense Utilities Expense Office Supplies Expense Advertisement Expense Depreciation Expense-Office Equipment Depreciation Expense-Building Insurance Expense Uncollectible Accounts Expense Property Tax Expense Miscellaneous Expense Interest Expense Amortization of Organization Costs Income Tax 100,000 68,662 D otained 4100 475,445 4,000 2.000 60100 Utilities Excelles Expense 35000 36000 41000 41500 41600 41700 51000 60100 60200 60300 60400 60500 60600 60700 60800 60900 61000 61200 61300 61400 206,000 133,685 3,000 2.000 7,000 2.750 4,500 1.665 100 5721.445 Payable Beginning balances for December 1, 20XX appear The Accounts Receivable and Accounts Payac below: Amoundoo Accounts Receivable Date of Invoice Feb. 1 Invoice Number 8030 28,689 6180 Nov. 1 4,000 6192 Customer Customer 2050 Tog Sport Shop 2000 20 Avenue Woodinville, WA 98072 2052 Active Sporting Stores 65 Roosevelt Way Seattle, WA 98104 2055 True Sports Shop 126 12h Avenue South Seattle, WA 98107 2058 All Sporting 200 Mercer Street Mercer Island, WA 98040 2057 Home Shoes Center 140 Lake Hills Bellevue, WA 98009 2058 String Stores 1000 1" Avenue Seattle, WA 98104 Nov. 1 13,150 6189 Nov. 1 $47.839 Accounts Payable Amount Date of Invoice PO/Invoice Number Nov. 17 3533 $33,000 Nov. 17 3532 $18,000 Vendor Vendor Number Tice Manufacturing Company 200 Westlake Avenue Los Angeles, CA 90015 Hay Manufacturing Company 100 Marine Park View New York, NY 10024 Hoot Manufacturing Company 300 Sutter Street Los Angeles, CA 90015 Say Manufacturing Company 400 Bancroft Avenue New York, NY 10024 Tic Manufacturing Company 132 NE 56 Los Angeles, CA 90015 Nov. 17 3534 $ 5,803 05 $56,803 Narrative of December Business Transactions word these business transactions in the appropriate lournals. Use the account titles that appear in the December 1, 20XX trial balance (page 21 and the general ledger (Appendix A) Date Transaction 20XX Dec. 1 Received a check from Active Sporting Stores, customer number 2052 for $28.689 in full settlement of the account Dec. 1 Dec. 1 Dec. 2 (Notes: Compare Active's check with the amount in Active's subsidiary accounts receivable ledger account. If the check received pays the customer's account in full indicate this by entering a zero in the balance column of each account. Next, enter the amount of the check in the cash receipts journal, recording a sales discount if applicable. Write the name of the customer in the Account Name column. Since the remittance has already been posted to Active's account in the subsidiary accounts receivable ledger, place a check mark in the posting reference column of the cash receipts journal.) Borrowed $40,000 from State Bank resulting in a 10-year note payable bearing 12% interest, payable semiannually on June 1 and December 1. Issue Check # 500 to The Runners Newspaper for $200 for newspaper advertising, Sold merchandise on account to String Stores, customer number 2058. The sales invoice is number 6202 and is for $4,000, terms 1/10 n/30. Runners Corporation uses a perpetual inventory system and therefore records the cost of merchandise sold as well as the sale. Items sold Item # 105-40 pairs 75.00 Item # 130 - 20 pairs @ 50.00 Cost of Sale: Item# 105-40 pairs @ 25.00 Item # 130 - 20 pairs @ 19.95 Dec. 2 (Notes: Due to the nature of the business, most of Runners Corporation's sales are on a credit basis. When using special journals, record the credit sale and the amount for cost of goods sold /inventory in the sales journal. Use the sales invoice to post directly to the account of String Stores in the subsidiary accounts receivable ledger. Make a check mark in the posting reference column of the sales journal to indicate that the sales invoice has been posted to the individual account of String Stores.) Purchased merchandise on account from Tice Manufacturing Company, vendor number 1 The purchase invoice is number 3356 for $8.464, terms net 30. Items purchased Item #130400 pairs @ 19.95 Item #120-22 pairs @ 22.00 Sold merchandise on account Invoice number 6203, to True Sports Shop, Customer number 2055, for $30,000. Terms of the sale were 1/10 30. Items sold Item #130 - 200 pairs 50.00 Item #120 - 100 pairs @ 65.00 Item $110-150 pairs @ 90.00 Cost of Sale: Item #130 - 200 pairs 19.95 Item #120 - 100 pairs @ 22.00 Item $110 - 150 pairs @ 35.00 Dec 3 Date Transaction Dec 6 Sold merchandise to S.T. Sporting for cash, $18,500, check no. 481. Items sold: Item #105 - 100 pairs 75.00 Item #110-50 pairs @90.00 Item #120 - 100 pairs @65.00 Cost of Sale: Item #105 - 100 pairs @25.00 Item #110 - 50 pairs @ 35.00 Item #120 - 100 pairs @ 22.00 Sold merchandise to North Shoes, located at 105 NE 8", Bellevue, WA 98009, customer number 2062, for $2,500. The sales invoice number is 6204. Terms 1/10 n/30. Item sold: Item #130 - 50 pairs @ 50.00 Cost of Sale: Item #130-50 pairs @19.95 Dec 8 Received a check no. 255 from All Sporting, customer number 2056, for $4,000 in payment of invoice number 6192. Dec. 9 Received check 898 from String Stores, customer number 2058, for $3,960. The invoice number is 6202, and a sales discount of $40 was taken. Dec. 9 Purchased merchandise from Tic Manufacturing Company, vendor number 5. The purchase invoice is number 3538 for $23,350. Terms 30 days. Items purchased: Item #105 - 400 pairs @ 25.00 Item #110-350 pairs @ 35.00 Item #120 - 50 pairs @ 22.00 Dec. 9 Returned $1,300 worth of merchandise to Say Manufacturing Company, vendor 4. Received a credit memorandum acknowledging a reduction in the liability account of $1,300. Item returned: Item #105-52 pairs @ 25.00 Dec 10 Received check 305 from True Sports Shop, customer number 2055, for $29,700 in payment of invoice number 6203, sales discount $300. Dec. 10 Sold merchandise to Hales Sporting Goods for cash. $9,750, Ck. 442. Items sold: Item #105-130 pairs @ 75.00 Cost of Sale: Item #105-130 pairs @ 25.00 Dec. 13 Issue Check # 501 to Hoot Manufacturing, vendor number 3, for $18,000 in payment of purchase invoice number 3532 Dec. 14 Received $70,000 for the sale of 50,000 shares of $1 par value common stock Dec 15 Received check 678 from North Shoes, customer number 2062, for $2,475, invoice number 6204. A sales discount of $25 was taken by North Shoes. Dec 17 Issue Check # 502 to Hay Manufacturing vendor number 2 for $33,000, purchase invoice number 3533. Dec 20 The city council donated land with a fair market value of $5,000 to Runners Corporation as an incentive for future expansion Dec. 21 Issue a Check # 503 to Say Manufacturing Company, vendor number 4, for $935 in partial payment of purchase invoice number 3534. Dec 22 Issue Check # 504 to All Insurance Company for $3,000. The payment represents next year's insurance coverage. Date Transaction Dec. 27 Dec. 28 Dec 28 Dec 30 Dec 30 Dec 30 Dec. 30 Runners Corporation sold land for $2.500 cash: no gain or loss was recognized Issue Check # 505 to Bell Advertising Agency for $4,000. Sold marketable securities for $25,000. Recognize a gain of $5,000. Issue Check # 508 to US Post Office for $100. (Charge to miscellaneous expense) Issue Check # 507 to the City of Black Diamond for $350 for payment of utility bill. Purchased additional land for further plant expansion Issue Check #508 for $20,000 to Mary Realty. Declared and paid a special year-end 10 cents per share on the 150,000 shares of stock outstanding. Issue Check # 509. Tog Sport Shop notified us of their bankruptcy proceeding. This makes it necessary to write off their account as uncollectible. Sold merchandise on account to String Stores. The sales invoice is number 6205 and is for $1,000, terms 1/10 n/30, Item Sold: Item #130 - 20 pairs @ 50.00 Cost of Sale: Item #130 - 20 pairs @ 19.95 Dec. 30 Dec. 30 End of Year Instructions Monday, December 31", is the last business day of the calendar year. You will need to proceed with the work required at the close of the annual accounting period as follows: Using a General Journal to Enter Transactions Ruled forms are provided for the work sheet, the schedules, and the financial statements in Appendix A After the transactions have been recorded in the General Journal and posted to the Ledgers, complete the following: 1. Prepare a Schedule of Accounts Receivable 2. Prepare a Schedule of Accounts Payable 1. Prepare a Trial balance before adjustments at December 31 on the ten-column work sheet. 2 Complete the ten-column work sheet as of December 31. Adjustment data needed to complete the work sheet are as follows: A The physical inventory of merchandise at the close of business, December 31, 2011, showed $25,822.50 B. Office supplies on hand on December 31, $1,500. c. Insurance expired for the month of December, $250 D. Depreciation expense for the year 2011: Office equipment $8,535 Building $7,500 E Management has decided to increase the Allowance for Uncollectible Accounts by $200. F.Accrued salaries at December 31, $7,000, do not record payroll tax accruals. Accrued interest at December 31, $400. Accrued property tax of $1.139 for the months of November and December, payable in April 2011 Amortization of organization costs, $1,000 J. The income tax for 2011 is $24,000. olumns of the ten-column 3. Extend the adjusted balances of the accounts to the adjusted trial balance columns of the ter work sheet. Classify the accounts by extending the adjusted balances to the proper income statement or balance sheet columns 5. Determine the net income for the year and enter the amount in the proper work sheet columns Complete the work sheet by entering the totals and ruling the columns 6. Prepare an income statement, a statement of retained earnings, a balance sheet, and statement of cash flows using the indirect method. 7. Journalize the adjusting entries in the general journal and post the accounts in the general ledger in order to bring the general ledger accounts into agreement with the financial statements. 8. Journalize the closing entries in the general journal and post the accounts to the general ledger Indicate closed accounts by inserting a horizontal line or 0.00 in both balance columns. 9. Prepare a post-closing trial balance to prove the general ledger is in balance. Runners Corporation Trial Balance December 1, 20XX Credit Debit $ 58,386 20,000 47.839 $4,500 20,595 250 2,000 10.000 150,000 Acct. No. 10100 10500 11000 11100 11500 11700 11900 16000 17000 17500 18000 18500 19000 20100 20200 20300 20400 20500 20600 20700 30100 7,500 42,675 8,535 5,000 5.00 56,803 Account Title Cash Marketable Securities Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Office Supplies Land Building Accumulated Depreciation-Building Office Equipment Accumulated Depreciation Office Equipment Organization Costs Accounts Payable Income Tax Payable Salaries Payable Cash Dividends Payable Interest Payable Note Payable Property Tax Payable Common Stock Premium on Common Stock Retained Earnings, January 1, 2011 Donated Capital Sales Sales Discounts Sales Returns and Allowances Gain on Sale of Marketable Securities Cost of Goods Sold Salaries Expense Utilities Expense Office Supplies Expense Advertisement Expense Depreciation Expense-Office Equipment Depreciation Expense-Building Insurance Expense Uncollectible Accounts Expense Property Tax Expense Miscellaneous Expense Interest Expense Amortization of Organization Costs Income Tax 100,000 68,662 D otained 4100 475,445 4,000 2.000 60100 Utilities Excelles Expense 35000 36000 41000 41500 41600 41700 51000 60100 60200 60300 60400 60500 60600 60700 60800 60900 61000 61200 61300 61400 206,000 133,685 3,000 2.000 7,000 2.750 4,500 1.665 100 5721.445 Payable Beginning balances for December 1, 20XX appear The Accounts Receivable and Accounts Payac below: Amoundoo Accounts Receivable Date of Invoice Feb. 1 Invoice Number 8030 28,689 6180 Nov. 1 4,000 6192 Customer Customer 2050 Tog Sport Shop 2000 20 Avenue Woodinville, WA 98072 2052 Active Sporting Stores 65 Roosevelt Way Seattle, WA 98104 2055 True Sports Shop 126 12h Avenue South Seattle, WA 98107 2058 All Sporting 200 Mercer Street Mercer Island, WA 98040 2057 Home Shoes Center 140 Lake Hills Bellevue, WA 98009 2058 String Stores 1000 1" Avenue Seattle, WA 98104 Nov. 1 13,150 6189 Nov. 1 $47.839 Accounts Payable Amount Date of Invoice PO/Invoice Number Nov. 17 3533 $33,000 Nov. 17 3532 $18,000 Vendor Vendor Number Tice Manufacturing Company 200 Westlake Avenue Los Angeles, CA 90015 Hay Manufacturing Company 100 Marine Park View New York, NY 10024 Hoot Manufacturing Company 300 Sutter Street Los Angeles, CA 90015 Say Manufacturing Company 400 Bancroft Avenue New York, NY 10024 Tic Manufacturing Company 132 NE 56 Los Angeles, CA 90015 Nov. 17 3534 $ 5,803 05 $56,803 Narrative of December Business Transactions word these business transactions in the appropriate lournals. Use the account titles that appear in the December 1, 20XX trial balance (page 21 and the general ledger (Appendix A) Date Transaction 20XX Dec. 1 Received a check from Active Sporting Stores, customer number 2052 for $28.689 in full settlement of the account Dec. 1 Dec. 1 Dec. 2 (Notes: Compare Active's check with the amount in Active's subsidiary accounts receivable ledger account. If the check received pays the customer's account in full indicate this by entering a zero in the balance column of each account. Next, enter the amount of the check in the cash receipts journal, recording a sales discount if applicable. Write the name of the customer in the Account Name column. Since the remittance has already been posted to Active's account in the subsidiary accounts receivable ledger, place a check mark in the posting reference column of the cash receipts journal.) Borrowed $40,000 from State Bank resulting in a 10-year note payable bearing 12% interest, payable semiannually on June 1 and December 1. Issue Check # 500 to The Runners Newspaper for $200 for newspaper advertising, Sold merchandise on account to String Stores, customer number 2058. The sales invoice is number 6202 and is for $4,000, terms 1/10 n/30. Runners Corporation uses a perpetual inventory system and therefore records the cost of merchandise sold as well as the sale. Items sold Item # 105-40 pairs 75.00 Item # 130 - 20 pairs @ 50.00 Cost of Sale: Item# 105-40 pairs @ 25.00 Item # 130 - 20 pairs @ 19.95 Dec. 2 (Notes: Due to the nature of the business, most of Runners Corporation's sales are on a credit basis. When using special journals, record the credit sale and the amount for cost of goods sold /inventory in the sales journal. Use the sales invoice to post directly to the account of String Stores in the subsidiary accounts receivable ledger. Make a check mark in the posting reference column of the sales journal to indicate that the sales invoice has been posted to the individual account of String Stores.) Purchased merchandise on account from Tice Manufacturing Company, vendor number 1 The purchase invoice is number 3356 for $8.464, terms net 30. Items purchased Item #130400 pairs @ 19.95 Item #120-22 pairs @ 22.00 Sold merchandise on account Invoice number 6203, to True Sports Shop, Customer number 2055, for $30,000. Terms of the sale were 1/10 30. Items sold Item #130 - 200 pairs 50.00 Item #120 - 100 pairs @ 65.00 Item $110-150 pairs @ 90.00 Cost of Sale: Item #130 - 200 pairs 19.95 Item #120 - 100 pairs @ 22.00 Item $110 - 150 pairs @ 35.00 Dec 3 Date Transaction Dec 6 Sold merchandise to S.T. Sporting for cash, $18,500, check no. 481. Items sold: Item #105 - 100 pairs 75.00 Item #110-50 pairs @90.00 Item #120 - 100 pairs @65.00 Cost of Sale: Item #105 - 100 pairs @25.00 Item #110 - 50 pairs @ 35.00 Item #120 - 100 pairs @ 22.00 Sold merchandise to North Shoes, located at 105 NE 8", Bellevue, WA 98009, customer number 2062, for $2,500. The sales invoice number is 6204. Terms 1/10 n/30. Item sold: Item #130 - 50 pairs @ 50.00 Cost of Sale: Item #130-50 pairs @19.95 Dec 8 Received a check no. 255 from All Sporting, customer number 2056, for $4,000 in payment of invoice number 6192. Dec. 9 Received check 898 from String Stores, customer number 2058, for $3,960. The invoice number is 6202, and a sales discount of $40 was taken. Dec. 9 Purchased merchandise from Tic Manufacturing Company, vendor number 5. The purchase invoice is number 3538 for $23,350. Terms 30 days. Items purchased: Item #105 - 400 pairs @ 25.00 Item #110-350 pairs @ 35.00 Item #120 - 50 pairs @ 22.00 Dec. 9 Returned $1,300 worth of merchandise to Say Manufacturing Company, vendor 4. Received a credit memorandum acknowledging a reduction in the liability account of $1,300. Item returned: Item #105-52 pairs @ 25.00 Dec 10 Received check 305 from True Sports Shop, customer number 2055, for $29,700 in payment of invoice number 6203, sales discount $300. Dec. 10 Sold merchandise to Hales Sporting Goods for cash. $9,750, Ck. 442. Items sold: Item #105-130 pairs @ 75.00 Cost of Sale: Item #105-130 pairs @ 25.00 Dec. 13 Issue Check # 501 to Hoot Manufacturing, vendor number 3, for $18,000 in payment of purchase invoice number 3532 Dec. 14 Received $70,000 for the sale of 50,000 shares of $1 par value common stock Dec 15 Received check 678 from North Shoes, customer number 2062, for $2,475, invoice number 6204. A sales discount of $25 was taken by North Shoes. Dec 17 Issue Check # 502 to Hay Manufacturing vendor number 2 for $33,000, purchase invoice number 3533. Dec 20 The city council donated land with a fair market value of $5,000 to Runners Corporation as an incentive for future expansion Dec. 21 Issue a Check # 503 to Say Manufacturing Company, vendor number 4, for $935 in partial payment of purchase invoice number 3534. Dec 22 Issue Check # 504 to All Insurance Company for $3,000. The payment represents next year's insurance coverage. Date Transaction Dec. 27 Dec. 28 Dec 28 Dec 30 Dec 30 Dec 30 Dec. 30 Runners Corporation sold land for $2.500 cash: no gain or loss was recognized Issue Check # 505 to Bell Advertising Agency for $4,000. Sold marketable securities for $25,000. Recognize a gain of $5,000. Issue Check # 508 to US Post Office for $100. (Charge to miscellaneous expense) Issue Check # 507 to the City of Black Diamond for $350 for payment of utility bill. Purchased additional land for further plant expansion Issue Check #508 for $20,000 to Mary Realty. Declared and paid a special year-end 10 cents per share on the 150,000 shares of stock outstanding. Issue Check # 509. Tog Sport Shop notified us of their bankruptcy proceeding. This makes it necessary to write off their account as uncollectible. Sold merchandise on account to String Stores. The sales invoice is number 6205 and is for $1,000, terms 1/10 n/30, Item Sold: Item #130 - 20 pairs @ 50.00 Cost of Sale: Item #130 - 20 pairs @ 19.95 Dec. 30 Dec. 30 End of Year Instructions Monday, December 31", is the last business day of the calendar year. You will need to proceed with the work required at the close of the annual accounting period as follows: Using a General Journal to Enter Transactions Ruled forms are provided for the work sheet, the schedules, and the financial statements in Appendix A After the transactions have been recorded in the General Journal and posted to the Ledgers, complete the following: 1. Prepare a Schedule of Accounts Receivable 2. Prepare a Schedule of Accounts Payable 1. Prepare a Trial balance before adjustments at December 31 on the ten-column work sheet. 2 Complete the ten-column work sheet as of December 31. Adjustment data needed to complete the work sheet are as follows: A The physical inventory of merchandise at the close of business, December 31, 2011, showed $25,822.50 B. Office supplies on hand on December 31, $1,500. c. Insurance expired for the month of December, $250 D. Depreciation expense for the year 2011: Office equipment $8,535 Building $7,500 E Management has decided to increase the Allowance for Uncollectible Accounts by $200. F.Accrued salaries at December 31, $7,000, do not record payroll tax accruals. Accrued interest at December 31, $400. Accrued property tax of $1.139 for the months of November and December, payable in April 2011 Amortization of organization costs, $1,000 J. The income tax for 2011 is $24,000. olumns of the ten-column 3. Extend the adjusted balances of the accounts to the adjusted trial balance columns of the ter work sheet. Classify the accounts by extending the adjusted balances to the proper income statement or balance sheet columns 5. Determine the net income for the year and enter the amount in the proper work sheet columns Complete the work sheet by entering the totals and ruling the columns 6. Prepare an income statement, a statement of retained earnings, a balance sheet, and statement of cash flows using the indirect method. 7. Journalize the adjusting entries in the general journal and post the accounts in the general ledger in order to bring the general ledger accounts into agreement with the financial statements. 8. Journalize the closing entries in the general journal and post the accounts to the general ledger Indicate closed accounts by inserting a horizontal line or 0.00 in both balance columns. 9. Prepare a post-closing trial balance to prove the general ledger is in balance