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I know it's a lot, but I really really need help ASAP! Please and thank you so much The trial balance of Peoples Choice Wholesale
I know it's a lot, but I really really need help ASAP! Please and thank you so much
The trial balance of Peoples Choice Wholesale Company contained the following accounts shown at December 31, the end of the companys fiscal year.
PEOPLES CHOICE WHOLESALE COMPANY Trial Balance December 31, 2017 | ||||
Debit | Credit | |||
Cash | $ 34,540 | |||
Accounts Receivable | 41,360 | |||
Inventory | 77,000 | |||
Land | 101,200 | |||
Buildings | 220,000 | |||
Accumulated DepreciationBuildings | $ 66,000 | |||
Equipment | 91,850 | |||
Accumulated DepreciationEquipment | 44,550 | |||
Notes Payable | 60,170 | |||
Accounts Payable | 19,250 | |||
Common Stock | 176,000 | |||
Retained Earnings | 73,920 | |||
Dividends | 11,000 | |||
Sales Revenue | 1,014,310 | |||
Sales Discounts | 6,600 | |||
Cost of Goods Sold | 780,890 | |||
Salaries and Wages Expense | 56,430 | |||
Utilities Expense | 12,540 | |||
Maintenance and Repairs Expense | 9,790 | |||
Advertising Expense | 5,720 | |||
Insurance Expense | 5,280 | |||
$1,454,200 | $1,454,200 |
Adjustment data:
1. | Depreciation is $8,800 on buildings and $7,700 on equipment. (Both are operating expenses.) | |
2. | Interest of $4,950 is due and unpaid on notes payable at December 31. | |
3. | Income tax due and unpaid at December 31 is $26,400. |
Other data: $16,500 of the notes payable are payable next year.
Journalize the adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1 2 3. eTextbook and Media List of Accounts Create T-accounts for all accounts used in part a. Enter the trial balance amounts into the T-accounts and post the adjusting entries. (Post entries in the order of journal entries posted in part a. Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment 4 4 Depreciation Expense 4 Interest Expense Interest Payable Income Tax Expense Interest Expense Interest Payable Income Tax Expense Income Taxes Payable eTextbook and Media List of Accounts Prepare an adjusted trial balance. PEOPLE'S CHOICE WHOLESALE COMPANY Adjusted Trial Balance Debit Credit eTextbook and Media List of Accounts Prepare a multiple-step income statement for the year ended December 31, 2017. PEOPLE'S CHOICE WHOLESALE COMPANY Income Statement $ eTextbook and Media List of Accounts Prepare a retained earnings statement for the year ended December 31, 2017. (List items that increase retained earnings first.) PEOPLE'S CHOICE WHOLESALE COMPANY Retained Earnings Statement eTextbook and Media List of Accounts Prepare a classified balance sheet at December 31, 2017. (List current assets in order of liquidity and property, plant and equipment in order of land, buildings and equipment.) PEOPLE'S CHOICE WHOLESALE COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity $
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