I need help making/putting these adjusting entries into a trial balance please! ALL THAT IS NEEDED TO BE DONE HERE IS ADJUST THESE 20 ENTRIES! THE ENTRIES BELOW ARE PREVIOUS ENTRIES. PLEASE PLEASE PLEASE HELP ME. This should be all the information needed.

Ozark closes to customers from Christmas until January 2. Employees do work counting inventory, doing maintenance, and cleaning. The following information pertains to potential year-end adjusting entries. If needed, the applicable federal income tax rate for prior and the current year is 30%.

1. Depreciation is taken. Assets sold are depreciated through the month of sales. (Note: Depreciation on the Trucks for the year should be $12,000 in addition to the $5,000 applicable to the truck sold in Dec.). The depreciation on the building has been based on a 30-year life. It is now estimated that the life used for the building should have been 40 total years. The change in estimate will be incorporated into the current year depreciation calculation.
2. Major expenditures to improve existing assets are debited to the appropriate asset account as was done in entry 29 on Dec. 24. Include depreciation on the capitalized repair for a half year. It is common to use a half year assumption for all asset purchases during the year, it is built in to tax law).
3. Property insurance is allocated over the 12 month period covered by the premium (see Dec. 10, entry 24)
4. A physical inventory was taken of piers and lifts. This was done to confirm the perpetual inventory amount. You uncovered the following information: (a) A lift was listed in the inventory records, but could not be found. It was determined that it had been sold during the current year and had not been included in the cost of goods sold. The cost of the lift was $3,200. (b) A lift was purchased by Ozark and was shipped by the manufacturer to Ozark FOB Shipping Point (ownership transfers to buyer at sellers loading dock)). It had an invoice of $5,300. (c) It was also determined that some lifts were obsolete and they were written down by $2,000. This loss will appear as a separate other expense on the income statement. (Number your adjustments, 4a, etc.)
5. An analysis of the deferred revenue on the books revealed that it was for rentals made for ski rentals for January March of the current year (2016). It had been accrued last Dec. 31, 201 Sales tax was collected in 2015 at the time of the ski rental.
6. An aging schedule is to be done to establish the allowance for bad debts: The allowance should be:

Age	Amount	Percentage
0-30 days	$40,000	1%
30-60 days	10,000	5%
Over 60 days	Balance	20%

7. A physical inventory was taken of the 510, supplies account, the December 31, 2016 balance was $1,700.
8. A physical inventory was taken of account 505, Inventory, sports equipment. The agreed upon value using LIFO was $28,000. Remember, this inventory is recorded under the periodic method. At this point, you should make entries to arrive at the cost of goods sold. Freight is to be added to purchases to get cost delivered to Ozark. Purchase discounts should be subtracted. Always build the cost of goods available to sell. Then deduct ending inventory to arrive at cost of goods sold.
9. The law suit involves a suit by a customer concerning damage to a boat caused by a boat lift. Your lawyer thinks that you will have to pay damages and the estimate is $7,000.
10. As of Dec. 31, 2016, accrued salaries are $3,000 and accrued labor wages are $10,000. Dont forget added employer paid tax for FICA and Medicare and as 10% income tax withholding. Rather than creating new accrual accounts, you may use the usual payroll and tax payable accounts. This will not create a problem since this entry will be reversed on January 1, 2017.
11. Dock lumber in the amount of $700 was purchased on account in December and was returned for a credit. The lumber company canceled the bill (which had not yet been paid)
12. Advertising in the amount of $1,000 was paid in January, but the ad was run in December of 2015.The income tax rate applicable to 2015 was 30%.
13. The estimated value of the tools remaining at 2016 year-end is $7,000. The appraisal method of depreciation is used (see information on page 4 for account # 537).
14. Interest is paid quarterly on the $120,000, 6% note payable (under the line of credit). The note is due on May 1, 2017. Interest was last paid on November 1.
15. It has been determined that $4,000 property taxes paid in 2016 were applicable to 2017, not 2016.
16. The sports equipment rental revenue collected in December (entry 36) is for the use of equipment during December through March and it should be pro-rated equally over the four months. The pro-ration is the same, no matter when the rental contract is executed.
17. The exchange rate on Dec. 31 is One Euro = $1.30 (refer back to Dec. 24, #17)
18. An adjustment is need for prepaid computer consulting services (Dec. 24, item 37)
19. Installment contracts payable principal payments on truck loan are $10,035 in 2017. These amounts do not require an entry, but the information will be needed for the formal balance sheet (Requirement 3).
20. The market value of the trading investments is $15,000. The adjustment to market should be a valuation account just below the investment account.

T The applicable income tax rate is 30%. The adjustment for income tax expense cannot be made until you have calculated income before tax on the worksheet. Thus, no entry is made at this point. Be sure that you do not include the provision for income taxes in the amounts summed to calculate income before taxes. (Otherwise you would calculate tax on income that is already net of tax.)

11 points, 10 max off set give back 1 each for resasobly complete entries Max is still 10 Adjustments Adjusted Trial Balance Income Statement Debit Credit Debit Credit Debit Credit Retained Earnings Debit Credit Balance Sheet Debit Credit 404 512 535 605 611 612 613 Worksheet 3 Spring 2020 Ozark Spring 2020 Dock and Lift Company Trial balance working papers Unadjusted 12/31/16 Trial Balance Trial Balance Number Debit Credit Cash-checking 401 26.027 Cash-money market account 402 204.992 Accounts receivable 403 72,275 Allowance for bad debts 2.265 Rebate receivable 405 7,000 Trading investments 406 12.000 Adjustment to fair value 4061 Inventory, plers and lifts 501 125.000 Inventory, dock parts 503 2 260 Inventory, sports equipment 505 25,000 Supplies 510 1,800 Pre-paid expense 511 1.000 Security deposit 2,000 Land 520 120,000 Buildings 530 450,000 Accumulated depreciation - buildings 531 150,000 Barge 53273,000 Accumulated depreciation - barge 533. 26,000 Trucks 534 120,000 Accumulated depreciation - Trucks 26,000 Tools 537 9,200 Customer deposits 600 4,000 Accounts payable 601 75,900 Wages payable 602 FICA and Medicare Payable 603 Payroll tax withholdings 604 State sales tax payable Federal income taxes payable 606 Estimated liabilities for losses 607 1,600 Accrued interest payable (year end adjustme 60B Deferred revenue 6091 4.000 Gift certificate llability 6092 4.300 Note payable, Line of credit, 6% annual rate 610 120,000 Mortgage payable, 6% annual rate 269,000 Installment contracts payable 50,000 Deferred sport rental income Common stock, S1 par 700 10.000 Paid-in excess of par 701 190,000 Retained earnings 702 158,791 Dividends declared 703 10,000 Prior period adjustment 704 Pier and lift sales 101 954,000 Pier and lift installation labor 168,800 Custom dock sales 295,000 Seawall installations 104 201,500 Sports equipment sales 105 109,500 Sports equipment rentals 106 41,500 Permit fee revenue 107 4,800 Interest revenue 109 1,900 Gain loss on sale of fixed assets 110 1,400 Unrealized gain loss on investments 111 Cost of sales - Piers and lifts 201 674,000 Dock parts costs 187,840 Seawall costs 105,300 Sports Eq, cost of goods sold (year end only) 205 Sports goods purchases purchases 206 87,700 Purchase discounts taken 4,060 Salaries expense 311 107.000 Labor expense 312 224,000 Payroll tax expense 313 25,322 Utilities expense 314 20.400 Insurance expense 315 40.200 Maintenance expense 316 16.900 Fuel expense 317 6,300 Property tax expense 12 000 Advertising expense 38.800 Supplies expense 320 12.900 Professional fees expense 9.795 Freight in 322 5.600 Interest expense 323 28.190 Bad debt expense 324 5.515 Depreciation expense-building 331 Depreciation expense - barge Depreciation expense - trucks 335 5,000 Depreciation expense - tools 337 Inventory write down Exchange gainvloss 341 Estimated losses 350 Income tax expense 399 Totals 2,874.316 2,874,316 Net income before tax balance Provision for tax Net Income Retained earnings, Dec. 31, 2016 102 103 203 204 210 318 319 321 333 340 Dec. 24 25,000 601 Accounts payable 210 Purchase discounts taken 401] Cash Checking 160 24,840 81.900 401 Cash 101 Pier and lift sales 605 State sales tax payable 78,000 3,900 34,000 201 Cost of sales 501 Piers and lifts 34,000 8 1,575 401 Cash 102 Pier and lift installation labor 605 State sales tax payable 1,500 75 17,000 501 Inventory, Piers and Lifts 601 Accounts payable 17,000 101 35,700 403 Accounts receivable 103 Custom dock sale 605 State sales tax payable 34,000 1,700 11 13,000 203 Dock parts costs 601 Accounts payable 13,000 12 3,000 203 Dock parts cost 503 Dock parts 3,000 131 1,500 503 Dock parts 601 Accounts payable 1,500 14 15,750 403 Accounts receivable 104] Seawall installations 605 State sales tax payable 15,000 750 7,000 204 Seawall costs 601 Accounts payble 7,000 16 13,650 401 Cash 105 Sports equipment sales 605 State sales tax payable 13,000 650 17 6.000 206 Sports equipment purchases 601 Accounts payable 6.000 22,000 401 Cash 404 Allowance for bad debts 403 Accounts receivable 403 Accounts receivable 2,000 22,000 2,000 19 2,300 319 Advertising expense 4011 Cash 2,300 20 1,000 317 Fuel expense 401 Cash 1,000 21 1,000 322 Freight In 401 Cash 1,000 221 1,800 314 Utilities expense 401] Cash 1,800 23 13,000 311 Salaries Expense 603] FICA and Medicare Payable 604 Payroll tax witholdings 602 Wages payable 995 1,300 10,705 995 313 Payroll tax expense 603] FICA and Medicare Payable 995 24 16,000 311 Salaries Expense 603] FICA and Medicare Payble 604 Payroll tax witholdings 602 Wages Payable 1,224 1,600 13,176 1.224 313 Payroll tax expense 603 FICA and Medicare Payable 1.224 25 611 Mortgage payable, 6% annual rate 323 Interest expense 401 Cash 860 1.190 2,050 26 1,029 324 Bad Debt Expense 404 Allowance for bad debts 1,029 271 5,000 335 Depreation expense - truck 535| Accumulated depreciation - truck 5,000 11,400 15.000 401 Cash 535 Accumulated depreciation - truck 110 Gain on sale 534 Truck 1,400 25,000 28 60,000 534 Truck 401 Cash 612) Installment contracts pavable 10,000 50.000 8,000 532 Barge 401] Cash 8,000 2,800 403 Accounts receivable 107 Permit fees revenue 401 Cash 800 2.000 31 2,500 537 Tools 401 Cash 2,500 32 10,000 703 Dividends 401] Cash 10,000 33 8,500 401 Cash 609) Gift Certificate Outstanding 8,500 34| 4,200 609 Gift Certificate Outstanding 105| Sports equipment sales 605 State sales tax payable 4,000 200 35 1,500 404 Allowance for bad debts 403 Accounts receivable 1,500 12.500 401 Cash 106) Sports equipment rentals 605 State sales tax payable 600 Customer depositits 10,000 500 2,000 37 2,400 321 Professional fees expense 601 Accounts payable 2,400 38 7,000 405 Rebate receivable 501 Inventory, piers and lifts 2011 Cost of sales - Piers and lifts 1,000 6.000 39 3.100 319|Advertising expense 607| Estimated liabilities for losses 401Cash 1,600 1,500 40 511 Pre-paid expense 512 Security deposit 401 Cash 1.000 2,000 3,000 26-Dec 23.881 602 Wages Payable 4011 Cash 23,881 21 4,438 603 FICA and Medicare payable 401 Cash 4,438 2,900 604 Payroll Tax expense 401] Cash 2,900 4 7,775 605 State sales tax payable 401] Cash 7,775 11,400 20 403 Accounts receivable 534|Professional fees expense 401 Cash 401] Cash 11,400 20 2.000 600 Customer deposits 401 Cash 2,000 7 30.000 402 Money Market 4011 Cash 30,000 8 1,900 402 Money Market 109 Interest revenue 1,900 75 321 Professional fees expense 401 Cash Exhibit A: December 2016 Transactions Transactions are posted once each two weeks in summary format. Notes: All sales amounts shown do not include sales tax. All sales are taxable. Be sure to add sales tax at a 5% rate to all sales and rental (not including deposits) transactions. Round all computations to the nearest dollar. Round up for 50 cents or more. Transactions were as follows: Date Dec. 2, Transaction Paid accrued (on Nov. 30) wages due to employees Amount $ 18,000 Dec. 10,5 1,377 3,600 11,500 38,000 26,000 19,000 2,300 12 Paid accrued (Nov. 30) FICA and Medicare Paid accrued (Nov. 30) payroll tax withholdings Paid accrued (Nov. 30) sales taxes due Paid accounts payable Pier and lift sales for cash, before tax amount Cost of piers and lifts sold Labor charge to install lifts, received in cash from customers, before tax amount Purchases of piers and lifts on account Custom dock sales charged to customers, before tax amount Purchases of lumber on account for custom docks Dock parts issued from inventory Seawall installations charged to customers, before tax amount Seawall rocks purchased on account Sports equipment sales for cash, before tax amount Purchases of sports equipment on account Cash collected from customers on accounts receivable | Advertising expenses incurred and paid | Purchase of office supplies, paid in cash, charged to expense account Freight incurred and paid Customer accounts receivable written off President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. | 15 | 16 32,000 16,000 8,500 340 6,500 2,300 4,500 3,200 42,000 1,400 500 1,400 2,500 5,000 17 20 21 13,000 Labor wages accrued for two weeks. Paychecks will be issued on Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. 13,200 236 Paid property insurance for Dec. 1 2016 to Dec. 1, 2017. Recorded in expense account. Bad debt expense booked, equal to 1% of credit sales including sales tax. Paid wages due to all employees Paid FICA and Medicare Paid income tax withholdings Paid sales taxes due Dec. 12,1 14.822 2,756 1,800 2,765 The above entries were recorded by "Bob" from the temporary service. You are not allowed access to the journal entries, but all entries were posted to the ledger (Worksheet 2). Every ledger entry ties to the above dates and item numbers. Bob had to calculate the bad debt expense (good idea to confirm it). You must make entries and enter them into the ledger for the following items. "Your amt." means that you are paying the liability that was recorded in a prior entry. I would suggest you trace out these amounts. Calculate 78,000 34,000 1,500 17,000 34,000 13,000 14 Dec. 24, 5 Record payment of accounts payable. Accounts paid total $25,000 (before cash discount). Only 8,000 of the goods purchased qualified for an early payment discount. Terms are 2/10, n/30 Pier and lift sales for cash, before tax amount Cost of piers and lifts sold Labor charged to install lifts, received in cash, before tax amount Purchases of piers and lifts on account Custom dock sales charged to customer accounts receivable accounts, before tax amount 11 Purchases of dock lumber for sold jobs and delivered to customer work site, on account 12 Dock parts issued from inventory to sold jobs Purchase of dock parts for inventory on account Seawall installations charged to customers, before tax amounts Seawall rocks purchased on account 16 Sports equipment sales for cash, before tax amount Purchases of sports equipment on account - purchased from Italian supplier and billed as 5,000 Euros. On that date the exchange rate was one Euro = $1.20 Cash collected from customers on accounts receivable. $2,000 was the collection of an amount written off a year ago. Advertising expenses incurred and paid Fuel bill received and paid in cash Freight incurred (for sports equipment purchased) and paid Utilities bills received and paid in cash President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross, apply 7.65% FICA and Medicare and 10% income tax withholding. 3,000 1,500 15,000 7,000 13,000 Calculate 22,000 19 2,300 1,000 1,000 1,800 13,000 16,000 2,050 26 Calculate 11,400 Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. Labor wages accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. Pay monthly payment on mortgage, interest portion is $1,190 Annual interest and principal amounts (needed for later Requirement 3) are: Year Payments Interest Principal 2016 $24,600 $15,500 $9,100 2017 24,600 13,600 11,000 Bad debt expense booked, equal to 2% of credit sales including sales tax (since Dec. 10 entry). Old truck sold, original cost was $25,000, and accumulated depreciation on Dec. 31, 2015 was $10,000. Annual depreciation is $5,000, Sale price is $12,000. The agent selling the truck charged a 5% commission. A check for $11,400 was received and deposited. Hint: compute and record full year of depreciation on truck before you record the sale. No sales tax is collected on this sale. The buyer pays it directly to the state when registering the vehicle. Purchased new truck, paid $10,000 cash and financed $50,000 balance on a 3-year installment contract. IA hydraulic crane was added to the barge It is to be capitalized but it does not prolong the depreciable life of the barge and does not change the salvage value. Permits were obtained from the state for installations in 2018. The permit fees charged by the state and paid in cash were $2000, the fees charged by Ozark are $800. The $2,800 was charged to customer receivable account. Tools are purchased and paid for in cash Cash dividend of $1 per share of stock was declared and paid. Hint: is there a worksheet that will include the information you need to calculate the shares outstanding? Create a temporary account "Dividends declared." It is a contra- equity account. Pick an appropriate account number. Christmas gift certificates for sports equipment were sold for the first time for the Christmas of 2016. The certificates can be redeemed at any time. There is no sales tax on certificates. Instead, the tax is added to the bill when the certificate is redeemed. All certificates were sold for cash. You may need to create an appropriate account for this new transaction. Gift certificates were redeemed for sports equipment purchases of $4.000 (plus tax). Accounts receivable written off as uncollectible 28 60,000 8,000 2,000 800 31 32 2,500 Calculate 8,500 Calculate | 35 1,500 Sports equipment (snow skis) rentals for cash (before tax), plus deposits of $2,000 (not taxed). A bill from the computer consulting firm for one year of maintenance and support was found. The bill covers service from October 1, 2016 to September 30, 2017. Record the entire bill in account 321 10,000 2,000 2,400 7,000 39 Calculate 3,000 | Dec. 26,1 EZ Lift Company notified Ozark that it had earned a $7,000 rebate on 2016 purchases. The rebate was earned by meeting a volume target. $1,000 of the rebates apply to lifts in the year-end inventory. The rebate will be paid to Ozark in early Jan. 2017. You may need to create an appropriate account for this new transaction. 400 Christmas cards were sent to customers. Inside the card, there were 2 tickets for the January 2017 Boat Show. The cost of the mailing was $1,500, When the tickets a redeemed, Ozark will be charged $5 for each ticket. In the past, 40% of the tickets are redeemed. Ozark rented a new storage building starting Jan. 1, 2017. The agreement is month to month but requires a 3-month notice for ending the rental. Ozark paid $3,000. $1,000 is rent for January 2017 and $2,000 is a security deposit. You may need to create an appropriate account for this new transaction. Paid wages due to all employees Paid FICA and Medicare Paid income tax withholdings Paid sales taxes due The $11,400 check for the sale of the truck was dated January 2, 2017. The sales agent agreed to take the postdated check. The office manager did not notice the date when making the deposit. The bank has now returned the check and charged a $20 fee for a bad check. A customer placed a $2,000 deposit on a custom lift that will be ordered from the manufacturer for delivery in early 2017. The exact cost and selling price of the lift is not yet known. Transfer $30,000 to Money Market Account The bank notified Ozark that $1,900 interest had been added to their money market account. The bank notified Ozark that the credit card fees for sales made on credit cards was $75. That amount was deducted from the checking account. Your amt. Your amt. Your amt. Your amt. Calculate 2,000 30,000 1,900 75 Required: Using the general journal template (Worksheet 1), enter the above transactions for Dec. 24 and 26. Post the transactions to the general ledger (Worksheet 2). Record the account balances from the general ledger on the unadjusted trial balance (Worksheet 3). Submit Worksheet 1 and Worksheet 3 only. Submit one Excel file only, including each worksheet as a separate sheet/tab. 11 points, 10 max off set give back 1 each for resasobly complete entries Max is still 10 Adjustments Adjusted Trial Balance Income Statement Debit Credit Debit Credit Debit Credit Retained Earnings Debit Credit Balance Sheet Debit Credit 404 512 535 605 611 612 613 Worksheet 3 Spring 2020 Ozark Spring 2020 Dock and Lift Company Trial balance working papers Unadjusted 12/31/16 Trial Balance Trial Balance Number Debit Credit Cash-checking 401 26.027 Cash-money market account 402 204.992 Accounts receivable 403 72,275 Allowance for bad debts 2.265 Rebate receivable 405 7,000 Trading investments 406 12.000 Adjustment to fair value 4061 Inventory, plers and lifts 501 125.000 Inventory, dock parts 503 2 260 Inventory, sports equipment 505 25,000 Supplies 510 1,800 Pre-paid expense 511 1.000 Security deposit 2,000 Land 520 120,000 Buildings 530 450,000 Accumulated depreciation - buildings 531 150,000 Barge 53273,000 Accumulated depreciation - barge 533. 26,000 Trucks 534 120,000 Accumulated depreciation - Trucks 26,000 Tools 537 9,200 Customer deposits 600 4,000 Accounts payable 601 75,900 Wages payable 602 FICA and Medicare Payable 603 Payroll tax withholdings 604 State sales tax payable Federal income taxes payable 606 Estimated liabilities for losses 607 1,600 Accrued interest payable (year end adjustme 60B Deferred revenue 6091 4.000 Gift certificate llability 6092 4.300 Note payable, Line of credit, 6% annual rate 610 120,000 Mortgage payable, 6% annual rate 269,000 Installment contracts payable 50,000 Deferred sport rental income Common stock, S1 par 700 10.000 Paid-in excess of par 701 190,000 Retained earnings 702 158,791 Dividends declared 703 10,000 Prior period adjustment 704 Pier and lift sales 101 954,000 Pier and lift installation labor 168,800 Custom dock sales 295,000 Seawall installations 104 201,500 Sports equipment sales 105 109,500 Sports equipment rentals 106 41,500 Permit fee revenue 107 4,800 Interest revenue 109 1,900 Gain loss on sale of fixed assets 110 1,400 Unrealized gain loss on investments 111 Cost of sales - Piers and lifts 201 674,000 Dock parts costs 187,840 Seawall costs 105,300 Sports Eq, cost of goods sold (year end only) 205 Sports goods purchases purchases 206 87,700 Purchase discounts taken 4,060 Salaries expense 311 107.000 Labor expense 312 224,000 Payroll tax expense 313 25,322 Utilities expense 314 20.400 Insurance expense 315 40.200 Maintenance expense 316 16.900 Fuel expense 317 6,300 Property tax expense 12 000 Advertising expense 38.800 Supplies expense 320 12.900 Professional fees expense 9.795 Freight in 322 5.600 Interest expense 323 28.190 Bad debt expense 324 5.515 Depreciation expense-building 331 Depreciation expense - barge Depreciation expense - trucks 335 5,000 Depreciation expense - tools 337 Inventory write down Exchange gainvloss 341 Estimated losses 350 Income tax expense 399 Totals 2,874.316 2,874,316 Net income before tax balance Provision for tax Net Income Retained earnings, Dec. 31, 2016 102 103 203 204 210 318 319 321 333 340 Dec. 24 25,000 601 Accounts payable 210 Purchase discounts taken 401] Cash Checking 160 24,840 81.900 401 Cash 101 Pier and lift sales 605 State sales tax payable 78,000 3,900 34,000 201 Cost of sales 501 Piers and lifts 34,000 8 1,575 401 Cash 102 Pier and lift installation labor 605 State sales tax payable 1,500 75 17,000 501 Inventory, Piers and Lifts 601 Accounts payable 17,000 101 35,700 403 Accounts receivable 103 Custom dock sale 605 State sales tax payable 34,000 1,700 11 13,000 203 Dock parts costs 601 Accounts payable 13,000 12 3,000 203 Dock parts cost 503 Dock parts 3,000 131 1,500 503 Dock parts 601 Accounts payable 1,500 14 15,750 403 Accounts receivable 104] Seawall installations 605 State sales tax payable 15,000 750 7,000 204 Seawall costs 601 Accounts payble 7,000 16 13,650 401 Cash 105 Sports equipment sales 605 State sales tax payable 13,000 650 17 6.000 206 Sports equipment purchases 601 Accounts payable 6.000 22,000 401 Cash 404 Allowance for bad debts 403 Accounts receivable 403 Accounts receivable 2,000 22,000 2,000 19 2,300 319 Advertising expense 4011 Cash 2,300 20 1,000 317 Fuel expense 401 Cash 1,000 21 1,000 322 Freight In 401 Cash 1,000 221 1,800 314 Utilities expense 401] Cash 1,800 23 13,000 311 Salaries Expense 603] FICA and Medicare Payable 604 Payroll tax witholdings 602 Wages payable 995 1,300 10,705 995 313 Payroll tax expense 603] FICA and Medicare Payable 995 24 16,000 311 Salaries Expense 603] FICA and Medicare Payble 604 Payroll tax witholdings 602 Wages Payable 1,224 1,600 13,176 1.224 313 Payroll tax expense 603 FICA and Medicare Payable 1.224 25 611 Mortgage payable, 6% annual rate 323 Interest expense 401 Cash 860 1.190 2,050 26 1,029 324 Bad Debt Expense 404 Allowance for bad debts 1,029 271 5,000 335 Depreation expense - truck 535| Accumulated depreciation - truck 5,000 11,400 15.000 401 Cash 535 Accumulated depreciation - truck 110 Gain on sale 534 Truck 1,400 25,000 28 60,000 534 Truck 401 Cash 612) Installment contracts pavable 10,000 50.000 8,000 532 Barge 401] Cash 8,000 2,800 403 Accounts receivable 107 Permit fees revenue 401 Cash 800 2.000 31 2,500 537 Tools 401 Cash 2,500 32 10,000 703 Dividends 401] Cash 10,000 33 8,500 401 Cash 609) Gift Certificate Outstanding 8,500 34| 4,200 609 Gift Certificate Outstanding 105| Sports equipment sales 605 State sales tax payable 4,000 200 35 1,500 404 Allowance for bad debts 403 Accounts receivable 1,500 12.500 401 Cash 106) Sports equipment rentals 605 State sales tax payable 600 Customer depositits 10,000 500 2,000 37 2,400 321 Professional fees expense 601 Accounts payable 2,400 38 7,000 405 Rebate receivable 501 Inventory, piers and lifts 2011 Cost of sales - Piers and lifts 1,000 6.000 39 3.100 319|Advertising expense 607| Estimated liabilities for losses 401Cash 1,600 1,500 40 511 Pre-paid expense 512 Security deposit 401 Cash 1.000 2,000 3,000 26-Dec 23.881 602 Wages Payable 4011 Cash 23,881 21 4,438 603 FICA and Medicare payable 401 Cash 4,438 2,900 604 Payroll Tax expense 401] Cash 2,900 4 7,775 605 State sales tax payable 401] Cash 7,775 11,400 20 403 Accounts receivable 534|Professional fees expense 401 Cash 401] Cash 11,400 20 2.000 600 Customer deposits 401 Cash 2,000 7 30.000 402 Money Market 4011 Cash 30,000 8 1,900 402 Money Market 109 Interest revenue 1,900 75 321 Professional fees expense 401 Cash Exhibit A: December 2016 Transactions Transactions are posted once each two weeks in summary format. Notes: All sales amounts shown do not include sales tax. All sales are taxable. Be sure to add sales tax at a 5% rate to all sales and rental (not including deposits) transactions. Round all computations to the nearest dollar. Round up for 50 cents or more. Transactions were as follows: Date Dec. 2, Transaction Paid accrued (on Nov. 30) wages due to employees Amount $ 18,000 Dec. 10,5 1,377 3,600 11,500 38,000 26,000 19,000 2,300 12 Paid accrued (Nov. 30) FICA and Medicare Paid accrued (Nov. 30) payroll tax withholdings Paid accrued (Nov. 30) sales taxes due Paid accounts payable Pier and lift sales for cash, before tax amount Cost of piers and lifts sold Labor charge to install lifts, received in cash from customers, before tax amount Purchases of piers and lifts on account Custom dock sales charged to customers, before tax amount Purchases of lumber on account for custom docks Dock parts issued from inventory Seawall installations charged to customers, before tax amount Seawall rocks purchased on account Sports equipment sales for cash, before tax amount Purchases of sports equipment on account Cash collected from customers on accounts receivable | Advertising expenses incurred and paid | Purchase of office supplies, paid in cash, charged to expense account Freight incurred and paid Customer accounts receivable written off President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. | 15 | 16 32,000 16,000 8,500 340 6,500 2,300 4,500 3,200 42,000 1,400 500 1,400 2,500 5,000 17 20 21 13,000 Labor wages accrued for two weeks. Paychecks will be issued on Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. 13,200 236 Paid property insurance for Dec. 1 2016 to Dec. 1, 2017. Recorded in expense account. Bad debt expense booked, equal to 1% of credit sales including sales tax. Paid wages due to all employees Paid FICA and Medicare Paid income tax withholdings Paid sales taxes due Dec. 12,1 14.822 2,756 1,800 2,765 The above entries were recorded by "Bob" from the temporary service. You are not allowed access to the journal entries, but all entries were posted to the ledger (Worksheet 2). Every ledger entry ties to the above dates and item numbers. Bob had to calculate the bad debt expense (good idea to confirm it). You must make entries and enter them into the ledger for the following items. "Your amt." means that you are paying the liability that was recorded in a prior entry. I would suggest you trace out these amounts. Calculate 78,000 34,000 1,500 17,000 34,000 13,000 14 Dec. 24, 5 Record payment of accounts payable. Accounts paid total $25,000 (before cash discount). Only 8,000 of the goods purchased qualified for an early payment discount. Terms are 2/10, n/30 Pier and lift sales for cash, before tax amount Cost of piers and lifts sold Labor charged to install lifts, received in cash, before tax amount Purchases of piers and lifts on account Custom dock sales charged to customer accounts receivable accounts, before tax amount 11 Purchases of dock lumber for sold jobs and delivered to customer work site, on account 12 Dock parts issued from inventory to sold jobs Purchase of dock parts for inventory on account Seawall installations charged to customers, before tax amounts Seawall rocks purchased on account 16 Sports equipment sales for cash, before tax amount Purchases of sports equipment on account - purchased from Italian supplier and billed as 5,000 Euros. On that date the exchange rate was one Euro = $1.20 Cash collected from customers on accounts receivable. $2,000 was the collection of an amount written off a year ago. Advertising expenses incurred and paid Fuel bill received and paid in cash Freight incurred (for sports equipment purchased) and paid Utilities bills received and paid in cash President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross, apply 7.65% FICA and Medicare and 10% income tax withholding. 3,000 1,500 15,000 7,000 13,000 Calculate 22,000 19 2,300 1,000 1,000 1,800 13,000 16,000 2,050 26 Calculate 11,400 Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. Labor wages accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. Pay monthly payment on mortgage, interest portion is $1,190 Annual interest and principal amounts (needed for later Requirement 3) are: Year Payments Interest Principal 2016 $24,600 $15,500 $9,100 2017 24,600 13,600 11,000 Bad debt expense booked, equal to 2% of credit sales including sales tax (since Dec. 10 entry). Old truck sold, original cost was $25,000, and accumulated depreciation on Dec. 31, 2015 was $10,000. Annual depreciation is $5,000, Sale price is $12,000. The agent selling the truck charged a 5% commission. A check for $11,400 was received and deposited. Hint: compute and record full year of depreciation on truck before you record the sale. No sales tax is collected on this sale. The buyer pays it directly to the state when registering the vehicle. Purchased new truck, paid $10,000 cash and financed $50,000 balance on a 3-year installment contract. IA hydraulic crane was added to the barge It is to be capitalized but it does not prolong the depreciable life of the barge and does not change the salvage value. Permits were obtained from the state for installations in 2018. The permit fees charged by the state and paid in cash were $2000, the fees charged by Ozark are $800. The $2,800 was charged to customer receivable account. Tools are purchased and paid for in cash Cash dividend of $1 per share of stock was declared and paid. Hint: is there a worksheet that will include the information you need to calculate the shares outstanding? Create a temporary account "Dividends declared." It is a contra- equity account. Pick an appropriate account number. Christmas gift certificates for sports equipment were sold for the first time for the Christmas of 2016. The certificates can be redeemed at any time. There is no sales tax on certificates. Instead, the tax is added to the bill when the certificate is redeemed. All certificates were sold for cash. You may need to create an appropriate account for this new transaction. Gift certificates were redeemed for sports equipment purchases of $4.000 (plus tax). Accounts receivable written off as uncollectible 28 60,000 8,000 2,000 800 31 32 2,500 Calculate 8,500 Calculate | 35 1,500 Sports equipment (snow skis) rentals for cash (before tax), plus deposits of $2,000 (not taxed). A bill from the computer consulting firm for one year of maintenance and support was found. The bill covers service from October 1, 2016 to September 30, 2017. Record the entire bill in account 321 10,000 2,000 2,400 7,000 39 Calculate 3,000 | Dec. 26,1 EZ Lift Company notified Ozark that it had earned a $7,000 rebate on 2016 purchases. The rebate was earned by meeting a volume target. $1,000 of the rebates apply to lifts in the year-end inventory. The rebate will be paid to Ozark in early Jan. 2017. You may need to create an appropriate account for this new transaction. 400 Christmas cards were sent to customers. Inside the card, there were 2 tickets for the January 2017 Boat Show. The cost of the mailing was $1,500, When the tickets a redeemed, Ozark will be charged $5 for each ticket. In the past, 40% of the tickets are redeemed. Ozark rented a new storage building starting Jan. 1, 2017. The agreement is month to month but requires a 3-month notice for ending the rental. Ozark paid $3,000. $1,000 is rent for January 2017 and $2,000 is a security deposit. You may need to create an appropriate account for this new transaction. Paid wages due to all employees Paid FICA and Medicare Paid income tax withholdings Paid sales taxes due The $11,400 check for the sale of the truck was dated January 2, 2017. The sales agent agreed to take the postdated check. The office manager did not notice the date when making the deposit. The bank has now returned the check and charged a $20 fee for a bad check. A customer placed a $2,000 deposit on a custom lift that will be ordered from the manufacturer for delivery in early 2017. The exact cost and selling price of the lift is not yet known. Transfer $30,000 to Money Market Account The bank notified Ozark that $1,900 interest had been added to their money market account. The bank notified Ozark that the credit card fees for sales made on credit cards was $75. That amount was deducted from the checking account. Your amt. Your amt. Your amt. Your amt. Calculate 2,000 30,000 1,900 75 Required: Using the general journal template (Worksheet 1), enter the above transactions for Dec. 24 and 26. Post the transactions to the general ledger (Worksheet 2). Record the account balances from the general ledger on the unadjusted trial balance (Worksheet 3). Submit Worksheet 1 and Worksheet 3 only. Submit one Excel file only, including each worksheet as a separate sheet/tab