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I need Help with the following questions. 1. Prepare journal entries for each event. 2. Prepare adjusting entries. 3. Prepare trial balance sheet and adjusted

I need Help with the following questions.

1. Prepare journal entries for each event.

2. Prepare adjusting entries.

3. Prepare trial balance sheet and adjusted trial balance.

4. Prepare Income Statement, Retained Earnings Statement and Balance Sheet.

5. Prepare closing entries.

I have already did the Journal Entries i believe they are correct. I just need help on the rest. Below is the Jurnals and the Data.

Instructions:

1. Prepare journal entries for each event.

2. Prepare adjusting entries.

3. Prepare trial balance sheet and adjusted trial balance.

4. Prepare Income Statement, Retained Earnings Statement and Balance Sheet.

5. Prepare closing entries.

The 2014 balance sheet of the Captain Fishing Inc. is attached. During 2015, the following events occurred.

1. On January 10, sold merchandise on account to Rayms $8,500 and Fischer $7,600. Terms 2/10, n/30.

2. On January 12, purchased merchandise on account from Zapfel $3,200 and Liotta $2,600. Terms 1/10, n/30.

3. On January 14, received checks, $4,500 from Longhini and $2,500 from Hall, for sales on account after discount period has lapsed.

4. On January 15, sent checks to Joosten for 9,000 less 3% cash discount, and to Maida for $10,000 less 2% cash discount.

5. On January 16, issued credit of $500 to Fischer for merchandise returned.

6. On January 21, paid off the balances to Zapfel and Liotta for the purchases made on January 12.

7. On Feburary 9, received payment in full from Rayms and Fischer.

8. On March 1, paid rent of $9,600 for a two-year term starting from July 1, 2015.

9. On April 1, the company CEO paid $49,999 from her savings bank account to purchase a car for personal use.

10. On April 12, paid $700 cash for office supplies.

11. Cash dividends totaling $1,600 were declared on June 13 and paid to stockholders on June 23.

12. Issued a note of $120,000 to bank (one year, annual interest rate 4%) for cash on July 1.

13. On July 5, purchased merchandise from Maida $32,000, terms 3/10, n/30.

14. On July 7, issued common stock 1000 shares, $10 par, in exchange of a land with a fair market value of $16,000.

15. On July 8, returned $300 of merchandise to Maida and received credit.

16. On August 1, sold merchandise to Lachey on account $80,000, term 1/10, n/30.

17. Paid off the balance to Maida on August 4.

18. On Auguest 8, paid utilities expense, $11,920.

19. On August 18, Lachey paid off its balance.

20. On September 1, paid cash $7,500 to Farmington for merchandise purchased last year.

21. On October 1, paid off notes payable $110,000 (issued in 2014) and associated interest $5,000 (this amount includes $1,500 interest payable on the balance sheet).

22. Over the year, cash sales to other retail customers were $16,500.

23. Over the year, sales and office employees earned $27,500 in salaries and wages, of which $2,500 remained as payable at the end of year.

24. On Dec 31, received an utilities bill of $1,250 (for December 2015) and paid off the bill on January 10, 2016.

25. On Dec 31, paid 5% interest on bonds payable.

Additional Information at the end of the year:

1 .Depreciation expense for the year was $14,800.

2. The company estimated that it will pay federal income tax, $5,550.

3. After physically counting, the company decided that the ending inventories was $41,164.

4. Based on its historical data, the bad debts expense are about $2,000.

5. Unearned revenue was decreased by $12,000.

6. The company expenses all of the supplies purchased during the year.

7. No insurance policy was effective during the year (will be effective from Jan 1, 2016).

8. The company uses the gross method to record its purchases and sales on credit.

9. The company adopts the periodic inventory system.

10. Rayms, Fischer, and Lachey had zero balance on account as of Jan 1, 2015.

Total Assets as of Dec 31, 2015 944,512

Net Income of 2015 1,272

Cash ending balance 47,608

CAPTAIN FISHING INC.

BALANCE SHEET

DECEMBER 31, 2014

Current Assets

Cash 50,800

Notes Receivable 16,000

Accounts Receivable 41,800

Less: Allowance for Doubtful Accounts (3,000)

Inventories 40,000

Prepaid Insurance 540

Total Current Assets 146,140

Non-Current Assets

Long-term Investments

Investments in held-for-maturity securities 51,000

Land held for future development 45,500

Property, Plant, and Equipment

Land 85,000

Buildings 675,000

Less: Accumulated Depreciation (187,500)

Intangible Assets

Capitalized Development Costs 8,000

Goodwill 76,000

Other Identifiable Intangible Assets 48,000

Total Non-Current Assets 801,000

Total Assets 947,140

Current Liabilities

Notes Payable 110,000

Accounts Payable 32,500

Unearned Revenues 12,000

Income Taxes Payable 9,440

Property Taxes Payable 6,600

Interest Payable 1,500

Total Current Liabilities 172,040

Non-Current Liabilities

Provisions Related to Pensions 93,100

Bonds Payable 300,000

Total Non-Current Liabilities 393,100

Total Liabilities 565,140

Stockholders' Equity

Common Stock 100,000

Preferred Stock 100,000

Paid-in-capital - Common Stock 27,500

Paid-in-capital - Preferred Stock 10,000

Retained Earnings 152,250

Accumulated Other Comprehensive Income 5,000

Less: Treasury Stock (12,750)

Total Stockholders' Equity 382,000

Total Liabilities and Stockholders' Equity 947,140

Date

Accounts

Debit

Credit

10-Jan

Accounts Receivabel (Rayms)

$ 8,500

Accounts receivabel (Fischer)

$ 7,600

Sales (Revenue)

$ 16,100

12-Jan

Inverntories (Purchase)

$ 5,800

Accounts payable (zapfel)

$ 3,200

Accounts payable (liotta)

$ 2,600

14-Jan

Bank/cash

$ 7,000

Accounts receivable (Longhini)

$ 4,500

Accounts receivable (hall)

$ 2,500

15-Jan

Accounts payable (Joosten)

$ 9,000

Accounts Payable (Maida)

$ 10,000

Bank/cash

$ 18,530

Cash discount received

$ 470

16-Jan

Inverntories (Sales)

$ 500

Accounts receivabel (Fischer)

$ 500

21-Jan

Accounts payable (zapfel)

$ 3,200

Accounts payable (liotta)

$ 2,600

Bank/cash

$ 5,742

Cash discount received

$ 58

9-Feb

Bank/cash

$ 15,600

Accounts Receivabel (Rayms)

$ 8,500

Accounts receivabel (Fischer)

$ 7,100

1-Mar

Prepaid Rent

$ 9,600

To Cash/Bank

$ 9,600

12-Apr

Office Supplies

$ 700

Cash

$ 700

13-Jun

Retained Earning

$ 1,600

Dividends Payable

$ 1,600

23-Jun

Dividends Payable

$ 1,600

Cash

$ 1,600

1-Jul

Cash

$ 120,000

Notes Payable

$ 120,000

5-Jul

Inverntories (Purchase)

$ 32,000

Accounts Payable (Maida)

$ 32,000

7-Jul

Land

$ 16,000

Common Share Capital

$ 10,000

Profit/ Premiun on land exchange

$ 6,000

8-Jul

Accounts Payable (Maida)

$ 300

Inventories (Purchase Return)

$ 300

1-Aug

Accounts Recivable (Lachey)

$ 80,000

Sales (revenue)

$ 80,000

4-Aug

Accounts Payable (Maida)

$ 31,700

Cash/ Bank

$ 31,700

12-Aug

Etillities Expences

$ 11,920

Cash

$ 11,920

18-Aug

Cash

$ 80,000

Accounts Receivable (Lachey)

$ 80,000

1-Sep

Accounts Payable (Farmington)

$ 7,500

Cash

$ 7,500

1-Oct

Notes Payabele

$ 110,000

Interest Payable

$ 1,500

Interest Expensed

$ 3,500

Cash

$ 115,000

2015

Cash

$ 16,500

Sales

$ 16,500

2015

Salaries and wages

$ 27,500

Salaries and wages Payable

$ 2,500

Cash

$ 25,000

31-Dec

Utillities Expenses

$ 1,250

Utillities Payable

$ 1,250

31-Dec

Interest Expenses (BondPayable)

$ 15,000

Cash

$ 15,000

Total

$ 637,970

$ 637,970

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