I need help with the T accounts and post closing trial. Sorry if the pictures are out of order.
Balance Sheet December 31, 2018 Liabilities and Stockholders' Equity: Current Liabilities 7 Assets: 8 Current Assets 7.600 Accounts Payable 10.200 Cash 2.000 Interest Payable 12.480 10 Accounts Receivable 200 (6.250) Salary and Wages Payable Less Allowance for Doubtful AcCounts 11 $ 9.800 Total Current Liabilities 12 Inventory 13 Prepaid Insurance 14 Supplies 12,620 2.000 Long Term Liabilities 410 $50.000 *** Bonds Payable, 8 % , 10 year 31.460 Total Current Assets 15 16 17 Property, Plant and Equipment 18 Building 19 Less Accumulated Depreciation 20 Equipment $59.800 Total Liabilities $ 100.000 (30.000) Stockholders' Equity 60.000 $ 55.000 Common Stock (35.855) Less Accumulated Depreciation Total Property, Plant and Equipment 21 10.805 Retained Earnings $ 94.145 22 $ 65.805 Total Stockholders' Equity 23 24 25 26 $125.605 Total Liabilities and Stockholders' Equity $ 125.605 27 Total Assets 28 29 Interest payable Jan. 1 and July 1 30 "Inventory balance is 31 5000 units at $1.60 each 32 2800 units at $1.65 each Total Inventory 8.000 $ 4.620 12.620 $ 33 T-Accounts Balance Sheet Dec 2018 Journal Entries 100% Gereed 11:04 AM x NLD 11/22/2019 Journal Entries: 1. Dresser paid the interest due on the Bonds Payable on January 1 2. Dresser paid $750 of salaries and wages, which includes the amount accrued as of December 31, 2018 3. Dresser sold 4,000 units of inventory for $13.00 each. 4. Dresser purchased supplies on account for $1,200 Dresser purchased 3,000 units of inventory for $1.70 each. 5 6. Dresser sold 2,800 units of inventory for $14.00 each. 7. Dresser wrote off as uncollectible the accounts of Barker Corporation ($3,200) and Elm Company ($2,500) 8 Dresser paid the interest due on the Bonds Payable on July 1. 9 Dresser purchased 1,500 units of inventory for $1.72 each. 10. Dresser collected $1,000 from Elm Company, part of the balance previously written off 11. Dresser paid salaries and wages of $64,000. 12.Dresser paid $7,200 for insurance coverage from May 1, 2019 thru April 30, 2020 13. Dresser sold 2,500 units of inventory for $15.00 each. 14. Dresser collected $98,900 from customers on account 15. Dresser purchased 3,800 units of inventory for $1.75 each. 16. Dresser paid $12,300 on accounts payable. 17 Dresser sold 600 units of inventory for $14.50 each as a cash sale 18.Dresser paid $1,800 selling expenses and $2,650 administrative expenses 19.Dresser declared and paid $4,000 in dividends to its stockholders 20.Dresser accepted a $55,000, 6%, 3 year note receivable from a trusted customer for 3,000 units of inventory on October 1. The market rate of interest on Oct. 1 was 5%. Interest is received semiannually on April 1 and Oct. 1 Adjusting Journal Entries: 1. Prepaid insurance expires evenly each month. 2 A count of supplies at year end revealed $380 of supplies on hand. 3. Interest is recorded on the long-term note receivable 4. Interest is recorded on the Bonds Payable 5 Depreciation on the equipment is calcu lated using the sum-of-years-digits method. The salvage value is $2,000, life is 10 years, and 4 years are depreciated as of Dec. 31, 2018. 6 Depreciation on the building is calcu lated using the straight-line method. The salvage value is $10,000, life is 30 years, and 10 years are depreciated as of Dec. 31, 2018 7 Salaries and wages payable at year end amounted to $1,000 8 Dresser performed an aging analysis of its year end Accounts Receivable as follows: 0-30 days 31-60 days 61-90 days 90 days A/R Balance % $ (balance) 50% 25% 15% 10%