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I ONLY need help with Question (E) the Adjusted Trail Balance. Nothing else Thanks! FERNANDEZ CORPORATION Adjusted Trial Balance December 31, 20X7 Debits Credits Cash
I ONLY need help with Question (E) the Adjusted Trail Balance. Nothing else Thanks!
FERNANDEZ CORPORATION Adjusted Trial Balance December 31, 20X7 Debits Credits Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Note Payable Capital Stock Retained Earning Problem Worksheet(a)Worksheet(b) Worksheet(c) Worksheet(dWorl $1,897,000 147,000 20,000 8,000 3,840,000 160,000 35,000 115,000 100,000 2,920,000 2,500,000 127,100 Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Note Payable Capital Stock Retained Earning Lodging Expense Interest Expense 160,000 35,000 115,000 100,000 2,920,000 2,500,000 127,100 20,600 120,000 S 6,179,700 $ 5,830,000 On January 1, 20X7, Jacqueline Fernandez formed a corporation to purchase wheat harvesting equipment and provide contract support services to farmers throughout the Midwest Information about the first year of operation follows Jan. 1 Investors provided $2,500,000 of cash in exchange for stock of Fernandez Cornnratinn Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable Jan. 1 Feb. 7 Purchased $40,000 of supplies on account that will be needed during the upcoming harvest Mar. 3 Apr. 1 Apr. 11 May 1 June 6 June 9 June 15 June 20 June 30 Aug. 1 Paid wages of $65,400 Billed customers for services in the amount of $230,000 Paid $30,000 toward the purchase of February 7 Purchased a $24,000 insurance policy, recorded as prepaid insurance Collected $210,000 on accounts receivable Paid wages of $130,600 Paid $30,200 for fuel costs Paid $12,500 for lodging costs incurred by crew Paid $120,000 of interest and $80,000 to reduce the balance of the note Billed customers for services provided in the amount of $812,000 12 Problem Worksheet(a)Worksheet(b)Worksheet(c) Worksheet(d) Ready June 30 Aug. 1 Sept. 3 Sept. 16 Sept. 25 Oct. 20 Nov. 3 Dec. 15 Dec. 31 Paid $120,000 of interest and $80,000 to reduce the balance of the note Billed customers for services provided in the amount of $812,000 Collected $715,000 on accounts receivable Purchased $25,000 of supplies on account Paid $61,200 for fuel costs Paid $8,100 for lodging costs incurred by crew Paid wages of $125,900 Collected $100,000 as deposits from customers who contracted for 20X8 harvesting services Declared and paid a $25,000 dividend to shareholders Fernandez Corporation uses the following accounts Cash Accounts Supplies Prepaid 5 Supplies 7 Prepaid Equipment Accumulated Accounts Interest Unearned Notes Capital Retained Dividends Revenues Wage Fuel Lodging Insurance Supplies Interest epreciation 5 Income (a) Journalize the listed transactions (b) Post the transactions to the appropriate general ledger accounts (c) Prepare a trial balance as of December 31 (d) Journalize and post adjusting entries based on the following additional information Problem Worksheet(a)Worksheet(b)Worksheet(c) Worksheet 2 Supplies 3 Interest Depreciation 5 Income (a) Journalize the listed transactions (b) Post the transactions to the appropriate general ledger accounts 9 (c) Prepare a trial balance as of December 31 (d) Journalize and post adjusting entries based on the following additional information 0 The equipment had 25-year life, with no salvage value Supplies on hand at year end amount to $20,000 At year end, $115,000 of additional interest is due on the note payable The insurance policy covered a 12-month period commencing on May 1 At year end, Fernandez had provided $30,000 of unbilled services to customers. These services will be billed in early 20X8 2 3 4 5 6 e) Prepare an adjusted trial balance as of December 31 (f) Prepare an income statement and statement of retained earnings for 20X7, and a classified balance sheet as of the end of the year 7 (g) Journaie and post closing entries 9 (h) Prepare a post-closing trial balance as of December 31 Problem Worksheet(a)Worksheet(b)Worksheet(c) Worksheet(d) eadyStep by Step Solution
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