Im wondering what I'm missing on the first answer I can't seem to find it. The other 2 answer are these right?

Here is the question

The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2: Cash $ 3,995 Accounts Receivable 13,240 Allowance for Doubtful Accounts 120 InventoryApril 1, 20X1 22,800 Prepaid Insurance 360 Supplies on Hand 520 Equipment 15,000 Accumulated DepreciationEquipment 4,500 Accounts Payable 11,870 Taxes Payable 390 Capital Stock 25,000 Retained Earnings 11,920 Dividends 9,000 Sales 89,490 Sales Returns and Allowances 920 Sales Discounts 1,330 Purchases 56,320 Purchase Returns and Allowances 490 Purchase Discounts 1,125 Transportation-In 880 Sales Salaries 11,800 Rent Expense 3,600 Advertising Expense 2,700 Utilities Expense 1,880 Maintenance Expense 560 Additional data: a. Merchandise inventory at March 31, 20X2, was $23,300. b. The Allowance for Doubtful Accounts should be increased by $600. c. Prepaid insurance represents a three-year policy purchased April 1, 20X1. d. Supplies on hand were estimated to be $170 on March 31, 20X2. e. The cost of the equipment is being depreciated over a 15-year estimated life using the straight-line method. Salvage value should be ignored. f. Unpaid sales salaries on March 31, 20X2, amounted to $200. REQUIRED: 1. Prepare a work sheet. (Adjusted trial balance columns may be omitted.) 2. Prepare an income statement. 3. Prepare a statement of retained earnings. 4. Prepare a balance sheet. 5. Prepare the closing entries.

Manville Corporation

Work Sheet

For the Month Ended March 31, 20X2

1 2 3 4 7 8 9 10 11 12

Trial Balance Adjustments Income Statement Retained Earnings Statement Balance Sheet

DR CR DR CR DR CR DR CR DR CR

100 Cash 3995 3995

108 Account Receivable 13240 13240

109 Allowance For Doubtful Accounts 120 (b) 600 720

120 Mechandise Inventory 22800 22800

130 Prepaid Insurance 360 (c)1080 720

125 Supplies on Hand 520 (d) 170 350

210 Equipment 15000 15000

211 Accumulated Depreciation Equipment 4500 (e)300 4800

301 Account Payable 11870 11870

312 Taxes Payable 390 390

401 Capital Stock 25000 25000

420 Retained Earning 11920 11920

451 Dividends 9000 9000

500 Sales 89490 89490

505 Sales Returns & Allowances 920 920

506 Sales Discounts 1330 1330

600 Purchases 56320 56320

601 Purchases Returns & Allowance 490 490

602 Purchases Discounts 1125 1125

603 Transportation-In 880 880

700 Sales Salaries 11800 (f) 200 12000

705 Rent Expense 3600 3600

706 Advertising 2700 2700

707 Utilities 1880 1880

709 Maintenance Expense 560 560

Totals 144905 144905

120 Mechandise Inventory March 31, 20X2 (a)23300 23300

109 Allowance For Doubtful Accounts (b) 600 600

130 Prepaid Insurance (c)1080 1080

125 Supplies on Hand (d) 170 170

211 Accumulated Depreciation Equipment (e)300 300

700 Sales Salaries (f) 200

2350 2350 104540 121005

Net Income 16465 16465

121005 121005 9000 28385 56605 42780

Retained Earnings From March 31 19385 19385

28385 28385 56605 62165

4)

Maniville Corporation

Balance Sheet

March 31, 20X2

Assets

Current Assets

Cash in Bank

3995

Accounts Receivable

13240

Less: Allowance for Doubtful Accounts

120

13120

Merchandise Inventory

23300

Supplies on Hand

520

Prepaid Insurance

360

Total Current Asset

41295

Property, Plant, & Equipment

Equipment

15000

Less: Accumulated Depreciation

4500

Total Property, Plant, & Equipment

10500

10500

Total Assents

51795

Liabilties & Stockholders' Equity

Current Liabilties:

Accounts Payable

11870

Taxes Payable

390

Total Current Liabilties

12260

Stockholders' Equity

Capital Stock

25000

Total Contributed Capital

25000

Retained Earnings

11920

Total Liabilties & Stockholders' Equity

13080

25340

77135

5)

General Journal

POST

DATE

ACCOUNT TITLES AND EXPLANATION

REF.

DEBIT

CREDIT

20X2 March

31

Insurance Expense

710

720

Prepaid Insurance

130

720

To record the insurance expense and adjust the

prepaid insurance account at year-end

31

Uncollectible Accounts Expense

712

600

Allowance for Doubtful Accounts

109

600

To record the estimated bad debits resulting from credit sales

31

Supplies Expense

708

350

Supplies on Hand

125

350

To record the supplies expense and adjust the Supplies on Hand

account at year-end

31

Payroll Tax Expense

703

390

Taxes Payable

312

390

To record the employer's taxes on the above payroll

31

Depreciation-Equipment

722

4800

Accumulated Depreciation-Equipment

211

4800

To record depreciation for the mont of March 20x2

31

Sales Salaries

700

12000

Sales Salaries

701

12000

To record earned but unpaid salaries of March 31, 20X2

31

Merchanise Inventory

120

22800

Sales

500

89490

Purchase Returns and Allowances

601

490

Purchase Discounts

602

1125

Dividend Income

761

9000

Income summary

499

122905

To record the ending merchandise inventory and

close all temporary accounts having credit balances

31

Income Summary

499

104540

Merchandise Inventory

120

22800

Sales Returns and Allowarnces

505

920

Sales Discounts

506

1330

Purchases

600

56320

Transport-In

603

880

Sales Salaries

700

12000

Rent Expense

705

3600

Payroll Tax Expense

703

390

Advertising Expense

706

2700

Utilities Expense

707

1880

Uncollectible Accounts Expense

712

600

Insurance Expense

710

720

Depreciation-Equipment

722

4800

Tor remove the beginning merchandise inventory

abd close all tempoary accounts having debit balances

31

Income Summary

499

16465

Retained Earnings

420

16465

To close the Income Summary account and transfer

the net income to the Retanined Earnings account

31

Retained Earning

420

9000

Dividends

451

9000

To close the dividend accounts to the Retained

Earnings accounts