(info is in the document)

Additional Information:

a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.

b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.

c. Building is depreciated at 3% per year. There is no salvage value.

d. Equipment is depreciated at 15% year. There is no salvage value.

e. Floppy discovered, on December 30^th, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.

f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.

g. Salaries for the last half of December, payable in January, amount to $5,500.

h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.

Required:

a. Prepare in journal form, any required correcting entries

b. Prepare in journal form, all end-of-the period adjusting entries

c. Prepare a December adjusted trial balance

d. Prepare a classified balance sheet for the year ended December 31, 2014

e. Prepare in journal form, the closing entries for the year ended December 31, 2014

Floppy Company's December 31, 2014 trial balance is as follows: Floppy Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 53,500 Allowance for Doubtful Accounts 1,500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000 Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014. b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually. c. Building is depreciated at 3% per year. There is no salvage value. d. Equipment is depreciated at 15% year. There is no salvage value. e. Floppy discovered, on December 30th, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue. f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss. g. Salaries for the last half of December, payable in January, amount to $5,500. h. Floppy estimates that of the Accounts Receivable 5% will not be collectable. Required: a. Prepare in journal form, any required correcting entries b. Prepare in journal form, all end-of-the period adjusting entries c. Prepare a December adjusted trial balance d. Prepare a classified balance sheet for the year ended December 31, 2014 e. Prepare in journal form, the closing entries for the year ended December 31, 2014 a. General Journal Entries: Date Account Debit Credit b. Adjusting Entries: Date Account Debit Credit c. Adjusted Trial Balance: Adjusted Trial Balance Account Titles Debit Credit d. Classified Balance Sheet: e. Closing Entries: Date Account Debit Credit Floppy Company's December 31, 2014 trial balance is as follows: Floppy Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 53,500 Allowance for Doubtful Accounts 1,500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000 Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014. b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually. c. Building is depreciated at 3% per year. There is no salvage value. d. Equipment is depreciated at 15% year. There is no salvage value. e. Floppy discovered, on December 30th, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue. f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss. g. Salaries for the last half of December, payable in January, amount to $5,500. h. Floppy estimates that of the Accounts Receivable 5% will not be collectable. Required: a. Prepare in journal form, any required correcting entries b. Prepare in journal form, all end-of-the period adjusting entries c. Prepare a December adjusted trial balance d. Prepare a classified balance sheet for the year ended December 31, 2014 e. Prepare in journal form, the closing entries for the year ended December 31, 2014 a. General Journal Entries: Date Account Debit Credit b. Adjusting Entries: Date Account Debit Credit c. Adjusted Trial Balance: Adjusted Trial Balance Account Titles Debit Credit d. Classified Balance Sheet: e. Closing Entries: Date Account Debit Credit