Instructions Print out the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. I suggest that you use a pencil. You must complete all requirements (a) through (h) to receive any credit. You may work with 2 other people on the extra credit (group of no more than 3), from any lecture or discussion. Turn in one completed work to any TA in discussion, or in their mailbox by midnight on Saturday, November 23 a. Enter the December 31, 2017, balances in ledger accounts. Use the ledger account running balance format accounts provided on the following pages. Look at the cash account for an example of how to use the running balance ledger. I have posted the first entry to cash for you. It is a good idea to keep track of whether your balance column is a debit or a credit, particularly for contra accounts. b. Enter the transactions numbered 1-9 in the general journal provided on the following pages. c. Post the journal entries to the ledger accounts for items 1.9. d. Prepare an unadjusted trial balance at March 31 and enter on the worksheet. Then complete the other worksheet columns as you prepare your financial statements. (See below.) Worksheet requirement: Using your unadjusted trial balance (d) above and the data for adjusting entries, (c) and (1) below, prepare a 12 column worksheet. Use the example for Sierra Corporation from Chapter 4 in Chapter 4 Appendix) for guidance. You will not receive any credit if the worksheet is incomplete. e. Prepare a bank reconciliation in good form. (Item 15 above.) Use your own paper. Record the necessary AJE in the journal, the ledger, and the worksheet. f. Journalize and post all other adjusting entries. (Items 10-16 above.) Add them to the worksheet. g. Prepare an income statement and a retained earnings statement for the quarter ended March 31, 2018, and a classified balance sheet at March 31, 2018. Appropriate name the gain loss account on your income statement (you must call it either a gain or a loss, not both.) Use your own paper. (No formatted sheets are supplied as for the other items.) h. Journalize closing entries. You are not required to post the closing entries or prepare a post-closing trial balance for this assignment. General Ledger Requirements (a), (c), and (d) CR CASH Beginning DR 13,250 BALANCE 13,250 BALANCE ACCOUNTS RECEIVABLE Beginning DR C R BALANCE ALLOWANCE FOR DOUBTFUL ACCOUNTS Beginning CR BALANCE LAND Beginning CR BALANCE EQUIPMENT Beginning ACCUM DEPRECIATION - EQUIPMENT Beginning DR BALANCE General Ledger - continued DR CR BALANCE BUILDING Beginning CR BALANCE ACCUM DEPRECIATION - BUILDING Beginning PATENTS DR BALANCE DR CR BALANCE ACCOUNTS PAYABLE Beginning UNEARNED SERVICE REVENUE DR CR BALANCE INCOME TAXES PAYABLE DR CR BALANCE DR BALANCE COMMON STOCK Beginning CR BALANCE RETAINED EARNINGS Beginning SERVICE REVENUE DR CR BALANCE ADMINISTRATIVE EXPENSES DR BALANCE General Ledger - continued DEPRECIATION EXPENSE CR BALANCE AMORTIZATION EXPENSE BALANCE GAIN/LOSS ON DISPOSAL CR BALANCE BAD DEBT EXPENSE CR BALANCE INCOME TAX EXPENSE DR CR BALANCE Worksheet (d), (e), (1) Instructions Print out the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. I suggest that you use a pencil. You must complete all requirements (a) through (h) to receive any credit. You may work with 2 other people on the extra credit (group of no more than 3), from any lecture or discussion. Turn in one completed work to any TA in discussion, or in their mailbox by midnight on Saturday, November 23 a. Enter the December 31, 2017, balances in ledger accounts. Use the ledger account running balance format accounts provided on the following pages. Look at the cash account for an example of how to use the running balance ledger. I have posted the first entry to cash for you. It is a good idea to keep track of whether your balance column is a debit or a credit, particularly for contra accounts. b. Enter the transactions numbered 1-9 in the general journal provided on the following pages. c. Post the journal entries to the ledger accounts for items 1.9. d. Prepare an unadjusted trial balance at March 31 and enter on the worksheet. Then complete the other worksheet columns as you prepare your financial statements. (See below.) Worksheet requirement: Using your unadjusted trial balance (d) above and the data for adjusting entries, (c) and (1) below, prepare a 12 column worksheet. Use the example for Sierra Corporation from Chapter 4 in Chapter 4 Appendix) for guidance. You will not receive any credit if the worksheet is incomplete. e. Prepare a bank reconciliation in good form. (Item 15 above.) Use your own paper. Record the necessary AJE in the journal, the ledger, and the worksheet. f. Journalize and post all other adjusting entries. (Items 10-16 above.) Add them to the worksheet. g. Prepare an income statement and a retained earnings statement for the quarter ended March 31, 2018, and a classified balance sheet at March 31, 2018. Appropriate name the gain loss account on your income statement (you must call it either a gain or a loss, not both.) Use your own paper. (No formatted sheets are supplied as for the other items.) h. Journalize closing entries. You are not required to post the closing entries or prepare a post-closing trial balance for this assignment. General Ledger Requirements (a), (c), and (d) CR CASH Beginning DR 13,250 BALANCE 13,250 BALANCE ACCOUNTS RECEIVABLE Beginning DR C R BALANCE ALLOWANCE FOR DOUBTFUL ACCOUNTS Beginning CR BALANCE LAND Beginning CR BALANCE EQUIPMENT Beginning ACCUM DEPRECIATION - EQUIPMENT Beginning DR BALANCE General Ledger - continued DR CR BALANCE BUILDING Beginning CR BALANCE ACCUM DEPRECIATION - BUILDING Beginning PATENTS DR BALANCE DR CR BALANCE ACCOUNTS PAYABLE Beginning UNEARNED SERVICE REVENUE DR CR BALANCE INCOME TAXES PAYABLE DR CR BALANCE DR BALANCE COMMON STOCK Beginning CR BALANCE RETAINED EARNINGS Beginning SERVICE REVENUE DR CR BALANCE ADMINISTRATIVE EXPENSES DR BALANCE General Ledger - continued DEPRECIATION EXPENSE CR BALANCE AMORTIZATION EXPENSE BALANCE GAIN/LOSS ON DISPOSAL CR BALANCE BAD DEBT EXPENSE CR BALANCE INCOME TAX EXPENSE DR CR BALANCE Worksheet (d), (e), (1)