Is the Post-Closing Trial Balance legible. If not, I will have to type it out. Can you access the book to reveiw the Closing statement, (pg 547 of Accounting 26e). I typed everything else besides the Closing statement.

Comprehensive Problem 3 Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2016, were as follows:

Jan. 3 Issued a check to establish a petty cash fund of $4,500 Feb. 26 Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expenses, $570; miscellaneous administrative expenses, $880 Apr. 14 Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. May 13 Paid the invoice of April 14 after the discount period had passed. May 17 Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240 June 2 Received a 60-day, 8% note for $180,000 on the Ryanair account. Aug. 1 Received amount owed on June 2 note, plus interest at the maturity date. Aug. 24 Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Sept. 15 Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Sept. 15 Purchased land issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9% Oct. 17 Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Nov. 30 Journalized the monthly payroll for November, based on the following data: Sales salaries $135,000 and Office salaries $77,250 (totaling $212,250); Income tax withheld $39,266; Social security tax withheld $12,735; Medicare tax withheld $3,184.

Unemployment tax rates: State unemployment 5.4%; Federal unemployment 0.8%; Amount subjected to unemployment taxes: State unemployment $5,000; Federal unemployment $5,000.

Nov. 30 Journalized the employers payroll taxes on payroll. Dec. 14. Journalized the payment of the September 15 note at maturity. Dec. 31. The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.

Instructions: 1. Journalize the selected transactions. 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410 c. Checks outstanding at December 31, $68,540 d. Deposit in transit, not recorded by bank $29,500 e. Bank debit memo for service charges, $750 f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. 3. Based on the bank reconciliation prepared in (2), journalized the entry or entries to be made by Kornett Company. 4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. c. Prepaid insurance expired during the year, $22,820. d. Office supplies used during the year, $3,920. e. Depreciation is computed as follows:

Assets Cost Residual Value Acquisition Date Useful Life in Years Depreciation Method Used Buildings $900,000 0 January 2 50 Double-declining-balance Office Equip 246,000 26,000 January 3 5 Straiht-line Store Equip 112,000 12,000 Jul 1 10 Straight-line

f. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value of eight years. g. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. h. Vacation pay expense for December, $10,500. i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. j. Interest was accrued on the note receivable on October 17. 5. Based on the following information and the post-date closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability: $7,140 Long-term liability: $3,360

The unfunded pension liability is a long-term liability:

Notes payable: Current liability: $70,000 Long-term liability: $630,000

Notes pryable Current lability Long-term liablity 5 70.000 630.000 Past-Clesing Trial Balance December 31 Petty Cash... Cash Notes Receivable Accounts Receiwable. Allowance for Doubtful Accounts . Merchandise Inventory Interest Receivable Prepaid Insurance. Office Supplies Land Buildings 16.000 1,875 654925 900/000 246,000 Office Equipment Accumulated Depreciation-Office Equipment . Store Equipment ," 112000