Is this an adjusted trial balance or is it the trial balance before the adjustments? How can you tell the difference? If it is unadjusted, what adjustments need to be made? the transactions for that trial balance are on the following three pages.

Credit Debit 831,000 303,000 40,600 225,000 200,000 1,875,000 215,000 Trial Balance Account Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Rent Prepaid Insurance Inventory Furniture & Fixtures Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Depreciation Expense Utility Expense Bad Debt Expense Insurance Expense Dividends 106,000 540,000 75,000 1,200,000 595,000 11,200,000 4,000,000 1,210,000 300,000 21,000 100,000 46,600 430,000 4,000,000 Totals 13,756,600 13,756,600 The Post-Closing Trial Balance of Salami, Inc. as of December 31, 2011 appears below. READ EACH DESCRIPTION CAREFULLY and record the transaction for its ending impact for 2012 NO QUESTIONS WILL BE ANSWERED. PRINT CLEARLY and USE COMPLETE Account Titles. 496,000 499,000 50,000 525,000 150,000 875,000 215,000 Account Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Rent Prepaid Insurance Inventory Furniture and Fixtures Accumulated Depreciation Accounts Payable ! Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Depreciation Expense Utility Expense Bad Debt Expense Insurance Expense Dividends Totals 85,000 750,000 80,000 1,200,000 595,000 2.760,000 2,760,000 1) Purchase of inventory for resale was $5,000,000. All purchases were made on account. 2) Payments for inventory purchased on account were $5,210,000. 3) Sales of merchandise totaled $11,200,000. Of this amount, 20% of the sales were made on account the remaining sales were paid in cash. 4) The cost of the merchandise sold during the year was $4,000,000 5) Collections on Accounts Receivable during the year were $2,380,000. 6) Cash payments to employees during the year, totaled $1,215,000. This was both towards unpaid salaries at the beginning of the year and for salaries earned during 2012 7) Paid $100,000 cash for utilities during the year. 8) During the year $56,000 of customer accounts were written off as uncollectible. Scanneth CamScanner CS 9) Accrued wages payable at year-end should be $75,000 10) On October 1, 2011, $600,000 was paid for a 24-month operating lease for the building. The lease wil be expensed evenly over the lease period. 11) On June 1, 2011, a check for $360,000 was issued for a one-year Insurance policy to be expensed evenly over the next 12 months. On June 1, 2012 a check for $480,000 was issued for a one-year Insurance policy. The insurance will be expensed evenly over the next 12 months. The payment for the policy purchased in 2012 has not been recorded 12) Depreciation expense for the year on the furniture and fixtures is calculated using straight line depreciation. The life of the furniture and fixtures is 10 years and the company estimates a residual value of $5,000. 13) The company has determined that the allowance for doubtful accounts should be $40,600. 14) Dividends were declared and paid in the amount of $4,000,000 during the year. Required: a) Record all necessary transactions on the journal entry forms given b) Post the transactions to the T accounts provided c) Prepare an Adjusted Trial Balance on the form provided d) Prepare an income statement for the year ended December 31, 2012. e) Prepare a statement of retained earnings for the year ended December 31, 2012 f) Prepare a balance sheet at December 31, 2012 Credit Part A. Record transactions 1-13 below (30 points) Entry Account title L entom - Accounts Payable Accounts Payable - Cash On Debit 5,000,000 5200,000 5,210,000 5,210,000 Accounts Reciers Sales 8,960,000 2240,000 11,700,000 ) Inventory 4,000,000 4,000,000 Lash Accounts Receivable 2,380,000 2,380,500 Wages Porable 80,000 1135.000 1,215,000 U lties Expense 100,000 100,000 5.000 8) San Alware for doubtf Accounts Accounts Receivable 5.000 75,000 | Wages Expense Wages Payable Bent Expense and Rent 75,000 10 1 300,000 300,000 150,000 131 Insuranis. Expense 150,000 - Prepaid Insurance Prepaid Insurance 490,000 Insurance Expense 17 months x 40.000 280,000 pred 'Inse.nonce Deprecation Expense (215000-520)10 21.000 Accumulates Depreciation Bandelst expenses 46.600 Allowine for doubtful Accounts Dividends 14,000,000 Cash 480,000 280,000 21,000 46,600 4,000,000 Scanned with