JBCRB Company is a sporting goods retailer with a December $31$ year$-$end. In the

files section on Canvas there are files for the project ledger, project journal, the

trial balance at December $23$ along with templates for other trial balances and

financial statements. Below you are given the transactions for the last week of

$2023$ and the information for any required adjusting entries for $2023.$ You are to

do the following:

$$ Journalize and post the remaining $2023$ transactions

$$ Prepare a trial balance at December $31,2023$

$$ Journalize and post the required adjusting entries

$$ Prepare an adjusted trial balance at December $31,2023$

$$ Prepare a multi$-$step income statement for $2023$

$$ Prepare a statement of retained earnings for $2023$

$$ Prepare a classified balance sheet for December $31,2023$

$$ Journalize and post the necessary closing entries at December $31,2023$

$$ Prepare a post$-$closing trial balance

Remaining December transactions:

Dec. $24$ Paid employees for the previous two weeks work, $$5,000$

Dec $26$ Paid Jolly Mon Company for inventory purchased on December $15,$

the inventory had a list price of $$10,000$ and the terms were $2/15,$

n$/30$

Dec $28$ Sold merchandise to Coconut Telegraph Company for $$6,000$ cash.

The merchandise cost $$4,200.$

Dec $29$ Purchased $$800$ of office supplies for cash

Dec $29$ Received payment from customer for sale of merchandise on

December $10.$ The sales price was $$2,500$ and the terms were $2/10,$

n$/30.$

Dec $30$ Sold merchandise to Slack Tide Company for $$9,000$ on account. The

terms are $2/15,$ n$/45.$ The merchandise cost $$6,200.$

Dec $30$ Wrote off Door Number Three Company$$s account. The balance in

the account was $$1,570.$

Dec $31$ Purchased $$6,000$ of merchandise inventory on account from Jolly

Mon Company. The terms are $3/10,$ n$/30.$

Information for year$-$end adjusting entries:

$$ On December $31,$ there are $$1,400$ of office supplies on hand

$$ JBCRB borrowed the $$150,000$ on February $1,2023.$ JBCRB must make

annual interest payments each February $1$ and pay the full note on

February $1,2025.$ The interest rate on the note is $6\%.$

$$ Employees have earned $$2,700$ in wages for work done since the last

payday $($December $24)$

$$ The prepaid rent was paid on July $1,2023,$ and covers a one$-$year period

starting on July $1,2023.$

$$ JBCRB paid a one$-$year insurance policy on August $1,2023.$

$$ The Building has a twenty$-$year life and a $$40,000$ residual value.

$$ The Equipment has a ten$-$year useful life and no residual value.

$$ December utilities are $$450$ and will be paid in January

$$ JBCRB estimates its bad debts at $5\%$ of its accounts receivable balance.

Check Figures:

December $31$ Trial Balance Debits and Credits $=$ $$1,363,520$

December $31$ Adjusted Trial Balance Debits and Credits $=$ $$1,417,100$

Net Income $=$ $$98,570$

Total Assets $=$ $$523,720$

Post$-$Closing Trial Balance Debits and Credits $=$ $$800,900$