Joe Ellis, LLC Adjusted Trial Balance December 31, 2017 Dr. Cr. Cash 25,000 Accounts Receivable 34,000 Allowance for Doubtful Accounts 2,200 Merchandise Inventory (beginning) 85,000 Estimated Returns Inventory (beginning) 1,800 Prepaid Insurance 16,800 Land 120,000 Office Equipment 46,000 Accumulated Depreciation-Office Equipment 16,865 Building's 350,000 Accumulated Depreciation-Buildings 48,125 Timber 20,000 Accumulated Depletion-Timber 4,000 Patent 12,500 Accounts Payable 44,000 Salaries Payable 10,000 Interest Payable 3,500 Customer Refunds Payable 8,500 Unearned Rent 1,000 Notes Payable 350,000 Capital, Sally Smith 169,475 Sally Smith, Drawings 5,500 Sales 422,400 Purchases 221,700 Purchases Returns and Allowances 3,800 Purchase Discounts 8,620 Freight-in 6,200 Bad Debt Expense 2,670 Insurance Expense 1,600 Interest Expense 45,000 Repairs and Maintenance Expense 6,800 Salaries Expense 34,500 Advertising Expense 5,700 Depreciation Expense 31,815 Depletion Expense 3,000 Amortization Expense 4,000 Utilities Expense 14,100 Rent Revenue 1,200 1,093,685 1,093,685 Other data: (1) Inventory on hand at December 31, 2017 is $97,600 (ie., ending inventory). (2) Estimated Returns Inventory increased by $5,000. (3) Bad Debt Expense, Insurance Expense, Repairs and Maintenance Expense, Depletion Expense, Amort Expense, and Utilities Expense are 100% administrative. (4) Advertising Expense is 100% selling. (5) Depreciation Expense and Salaries Expense are 60% administrative and 40% selling. (6) $25,000 of the Notes Payable are payable next year. Instructions: Prepare a(n) Points Classified Balance Sheet 20 Multi-step Income Statement 20 Statement of Owner's Equity 5 Closing entries 5 Total 50 "You are required to turn in a neat, legible, HANDWRITTEN copy by the due date. #*This is not a group project