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Denver Mountain Company Trial Balance 11/30/17 Dr 272,000 114,500 TH9 1,000 50,000 55,000 62,000 75,000 32,000 100,000 12,000 18,000 26,250 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies Inventory Equipment Building Accumulated Depreciation Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock - $1.50 par Paid In Capital In Excess of Par-CS Preferred Stock - $5 par | Paid In Capital In Excess of Par-PS Treasury Stock Retained Earnings Dividends Sales Revenue Sales Returns & Allowances Sales Discounts Cost of Goods Sold Bad Debts Expense Depreciation Expense Wages Expense Rent Expense Insurance Expense Supplies Expense Interest Revenue Interest Expense Gain on Sale of Equipment Income Tax Expense Total 350,000 26,840 90,000 86,000 1,000 50,000 0 3,500 2,000 443,910 7,000 3,000 46.000 1 5,000 16,000 157,500 98,000 25,000 16,000 1,000 6,500 - L 46,000 1,156,500 15,000 1,156,500 Denver Mountain Company Journal entries Date Account 1-Dec Building LT Mortgage payable Credit Calculation Debit $ 300,000 $ 300,000 $ 6,000 25-Dec Cash Common Stock-$1.50 par Paid in Capital in Excess of Par-CS =1,000*1.50 $ $ 1,500 4,500 $ 183,000 =((90,000/1.50)+1,000)*3 29-Dec Dividends Dividends Payable $ 183,000 31-Dec LT Mortgage payable Interest expense Cash $ $ 1,800 2,000 =3,800-1,800 =300,000*8%*1/12 $ 3,800 $ 350 =26,250*8%*2/12 31-Dec Interest expense Interest Payable $ 350 31-Dec Interest expense Premium on Bonds Payable Interest Payable $ 30,147 $ 4,853 = (350,000+26,840)*8% balancing figure =350,000*10% $ 35,000 $ 8,000 =18,000-10,000 31-Dec Unearned Revenue Sales Revenue $ 8,000 $ 550 =50*11 31-Dec Treasury Stock Cash $ 550 Instructions: You must turn in the work performed on the sheets printed with this page. This WILL NOT BE ACCEPTED ON PLAIN PAPER. Write the journal entries (on the following General Journal page) required for each of the events described below. Write the entries in the order described below (#1 - #8). Use ONLY the accounts listed on the trial balance for your journal entries. Post the transactions to individual T-accounts and prepare an adjusted trial balance for your assigned company from page one as of December 31, 2017 1. The company purchased a building December 1, 2017 with a LT Mortgage Payable of $300,000 at 8% interest. (Record the purchase of the building.) 2. The company issued 1,000 shares of Common Stock for $6,000 on December 25, 2017 3. On December 29, 2017 the company declared a cash dividend of $3.00 per share for common stock on the shares issued and declared (including the additional 1,000 shares issued on December 25th.) 4. The terms of the LT mortgage payable from #1 above require the company to make monthly installment payments over the term of the loan. Each payment consists of interest on the unpaid balance of the loan and a reduction of loan principal. Record the first monthly payment of $3,800 on the LT Mortgage Payable on December 31, 2017. 5. The company last paid interest on the ST note payable on November 1, 2017. Record the accrued interest expense for the last 2 months of 2017. The annual interest rate is 8%. Round to nearest whole dollar. 6. The Bonds Payable and related Premium amounts on the Nov. trial balance relate to the Jan. 1, 2017 issuance of the following bonds: On Jan. 1, 2017, the company issued 10%, 10-year bonds when the market rate for similar investments was 8%. The company pays interest each year on January 1st On Dec. 31, 2017, use the effective interest method of amortizing the premium on bonds payable to accrue the interest expense for 2017. Round your interest expense calculation to the nearest whole dollar. 7. The Unearned Revenue amount on the Nov. trial balance relates to amounts that the company previously collected in cash for sales that were to be completed in the future. The company completed some of these sales during December and now owes only $10,000 of that unearned revenue. Record the necessary adjustment for December 31, 2017. 7. The Unearned Revenue amount on the Nov. trial balance relates to amounts that the company previously collected in cash for sales that were to be completed in the future. The company completed some of these sales during December and now owes only $10,000 of that unearned revenue. Record the necessary adjustment for December 31, 2017. 8. On December 31, 2017, the company purchased 50 shares of its own Preferred Stock for Treasury Stock for $11 per share. Credit Debit 273,650 114,500 1,000 50,000 55,000 62,000 75,000 300,000 32,000 100,000 Accounts Cash Accounts Receivable Allowance for doubtful accounts Short term Note receivable Supplies Inventory Equipment Building Accumulated Depreciaiton Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock-$1.50 par Paid in Capital in Excess of Par-CS Preferred Stock-$5 par Paid in Capital in Excess of Par-PS Treasury Stock Retained earnings Dividends Sales Revenue Sales returns & allowances Sales discounts Cost of goods sold Bad Debt expense Depreciation expense Wages expense Rent expense Insurance expense Sunnlies exnense 12,000 183,000 35,350 10,000 26,250 298,200 350,000 21,987 91,500 90,500 1,000 50,000 550 3,500 185,000 451,910 7,000 3,000 46,000 5,000 16,000 157,500 98,000 25,000 16.000