L. 1. Velez, CPAMO 2020, su Problem 2: Adjusting entries and account classification Selected amounts from No Shove Tae-home Chapters 1.2.&3 Due February 27, 2020 19 appearh No Shoveling Snow Com u nal balance of December 1. Accounts Payable (0) 2. Accounts Receivable Accumulated Depreciation Equipment 4. Allowance for Doubtful Accounts 5. Bonds Payable ! 6. Cash in 7. Common Stock 8. Dividends 9. Equipment 2 10. Fees Earned (C) 11. Insurance Expense 12. Interest Expense ) 13. Land 02 5166.000 150,000 200,000 20,000 500.000 150,000 60.00 45.000 865.000 115,000 30,000 16.000 70,000 325,000 250.000 150.000 818,000 328,000 14. Merchandise Inventory / 15. Notes Payable (due June 1, 2020) C/ 16. Prepaid Rent (D) 17. Retained Earnings C) 18. Salaries and Wages Expense (0) (All of the above accounts have their standard or normal debit or credit balance.) Part A: Create the trial balance. Remember that the accounts should be in financial statement order. You will need to reorder the accounts. Part B: Prepare adjusting journal entries at year end, December 31, 2019, based on the following supplemental information. Indicate which will reverse. The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used,) Interest accrued on the bonds payable. The coupon is 6% and the last interest payment was made on August 1, 2019. Expired insurance at December 31, 2019 is $20,000. The rent payment of $150,000 covered the six months from November 30, 20 through May 31, 2020. Salaries and wages earned but unpaid at December 31, 2019, $22,000. The note payable is an 8 month 8% loan. e. Part C: Create the adjusted trial balance. Part C: Create the Financial Statements Part D: Prepare closing entries. L. 1. Velez, CPAMO 2020, su Problem 2: Adjusting entries and account classification Selected amounts from No Shove Tae-home Chapters 1.2.&3 Due February 27, 2020 19 appearh No Shoveling Snow Com u nal balance of December 1. Accounts Payable (0) 2. Accounts Receivable Accumulated Depreciation Equipment 4. Allowance for Doubtful Accounts 5. Bonds Payable ! 6. Cash in 7. Common Stock 8. Dividends 9. Equipment 2 10. Fees Earned (C) 11. Insurance Expense 12. Interest Expense ) 13. Land 02 5166.000 150,000 200,000 20,000 500.000 150,000 60.00 45.000 865.000 115,000 30,000 16.000 70,000 325,000 250.000 150.000 818,000 328,000 14. Merchandise Inventory / 15. Notes Payable (due June 1, 2020) C/ 16. Prepaid Rent (D) 17. Retained Earnings C) 18. Salaries and Wages Expense (0) (All of the above accounts have their standard or normal debit or credit balance.) Part A: Create the trial balance. Remember that the accounts should be in financial statement order. You will need to reorder the accounts. Part B: Prepare adjusting journal entries at year end, December 31, 2019, based on the following supplemental information. Indicate which will reverse. The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used,) Interest accrued on the bonds payable. The coupon is 6% and the last interest payment was made on August 1, 2019. Expired insurance at December 31, 2019 is $20,000. The rent payment of $150,000 covered the six months from November 30, 20 through May 31, 2020. Salaries and wages earned but unpaid at December 31, 2019, $22,000. The note payable is an 8 month 8% loan. e. Part C: Create the adjusted trial balance. Part C: Create the Financial Statements Part D: Prepare closing entries
