Macklemore Inc.

Cash Accounts Receivable Note Receivable Inventory Supplies Equipment Prepaid Rent Prepaid Insurance Accounts Payable Notes Payable Unearned Rent Revenue Capital Sales Cost of Goods Sold Salaries Expense Total Macklemore, Inc. Trial Balance Dec. 2, 20X1 $ 56,000 $ 6,000 $ 5,000 $ 20,000 $ 1,500 $ 12,000 $ 3,600 $ 600 $ $ $ $ $ 12,800 7,000 1,200 67,420 33,500 $ $ $ 14,220 3,000 121,920 $ 121,920 YOUR STUDENT ID # 774 A A B B . Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, inventory worth $2B,BCC (last four of your student ID #) was purchased on credit, with the terms of 2/10, n/30. 2. On Dec. 4, inventory was sold for $10,0CC (last two of your student ID #) was sold on account, with the terms of 3/10, n/30. The cost of inventory was $8,0CC (last two of your student ID#) 3. On Dec. 12, the company paid for the Dec. 2 purchase. (Round to the nearest dollar if necessary) 4. On Dec. 14, the Inventory sold on Dec. 4 was paid. (Round to the nearest dollar if necessary) 5. On Dec. 30, the owner withdrew $3,BCC (last three of your student ID#) from the company. For each of the following transactions, give the adjusting entry required for the year ended Dec. 31, 20X1. The initial entries for each transaction were recorded correctly. 6. Received a $858 utility bill for electricity usage in December to be paid next month in January, 7. Owed wages to 6 employees who worked four days at $100 each per day at the end of December. The company will pay employees at the end of the first week of next month. 8. On September 1, the company loaned $5,000 to an officer who will repay the loan in one year at an annual interest rate of 10%. (Round to the nearest dollar if necessary) 9. On October 31, the company deposited $15,000 in a savings account that earned 1% interest per year. 10. Paid $1,100 for an 11-month insurance premium on July 1, this year. The entry in July increased the Prepaid insurance account. 11. Purchased equipment for $12,000 cash on January 1, this year; estimated a useful life of five years with a residual value of $2,000. 12. Unearned rent revenue of $1,200 was for rent for the period November 1, this year, to March 1, next year. 13. Office supplies at year end count totaled $6AA (first two of your student ID#) 14. Rent for the month of December totaled $1,1AA (first two your student ID#) 15. On July 1, the company took out a 1 year note for $7,000 at an interest rate of 10%. Prepare a worksheet showing the trial balance, adjustments, adjusted trial balance, multi-step income statement (assume utilities, rent, depreciation, and half of the salaries expense as selling expenses, assume insurance, supplies, and half of the salaries expense as general and administrative expenses), statement of owners' equity, classified balance sheet, prepare the closing entries, and post-closing trial balance. Macklemore, Inc. Income Statement For the period ending Dec. 31, 20X1 Sales Less: Sales Discounts Net Sales COGS Gross Profit Macklemore, Inc. Statement of Owners' Equity For the Period ending Dec. 31, 20X1 Beginning Capital, Dec. 1 Investments Net Income Withdrawals Ending Capital, Dec. 31 Operating Expenses Selling Expenses Utilities Expense Rent Expense Salaries Expense Depreciation Exense Total Selling Expenses G&A Expenses Insurance Expense Supplies Expense Salaries Expense Total G&A Exenses Total operating expenses Income From Operations Other Revenues and gains expenses and losses Interest Revenue Rent Revenue Interest Expense Net Income Assets: Current Assets: Cash Accounts receivable Interest Receivable Note Receivable Inventory Supplies Prepaid Rent Prepaid Insurance Long-term Assets: Equipment Accumulated Depreciation Total Assets Macklemore, Inc. Balance Sheet As of Dec. 31, 20X1 Liabilities: Accounts Payable Utilities Payable Salaries Payable Notes Payable Interest Payable Unearned Rent Revenue Total Liabilities: Equity: Capital Total Equity: Total Liabilities & Equity Cash Accounts Receivable Note Receivable Inventory Supplies Equipment Prepaid Rent Prepaid Insurance Accounts Payable Notes Payable Unearned Rent Revenue Capital Sales Cost of Goods Sold Salaries Expense Total Macklemore, Inc. Trial Balance Dec. 2, 20X1 $ 56,000 $ 6,000 $ 5,000 $ 20,000 $ 1,500 $ 12,000 $ 3,600 $ 600 $ $ $ $ $ 12,800 7,000 1,200 67,420 33,500 $ $ $ 14,220 3,000 121,920 $ 121,920 YOUR STUDENT ID # 774 A A B B . Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, inventory worth $2B,BCC (last four of your student ID #) was purchased on credit, with the terms of 2/10, n/30. 2. On Dec. 4, inventory was sold for $10,0CC (last two of your student ID #) was sold on account, with the terms of 3/10, n/30. The cost of inventory was $8,0CC (last two of your student ID#) 3. On Dec. 12, the company paid for the Dec. 2 purchase. (Round to the nearest dollar if necessary) 4. On Dec. 14, the Inventory sold on Dec. 4 was paid. (Round to the nearest dollar if necessary) 5. On Dec. 30, the owner withdrew $3,BCC (last three of your student ID#) from the company. For each of the following transactions, give the adjusting entry required for the year ended Dec. 31, 20X1. The initial entries for each transaction were recorded correctly. 6. Received a $858 utility bill for electricity usage in December to be paid next month in January, 7. Owed wages to 6 employees who worked four days at $100 each per day at the end of December. The company will pay employees at the end of the first week of next month. 8. On September 1, the company loaned $5,000 to an officer who will repay the loan in one year at an annual interest rate of 10%. (Round to the nearest dollar if necessary) 9. On October 31, the company deposited $15,000 in a savings account that earned 1% interest per year. 10. Paid $1,100 for an 11-month insurance premium on July 1, this year. The entry in July increased the Prepaid insurance account. 11. Purchased equipment for $12,000 cash on January 1, this year; estimated a useful life of five years with a residual value of $2,000. 12. Unearned rent revenue of $1,200 was for rent for the period November 1, this year, to March 1, next year. 13. Office supplies at year end count totaled $6AA (first two of your student ID#) 14. Rent for the month of December totaled $1,1AA (first two your student ID#) 15. On July 1, the company took out a 1 year note for $7,000 at an interest rate of 10%. Prepare a worksheet showing the trial balance, adjustments, adjusted trial balance, multi-step income statement (assume utilities, rent, depreciation, and half of the salaries expense as selling expenses, assume insurance, supplies, and half of the salaries expense as general and administrative expenses), statement of owners' equity, classified balance sheet, prepare the closing entries, and post-closing trial balance. Macklemore, Inc. Income Statement For the period ending Dec. 31, 20X1 Sales Less: Sales Discounts Net Sales COGS Gross Profit Macklemore, Inc. Statement of Owners' Equity For the Period ending Dec. 31, 20X1 Beginning Capital, Dec. 1 Investments Net Income Withdrawals Ending Capital, Dec. 31 Operating Expenses Selling Expenses Utilities Expense Rent Expense Salaries Expense Depreciation Exense Total Selling Expenses G&A Expenses Insurance Expense Supplies Expense Salaries Expense Total G&A Exenses Total operating expenses Income From Operations Other Revenues and gains expenses and losses Interest Revenue Rent Revenue Interest Expense Net Income Assets: Current Assets: Cash Accounts receivable Interest Receivable Note Receivable Inventory Supplies Prepaid Rent Prepaid Insurance Long-term Assets: Equipment Accumulated Depreciation Total Assets Macklemore, Inc. Balance Sheet As of Dec. 31, 20X1 Liabilities: Accounts Payable Utilities Payable Salaries Payable Notes Payable Interest Payable Unearned Rent Revenue Total Liabilities: Equity: Capital Total Equity: Total Liabilities & Equity