Macklemore, Inc. Trial Balance Dec. 2, 20x1 Cash 36,450 5,000 4,000 Accounts Receivable Note Receivable 19,000 Supplies 559 10,000 Prepaid Rent 600 Accounts Payable Notes Payable Unearned Rent Revenue 8,400 3,000 900 47,868 S 37,061 Sales Cost of Goods Sold 14,220 5,000 97,229 Total 97,.229 YOUR STUDENT ID # 7 74 following transactions in the general journal then prepare the trial balance for December 31 OnDec.2 inventory worth SXXX last four of your student ID # was purchased on credit, with the terms of 2/10, n/30 On Dec. 4, in 3/10, n/30. The cost of inventory was $5,0Xx (last two of your student ID4) 1. 2. 3. On Dec. 12, the company paid for the Dec. 2 purchaso. 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 $2,x0ox (last three of your student IDB) 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 1. Received a $500 utility bill for electricity usage in December to be paid next month in January. Owed wages to 5 employees who worked three days at $200 each per day at the end of December. The 2. company will pay employees at the end of the first week of next month. On October 1, the company loaned $4,000 to an officer who will repay the loan in one year at an annual interest 3. rate of 12%. On November 1, the company deposited $12,000 in a savings account that earned 2% interest per year. 5. 4. Paid $1,100 for an 11-month insurance premium on July 1, this year. The entry in July increased the Prepaid insurance account. 6. Purchased equipment for $10,000 cash on January 1, this year, estimated a useful life of five years with a residual value of $2,000. 7. Unearned rent revenue of $900 was for rent for the period December 1, this year, to March 1, next year. 8, Office supplies at year end count totaled $3XX (last two of your student ID#) 9. Rent for the month of December totaled $800(last two of your student ID#) 10. On July 1, the company took out a 1 year note for $3.000 at an interest rate of 5%. 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. tosets ashe osount Recevable Nobs Pecesvolote Ce. thes SalanesPaale nede rawals ales heunLL of Expenses 1214 Discolt Macklemore, Inc For the period ending Dec 31, 20X1 Sales Less: Sales Discounts Net Sales COGS Gross Profit Maclemore Inc Statement of Owners' Equity For the Period ending Dec 31,2001 Net Income Withdrawals Selling Expenses Utilities Expense Rent Expense Dec 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 Revenu Rent Revenue Interest Expense Net Income Macklemore. Inc Balance Sheet As of Dec. 31, 20x1 Payable Current Assets nts Utilities Payable Salaries Payable Notes Cash Accounts receivable Interest Recelvable Note Receivable Inven nterest Payable Unearned Rent Revenue Total iabilities: Prepaid Rent Prepaid Insurance Long-term Assets: Equipment Accumulated Deprecation Total Total Assets
