Macklemore, Inc. Trial Balance Dec. 2, 20X1 $ Cash 56,000 Accounts Receivable Note Receivable $ 6,000 $ 5,000 Inventory $ 20,000 Supplies $ 1,500 12,000 Equipment Prepaid Rent Prepaid Insurance Accounts Payable Notes Payable 3,600 $ 600 $ 12,800 7,000 1,200 Unearned Rent Revenue Capital Sales Cost of Goods Sold $ 67,420 33,500 14,220 Salaries Expense 3,000 Total $ 121,920 $ 121,920 YOUR STUDENT ID # 774 A A B c C Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, Inventory worth $28,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 lID # ) 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 $3,8CC (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 pald 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. 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) 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 8. 9. insurance account. 11. Purchased equipment for $12,000 cash on January 1, this year; estimated a useful Ilfe 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 of 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 utilitles, rent, depreciation, and half of the salaries expense as selling expenses, assume insurance, supplles, 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. SSSSS SSSSSSS Macklemore, Inc. Trial Balance Dec. 2, 20X1 $ Cash 56,000 Accounts Receivable Note Receivable $ 6,000 $ 5,000 Inventory $ 20,000 Supplies $ 1,500 12,000 Equipment Prepaid Rent Prepaid Insurance Accounts Payable Notes Payable 3,600 $ 600 $ 12,800 7,000 1,200 Unearned Rent Revenue Capital Sales Cost of Goods Sold $ 67,420 33,500 14,220 Salaries Expense 3,000 Total $ 121,920 $ 121,920 YOUR STUDENT ID # 774 A A B c C Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, Inventory worth $28,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 lID # ) 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 $3,8CC (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 pald 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. 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) 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 8. 9. insurance account. 11. Purchased equipment for $12,000 cash on January 1, this year; estimated a useful Ilfe 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 of 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 utilitles, rent, depreciation, and half of the salaries expense as selling expenses, assume insurance, supplles, 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. SSSSS SSSSSSS