Macklemore, Inc. Trial Balance Dec. 2, 20X1

$ S S $ Trial Balance Dec 2, 20X1 Cash S 36,450 Accounts Receivable $ 5,000 Note Receivable $ 4,000 Inventory $ 19,000 Supplies $ 559 Equipment $ 10,000 Prepaid Rent $ 2,400 Prepaid Insurance $ 600 Accounts Payable $ 8.400 Notes Payable $ 3,000 Unearned Rent Revenue $ 900 Capital $ 47,868 Sales $ 37,061 Cost of Goods Sold 14,220 Salaries Expense 5,000 Total 97,229 97,229 YOUR STUDENT ID 1774 2 6 5 3 2 4 Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, inventory worth $1x,yox (last four of your student ID #) was purchased on credit with the terms of 2/10, 1/30 2. On Dec. 4, inventory was sold for $7,0xx (last two of your student ID #) was sold on account, with the terms of 3/10,n/30. The cost of inventory was $5,0xx (last two of your student 10) 3. On Dec. 12, the company paid for the Dec. 2 purchase. 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. XXX (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. 1. Received a $500 utility bill for electricity usage in December to be paid next month in January 2. Owed wages to 5 employees who worked three days at $200 each per day at the end of December. The company will pay employees at the end of the first week of next month 3. On October 1, the company loaned $4,000 to an officer who will repay the loan in one year at an annual interest rate of 12% 4. On November 1, the company deposited $12,000 in a savings account that earned 2% interest per year. 5. 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 $8xx (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. General Journal Page 119 Date Description PR Credit Debit General Journal Page 119 Date Description PR Debit Credit Cash tecounts Receivable Interest Recenable Notes Receivable Inventory Supplies 1 Equipment ocum. Deprecation Prepaid Rent Bilder Prepaid Insurance Accounts Payable Notes Panable 0 deye Interest Payable Utilities Payable Liabilities Salaries Payable uneguned hent Revenue Capital withdrawals Equity Sales Rent Revenue Interest Revenue Teleqt haar Costof quods sold utilities Expenses Salaries Hoense Insurance Expense Rent Expense Supplies Expense Deprecathon Expense Interest Expense Sales Discount Income Summary 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 Trial Balance Dr. Cr. Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Post Closing Trial Balai Dr. Cr unt Title unts Recelvable est Recelvable Receivable story lies ament mulated Depreciation ald Rent ald Insurance unts Payable s Payable est Payable les Payable les Payable arned Rent Revenue al drawals Revenue est Revenue of Goods Sold Discount les Expense les Expense ance Expense Expense les Expense est Expense eciation Expense $ S S $ Trial Balance Dec 2, 20X1 Cash S 36,450 Accounts Receivable $ 5,000 Note Receivable $ 4,000 Inventory $ 19,000 Supplies $ 559 Equipment $ 10,000 Prepaid Rent $ 2,400 Prepaid Insurance $ 600 Accounts Payable $ 8.400 Notes Payable $ 3,000 Unearned Rent Revenue $ 900 Capital $ 47,868 Sales $ 37,061 Cost of Goods Sold 14,220 Salaries Expense 5,000 Total 97,229 97,229 YOUR STUDENT ID 1774 2 6 5 3 2 4 Record the following transactions in the general journal then prepare the trial balance for December 31: 1. On Dec. 2, inventory worth $1x,yox (last four of your student ID #) was purchased on credit with the terms of 2/10, 1/30 2. On Dec. 4, inventory was sold for $7,0xx (last two of your student ID #) was sold on account, with the terms of 3/10,n/30. The cost of inventory was $5,0xx (last two of your student 10) 3. On Dec. 12, the company paid for the Dec. 2 purchase. 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. XXX (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. 1. Received a $500 utility bill for electricity usage in December to be paid next month in January 2. Owed wages to 5 employees who worked three days at $200 each per day at the end of December. The company will pay employees at the end of the first week of next month 3. On October 1, the company loaned $4,000 to an officer who will repay the loan in one year at an annual interest rate of 12% 4. On November 1, the company deposited $12,000 in a savings account that earned 2% interest per year. 5. 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 $8xx (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. General Journal Page 119 Date Description PR Credit Debit General Journal Page 119 Date Description PR Debit Credit Cash tecounts Receivable Interest Recenable Notes Receivable Inventory Supplies 1 Equipment ocum. Deprecation Prepaid Rent Bilder Prepaid Insurance Accounts Payable Notes Panable 0 deye Interest Payable Utilities Payable Liabilities Salaries Payable uneguned hent Revenue Capital withdrawals Equity Sales Rent Revenue Interest Revenue Teleqt haar Costof quods sold utilities Expenses Salaries Hoense Insurance Expense Rent Expense Supplies Expense Deprecathon Expense Interest Expense Sales Discount Income Summary 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 Trial Balance Dr. Cr. Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. Post Closing Trial Balai Dr. Cr unt Title unts Recelvable est Recelvable Receivable story lies ament mulated Depreciation ald Rent ald Insurance unts Payable s Payable est Payable les Payable les Payable arned Rent Revenue al drawals Revenue est Revenue of Goods Sold Discount les Expense les Expense ance Expense Expense les Expense est Expense eciation Expense