My 774 # Is 27 26 29

AA BB CC

Macklemore, Inc. steps to complete: You do not have to follow these instructions, but this would be the casiest fastest way to complete the assignment. You have to complete the journal entries, adjusting entries, closing entries, "T" accounts, multi-step income statement, statement of owners' equity, balance sheet, and the worksheet The numbers on the trial balance are as of December 2 and there are still transactions being completed during the month (#1-5) so, these numbers are NOT the numbers that need to go on the worksheet for the first two columns of the worksheet, after you complete the transactions (journal entries) for #1-5 then the balance in the accounts, the trial balance, would then be the numbers you put into the first two columns on the worksheet. Steps: 1. Complete #1-5 journal entries on the general journal pages provided), post to the general ledger accounts ("T" accounts), then enter the account balances (unadjusted trial balance) into the worksheet (first two columns). These should equal each other between debits and credits, if they do not, stop, you will never be in balance if you are not in balance at the beginning 2. Complete the adjusting entries 86-15. Enter the adjusting journal entries on the general journal pages. As you complete each one, I would then go to the "T" accounts and the worksheet and enter the adjustments into the third and fourth columns of the worksheet as you go, so you don't miss an entry. Again, make sure that you are in balance with these two columns, if you are not go back and find the error, you will never balance if you are not in balance as you go Please understand that these are adjusting entries ONLY 3. Next, prepare the adjusted trial balance columns on the worksheet, columns 5 and 6. These are the unadjusted trial balance numbers (columns 1 and 2) plus or minus the adjustments (columns 3 and 4). Again, make sure you are in balance or you never will be 4. After you get these adjusted trial balance numbers, prepare your statements. Start with the income statement since you need the net income to complete the second statement, the statement of owners equity, and lastly the balance sheet, since you need the ending balance in the capital account from the statement of owners' equity to complete the balance sheet. 5. After you have completed the statements, prepare the closing entries on the general journal sheet and post to the general ledger accounts ("T" accounts). 6. After you have closed out the temporary accounts (revenues, expenses, and withdrawals), prepare the last two columns on the worksheet, the post-closing trial balance. These are the amounts in the accounts the company will use to start the next period of time. If you have any questions, you can email me at any time. Macklemore, Inc Trial Balance Dec. 2, 20x1 $ 95,000 S 10,000 $ 25,000 23,400 $ 2,600 S 43,000 6,000 $ 2,400 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 nnnn $ $ 88,310 12,000 4,000 91.550 45,900 $ 32,560 $ $ $ 1,800 242,760 $ 241,760 A YOUR STUDENT ID# 774 Bcc Record the following transactions in the general Journal then prepare the trial balance for December 31: 1. On Dec. 2, inventory worth $68,BCC (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 $25,00C (last two of your student ID #) was sold on account, with the terms of 3/10, 1/30. The cost of inventory was $15,0CC (last two of your student 18) 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) S. On Dec. 30, the owner withdrew $4,6CC (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 $2,500 utility bill for electricity usage in December to be paid next month in January 7. Owed wages to 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 $25,000 to an officer who will repay the loan in one year at an annual interest rate of 12%. (Round to the nearest dollar if necessary) 9. On October 1, the company deposited $S6,000 in a savings account that earned 1% interest per year. 10. Pald $2,400 for a 6-month insurance premium on December 1 of this year. 11. Purchased equipment for $43,000 cash on July 1. this year, estimated a useful life of five years with a residual value of $3,000 12. Unearned rent revenue of $4,000 was for rent for the period September 1, this year, to May 1, next year. 13. Office supplies at year end count totaled SLAA (first two of your student ID#) 14. Rent for the month of December totaled $2,5AA (first two of your student ID) 15. On July 1, the company took out a 1 year note for $12,000 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 Debit Credit General Journal Page 119 Date Description PR Debit Credit Assets Cash tecounts Receivable Interest Recenable Notes Receivable Inventory - Equipment tecum. Deprecation Prepaid Rent Prepaid Insurance Accounts Payable Notes Parable Interest Payable Utilities Payable Liabilities Salaries Poupble. Uneained Bent Besznie Capital withdrawals Equity Sales Rent Revenue Interest Revenue Revenue Expenses Costof quads sold Utilities Expense TT Salariesbaense Insurancefcense Reut Expense Supplies Spense T Depreciation Expense Interest Expense Sales Discount Income Summary 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 Labilities Accounts Payable Utilities Payable Salaries Payable Notes Payable Interest Payable Unearned Rent Revenue Total Liabilities: Louity Capital Total Equity Total Liabilities & Equity Unadjusted Trial Balance Dr. Cr. Adjustments Cr. Dr. Adjusted Trial Balance Dr. Cr. Post Closing Trial Balance Dr. Cr Account Title Cash Accounts Receivable interest Receivable Note Receivable nventory upplies Equipment Accumulated Depreciation repaid Rent repaid Insurance Accounts Payable Hotes Payable nterest Payable Utilities Payable alaries Payable Snearned Rent Revenue Capital Vithdrawals ales ent Revenue terest Revenue Cost of Goods Sold ales Discount tilities Expense alaries Expense surance Expense ent Expense upplies Expense terest Expense nepreciation Expense otal