Need Adjusting Journal Entries, Adjusted Trail Balance, Income Statement, Statement of Retained Earnings, Balance sheet, Closing Entries, Post Closing Trail Balance. I have plenty of questions left so take what is needed. 1st page is Unadjusted Trail Balance.

Adjustments Needed

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em ABC Corporation Unadjusted Trial Balance December 31, 2016 Credit Debit 759,444 442,120 247,000 6,750 88,000 37,500 1,150 21,600 9,000 50,000 6 Cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Inventory 10 Allowance to Reduce Inventory to NRV 11 Purchases 12 Prepaid insurance 13 Land 14 Building 15 Accumulated depreciation building 16 Equipment 17 Accumulated depreciation equipment 18 Patent 19 Accounts payable 20 Notes payable 21 Income taxes payable 22 Uneamed rent revenue 23 Bonds Payable 24 Premium on Bonds Payable 25 Common stock 26 PIC In Excess of Par-Common Stock 27 Retained eaming 28 Treasury stock 29 Dividends 30 Sales Revenue 31 Advertising expense 32 Wages expense 88,851 40,000 99,000 13,500 700,000 56,774 125,000 40,000 20,000 28,000 790,000 9,240 62,150 an en Income Statement ... Adjusted Trial Balance Statement 88,000 37,500 1,150 21,600 9,000 50,000 13 Land 14 Building 15 Accumulated depreciation building 16 Equipment 17 Accumulated depreciation equipment 18 Patent 19 Accounts payable 20 Notes payable 21 Income taxes payable 22 Uneamed rent revenue 23 Bonds Payable 24 Premium on Bonds Payable 25 Common stock 26 PIC In Excess of Par-Common Stock 27 Retained eamings 28 Treasury stock 29 Dividends 30 Sales Revenue 31 Advertising expense 32 Wages expense 33 Office expense 34 Depreciation expense 35 Utilities expense 36 Insurance expense 37 Income taxes expense 88,851 40,000 99,000 13,500 700,000 56,774 125,000 40,000 20,000 28,000 790,000 9,240 62,150 28,500 10,150 33,571 20,250 99,000 $ 1,963,275 $ 1,963,275 SIGN IN TO OFHCE It looks like your stored credentials are out of date. Please sign in as e***@mywww .edu so we can verify your subscription A B C D E F G H 1 On March 1, 2016, ABC purchased a one-year liability insurance policy for $27,000 Upon purchase, the following joumal entry was made: D: Prepaid insurance 27,000 C: Cash 27,000 The expired portion of insurance must be recorded as of 12/31/16, Notice that the expired portion from March through November has been recorded alteady Make sure that the Prepaid Insurance balance after the adjusting entry is correct, 2 Depreciation expense must be recorded for the month of December The building was purchased on February 1, 2016 for $37,500 with a remaining useful life of 25 years and a salvage value of $3,000 The method of depreciation for the building is straight-line. The equipment was purchased on February 1, 2016 for $21,600 with a remaining useful life of 4 years and a salvage value of $1,800 The method of depreciation for the equipment is double-declining balance. Depreciation has been recorded for the building and equipment for months February through November 3 On December 1, 2016, XYZ Co. agreed to rent space in ABC's building for $4,500 per month, and XYZ paid ABC on December 1 in advance for the first three months' rent The entry made on December 1 was as follows: 13.500 The was put EURE QUI LUI U WILT en any ULUL ULU The method of depreciation for the building is straight-line The equipment was purchased on February 1, 2016 for $21,600 with a remaining useful life of 4 years and a salvage value of The method of depreciation for the equipment is double-declining balance. Depreciation has been recorded for the building and equipment for months February through November 3 On December 1, 2016, XYZ Co. agreed to rent space in ABC's building for $4,500 per month, and XYZ paid ABC on December 1 in advance for the first three months' rent. The entry made on December 1 was as follows: D: Cash 13,500 C: Uneamed rent revenue 13,500 The uneamed revenue account must be adjusted to reflect the amount eamed as of 12/31/16 4 Per timecards, from the last payroll date through December 31, 2016, ABC's employees have worked a total of 200 hours Including payroll taxes, ABC's wage expense averages about $25 per hour. The next payroll date is January 5, 2017 The liability for wages payable must be recorded as of 12/31/16. 5 On November 30, 2016, ABC borrowed $40,000 from American National Bank by issuing an interest-bearing note payable. This loan is to be repaid in three months (on February 28, 2017), along with interest computed at an annual rate of 9% The entry made on November 30 to record the borrowing was Dr Cash 40,000 Per timecards, from the last payroll date through December 31, 2016, ABC's employees have worked a total of 200 hours Including payroll taxes, ABC's wage expense averages about $25 per hour. The next payroll date is January 5, 2017 The liability for wages payable must be recorded as of 12/31/16. On November 30, 2016, ABC borrowed $40,000 from American National Bank by issuing an interest-bearing note payable. This loan is to be repaid in three months (on February 28, 2017), along with interest computed at an annual rate of 9% The entry made on November 30 to record the borrowing was Dr Cash 40,000 C: Notes payable 40,000 On February 28, 2017 ABC must pay the bank the amount borrowed plus interest, Assume the beginning balance for Notes Payable is correct. Interest through 12/31/16 must be accrued on the $40,000 note. ABC uses a periodic inventory system, and the ending inventory for each year is determined taking a complete physical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at that time totaled $100,000, which reflects historical cost Record the adjusting entry for properly recognizing 2016 Cost of Goods Sold Hint This was the first year of operations, so beginning inventory balance is zero. Additionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at a total inve This loan is to be repaid in three months (on February 28, 2017 he entry made on November 30 to record the borrowing was Dr Cash 40,000 Ct Notes payable 40,000 On February 28, 2017 ABC must pay the bank the amount borrowed plus interest. Assume the beginning balance for Notes Payable is correct. Interest through 12/31/16 must be accused on the $40,000 note ABC uses a periodic inventory system, and the ending inventory for each year is determined taking a complete physical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at that time totaled $100,000, which reflects historical cost. Record the adjusting entry for properly recognizing 2016 Cost of Goods Sold. Hint: This was the first year of operations, so beginning inventory balance is zero Additionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at A review of inventory data further indicated that the current retail sales value of the ending inventory is $90,000 and completion and shipping is 8% of retail. Be sure to make an additional adjustment, if necessary, to properly value using the Loss and Allowance methodology For Income Statement presentation purposes, be sure to use the Los for adjustments of inventory to market value. entry made on November 30 to record the borrowing was: Dt Cash 40,000 Ct Notes payable 40,000 February 28, 2017 ABC must pay the bank the amount borrowed plus interest. ume the beginning balance for Notes Payable is correct. rest through 12/31/16 must be accrued on the $40,000 note. uses a periodic inventory system, and the ending inventory for each year is determined taking a complete sical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at time totaled $100,000, which reflects historical cost. Record the adjusting entry for properly recognizing 6 Cost of Goods Sold. Hint. This was the first year of operations, so beginning inventory balance is zero. Editionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at a total inventory level. review of inventory data further indicated that the current retail sales value of the ending inventory is $90,000 and estimated costs of mpletion and shipping is 8% of retail. Be sure to make an additional adjustment, if necessary, to properly value ending inventory ang the Loss and Allowance methodology. For Income Statement presentation purposes, be sure to use the Loss Method for account I adjustments of inventory to market value. Instructions Unadjusted Trial Balance . .. Y.-. 1 I...C. Adjustments Needled . . Adjusting Journal Entries Adjusted Trial Baland Type here to search SIGN IN TO OFFICE It looks like your stored credentials are out of date. Please sign in as ewwww@my www.edu so we can verify your subscription completion and shipping is 8% of retail. Be sure to make an additional adjustment, if necessary, to properly value ending inventory using the Loss and Allowance methodology. For Income Statement presentation purposes, be sure to use the Loss Method for accou for adjustments of inventory to market value 7 It would be unusual for a company to have an asset impaiment in Year 1, but for the sake of this example, ABC determined that their intangible asset might be impaired on December 31, 2016. Record the impaiment adjustment, if any. The expected future undiscounted net cash flows for this intangible asset totals $48,000, and the fair value of the asset is $45,000. 8 On 7/1/16, ABC purchased 4,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury stock was $5 per share, or $20,000 in total. The effects of this transaction are alreachy shown in the unadjusted trial balance. On 12/31 ABC reissued 2,000 shares of the treasury stock at $8 per share. Record the joumal entry required for the reissuance of the treasury stoc To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a separa Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Accounting or Chapter 18 of your Intermediate Accounting textbook for a review) 9 On 12/31/16, ABC issued 10,000 shares of $1 par value common stock at the closing matket price of $10 per share. Prepare ABC's to reflect the issuance of the stock on 12/31/16. To refresh your memory, a Paid-in Capital in Excess of Par account should be used excess proceeds over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Inter Accounting textbook for a review) On 7/1/16, ABC sold 10% bonde having a maturity value of $700,000 for $756, 773.50, resulting in an effective yield of 3%. The bond dated 7/1/16, and mature 7/1/21. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method of for land m ar dicount Record the distips ante for the cenu of interest and the related amortization on 127 for adjustments of inventory to market value. It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC determined that their intangible asset might be impaired on December 31, 2016. Record the impairment adjustment, if any. The expected future undiscounted net cash flows for this intangible asset totals $48,000, and the fair value of the asset is $45,000 8 On 7/1/16, ABC purchased 4,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury stock was $5 per share, or $20,000 in total. The effects of this transaction are already shown in the unadjusted trial balance. On 1273 ABC reissued 2,000 shares of the treasury stock at $8 per share. Record the journal entry required for the reissuance of the treasury st To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a sepa Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Account or Chapter 18 of your Intermediate Accounting textbook for a review.) 9 On 12/31/16, ABC issued 10,000 shares of $1 par value common stock at the closing market price of $10 per share. Prepare ABC to reflect the issuance of the stock on 12/31/16. To refresh your memory, a Paid-in Capital in Excess of Par account should be used excess proceeds over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Int Accounting textbook for a review) 10 On 7/1/16, ABC sold 10% bonds having a maturity value of $700,000 for $756,773.50, resulting in an effective vield of 8%. The bol dated 7/1/16, and mature 7/1/21. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method amortization for bond premium or discount. Record the adjusting entry for the accrual of interest and the related amortization on 12 Hint Develop an abbreviated amortization schedule to accurately determine the interest expense. 11 ABC Corporation prepares an aging schedule on 12/31/16 that estimates total uncollectible accounts at $75,000. Assuming that the al method is used, prepare the entry to record bad debt expense for the calendar year stock was $5 per shate, or $20,000 in total The effects of this transaction are already shown in the unadjusted trial balance. On 12/31/16 ABC reissued 2,000 shares of the treasury stock at $8 per share. Record the joumal entry required for the reissuance of the treasury stock To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a separate Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Accounting textboc ot Chapter 18 of your Intermediate Accounting textbook for a review.) On 12/31/16, ABC issued 10,000 shares of $1 par value common stock at the closing market price of $10 per share. Prepare ABC's joumal en to reflect the wuance of the stock on 12/31/16. To refresh your memory, a Paid-in Capital in Excess of Par account should be used to accou excess proceede over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Intermediate Accounting textbook for a review) On 7/1/16, ABC sold 10% bonds having a matunty value of $ 700,000 for $756,773.50, resulting in an effective yield of 8%. The bonds are dated 7/1/16, and mature 7/1/21. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method of amortization for bond premium or discount. Record the adjusting entry for the accrual of interest and the related amortization on 12/31/16 Hint: Develop an abbreviated amortization schedule to accurately determine the interest expense. 1 ABC Corporation prepares an aging schedule on 12/31/16 that estimates total uncollectible accounts at $75,000. Assuming that the allowance method is used, prepare the entry to record bad debt expense for the calendar year. Instructions Unadjusted Trial Balance - ---------- 47. DIT .... . Adjustments Needed Adjusting Journal Entries Adjusted Trial Balance Type here to search em ABC Corporation Unadjusted Trial Balance December 31, 2016 Credit Debit 759,444 442,120 247,000 6,750 88,000 37,500 1,150 21,600 9,000 50,000 6 Cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Inventory 10 Allowance to Reduce Inventory to NRV 11 Purchases 12 Prepaid insurance 13 Land 14 Building 15 Accumulated depreciation building 16 Equipment 17 Accumulated depreciation equipment 18 Patent 19 Accounts payable 20 Notes payable 21 Income taxes payable 22 Uneamed rent revenue 23 Bonds Payable 24 Premium on Bonds Payable 25 Common stock 26 PIC In Excess of Par-Common Stock 27 Retained eaming 28 Treasury stock 29 Dividends 30 Sales Revenue 31 Advertising expense 32 Wages expense 88,851 40,000 99,000 13,500 700,000 56,774 125,000 40,000 20,000 28,000 790,000 9,240 62,150 an en Income Statement ... Adjusted Trial Balance Statement 88,000 37,500 1,150 21,600 9,000 50,000 13 Land 14 Building 15 Accumulated depreciation building 16 Equipment 17 Accumulated depreciation equipment 18 Patent 19 Accounts payable 20 Notes payable 21 Income taxes payable 22 Uneamed rent revenue 23 Bonds Payable 24 Premium on Bonds Payable 25 Common stock 26 PIC In Excess of Par-Common Stock 27 Retained eamings 28 Treasury stock 29 Dividends 30 Sales Revenue 31 Advertising expense 32 Wages expense 33 Office expense 34 Depreciation expense 35 Utilities expense 36 Insurance expense 37 Income taxes expense 88,851 40,000 99,000 13,500 700,000 56,774 125,000 40,000 20,000 28,000 790,000 9,240 62,150 28,500 10,150 33,571 20,250 99,000 $ 1,963,275 $ 1,963,275 SIGN IN TO OFHCE It looks like your stored credentials are out of date. Please sign in as e***@mywww .edu so we can verify your subscription A B C D E F G H 1 On March 1, 2016, ABC purchased a one-year liability insurance policy for $27,000 Upon purchase, the following joumal entry was made: D: Prepaid insurance 27,000 C: Cash 27,000 The expired portion of insurance must be recorded as of 12/31/16, Notice that the expired portion from March through November has been recorded alteady Make sure that the Prepaid Insurance balance after the adjusting entry is correct, 2 Depreciation expense must be recorded for the month of December The building was purchased on February 1, 2016 for $37,500 with a remaining useful life of 25 years and a salvage value of $3,000 The method of depreciation for the building is straight-line. The equipment was purchased on February 1, 2016 for $21,600 with a remaining useful life of 4 years and a salvage value of $1,800 The method of depreciation for the equipment is double-declining balance. Depreciation has been recorded for the building and equipment for months February through November 3 On December 1, 2016, XYZ Co. agreed to rent space in ABC's building for $4,500 per month, and XYZ paid ABC on December 1 in advance for the first three months' rent The entry made on December 1 was as follows: 13.500 The was put EURE QUI LUI U WILT en any ULUL ULU The method of depreciation for the building is straight-line The equipment was purchased on February 1, 2016 for $21,600 with a remaining useful life of 4 years and a salvage value of The method of depreciation for the equipment is double-declining balance. Depreciation has been recorded for the building and equipment for months February through November 3 On December 1, 2016, XYZ Co. agreed to rent space in ABC's building for $4,500 per month, and XYZ paid ABC on December 1 in advance for the first three months' rent. The entry made on December 1 was as follows: D: Cash 13,500 C: Uneamed rent revenue 13,500 The uneamed revenue account must be adjusted to reflect the amount eamed as of 12/31/16 4 Per timecards, from the last payroll date through December 31, 2016, ABC's employees have worked a total of 200 hours Including payroll taxes, ABC's wage expense averages about $25 per hour. The next payroll date is January 5, 2017 The liability for wages payable must be recorded as of 12/31/16. 5 On November 30, 2016, ABC borrowed $40,000 from American National Bank by issuing an interest-bearing note payable. This loan is to be repaid in three months (on February 28, 2017), along with interest computed at an annual rate of 9% The entry made on November 30 to record the borrowing was Dr Cash 40,000 Per timecards, from the last payroll date through December 31, 2016, ABC's employees have worked a total of 200 hours Including payroll taxes, ABC's wage expense averages about $25 per hour. The next payroll date is January 5, 2017 The liability for wages payable must be recorded as of 12/31/16. On November 30, 2016, ABC borrowed $40,000 from American National Bank by issuing an interest-bearing note payable. This loan is to be repaid in three months (on February 28, 2017), along with interest computed at an annual rate of 9% The entry made on November 30 to record the borrowing was Dr Cash 40,000 C: Notes payable 40,000 On February 28, 2017 ABC must pay the bank the amount borrowed plus interest, Assume the beginning balance for Notes Payable is correct. Interest through 12/31/16 must be accrued on the $40,000 note. ABC uses a periodic inventory system, and the ending inventory for each year is determined taking a complete physical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at that time totaled $100,000, which reflects historical cost Record the adjusting entry for properly recognizing 2016 Cost of Goods Sold Hint This was the first year of operations, so beginning inventory balance is zero. Additionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at a total inve This loan is to be repaid in three months (on February 28, 2017 he entry made on November 30 to record the borrowing was Dr Cash 40,000 Ct Notes payable 40,000 On February 28, 2017 ABC must pay the bank the amount borrowed plus interest. Assume the beginning balance for Notes Payable is correct. Interest through 12/31/16 must be accused on the $40,000 note ABC uses a periodic inventory system, and the ending inventory for each year is determined taking a complete physical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at that time totaled $100,000, which reflects historical cost. Record the adjusting entry for properly recognizing 2016 Cost of Goods Sold. Hint: This was the first year of operations, so beginning inventory balance is zero Additionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at A review of inventory data further indicated that the current retail sales value of the ending inventory is $90,000 and completion and shipping is 8% of retail. Be sure to make an additional adjustment, if necessary, to properly value using the Loss and Allowance methodology For Income Statement presentation purposes, be sure to use the Los for adjustments of inventory to market value. entry made on November 30 to record the borrowing was: Dt Cash 40,000 Ct Notes payable 40,000 February 28, 2017 ABC must pay the bank the amount borrowed plus interest. ume the beginning balance for Notes Payable is correct. rest through 12/31/16 must be accrued on the $40,000 note. uses a periodic inventory system, and the ending inventory for each year is determined taking a complete sical inventory at year-end. A physical count was taken on December 31, 2016, and the inventory on-hand at time totaled $100,000, which reflects historical cost. Record the adjusting entry for properly recognizing 6 Cost of Goods Sold. Hint. This was the first year of operations, so beginning inventory balance is zero. Editionally, ABC adheres to GAAP by recording ending inventory at the lower of cost and net realizable value at a total inventory level. review of inventory data further indicated that the current retail sales value of the ending inventory is $90,000 and estimated costs of mpletion and shipping is 8% of retail. Be sure to make an additional adjustment, if necessary, to properly value ending inventory ang the Loss and Allowance methodology. For Income Statement presentation purposes, be sure to use the Loss Method for account I adjustments of inventory to market value. Instructions Unadjusted Trial Balance . .. Y.-. 1 I...C. Adjustments Needled . . Adjusting Journal Entries Adjusted Trial Baland Type here to search SIGN IN TO OFFICE It looks like your stored credentials are out of date. Please sign in as ewwww@my www.edu so we can verify your subscription completion and shipping is 8% of retail. Be sure to make an additional adjustment, if necessary, to properly value ending inventory using the Loss and Allowance methodology. For Income Statement presentation purposes, be sure to use the Loss Method for accou for adjustments of inventory to market value 7 It would be unusual for a company to have an asset impaiment in Year 1, but for the sake of this example, ABC determined that their intangible asset might be impaired on December 31, 2016. Record the impaiment adjustment, if any. The expected future undiscounted net cash flows for this intangible asset totals $48,000, and the fair value of the asset is $45,000. 8 On 7/1/16, ABC purchased 4,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury stock was $5 per share, or $20,000 in total. The effects of this transaction are alreachy shown in the unadjusted trial balance. On 12/31 ABC reissued 2,000 shares of the treasury stock at $8 per share. Record the joumal entry required for the reissuance of the treasury stoc To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a separa Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Accounting or Chapter 18 of your Intermediate Accounting textbook for a review) 9 On 12/31/16, ABC issued 10,000 shares of $1 par value common stock at the closing matket price of $10 per share. Prepare ABC's to reflect the issuance of the stock on 12/31/16. To refresh your memory, a Paid-in Capital in Excess of Par account should be used excess proceeds over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Inter Accounting textbook for a review) On 7/1/16, ABC sold 10% bonde having a maturity value of $700,000 for $756, 773.50, resulting in an effective yield of 3%. The bond dated 7/1/16, and mature 7/1/21. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method of for land m ar dicount Record the distips ante for the cenu of interest and the related amortization on 127 for adjustments of inventory to market value. It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC determined that their intangible asset might be impaired on December 31, 2016. Record the impairment adjustment, if any. The expected future undiscounted net cash flows for this intangible asset totals $48,000, and the fair value of the asset is $45,000 8 On 7/1/16, ABC purchased 4,000 shares of its own stock from existing stockholders as treasury stock. The cost of the treasury stock was $5 per share, or $20,000 in total. The effects of this transaction are already shown in the unadjusted trial balance. On 1273 ABC reissued 2,000 shares of the treasury stock at $8 per share. Record the journal entry required for the reissuance of the treasury st To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a sepa Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Account or Chapter 18 of your Intermediate Accounting textbook for a review.) 9 On 12/31/16, ABC issued 10,000 shares of $1 par value common stock at the closing market price of $10 per share. Prepare ABC to reflect the issuance of the stock on 12/31/16. To refresh your memory, a Paid-in Capital in Excess of Par account should be used excess proceeds over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Int Accounting textbook for a review) 10 On 7/1/16, ABC sold 10% bonds having a maturity value of $700,000 for $756,773.50, resulting in an effective vield of 8%. The bol dated 7/1/16, and mature 7/1/21. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method amortization for bond premium or discount. Record the adjusting entry for the accrual of interest and the related amortization on 12 Hint Develop an abbreviated amortization schedule to accurately determine the interest expense. 11 ABC Corporation prepares an aging schedule on 12/31/16 that estimates total uncollectible accounts at $75,000. Assuming that the al method is used, prepare the entry to record bad debt expense for the calendar year stock was $5 per shate, or $20,000 in total The effects of this transaction are already shown in the unadjusted trial balance. On 12/31/16 ABC reissued 2,000 shares of the treasury stock at $8 per share. Record the joumal entry required for the reissuance of the treasury stock To refresh your memory, treasury stock is usually accounted for at cost. When treasury stock is reissued for more than its cost, a separate Paid-in Capital-Treasury Stock account should be used to account for the excess proceeds over cost. (See your Principles of Accounting textboc ot Chapter 18 of your Intermediate Accounting textbook for a review.) On 12/31/16, ABC issued 10,000 shares of $1 par value common stock at the closing market price of $10 per share. Prepare ABC's joumal en to reflect the wuance of the stock on 12/31/16. To refresh your memory, a Paid-in Capital in Excess of Par account should be used to accou excess proceede over par value in a stock issuance transaction. (See your Principles of Accounting textbook or Chapter 18 of your Intermediate Accounting textbook for a review) On 7/1/16, ABC sold 10% bonds having a matunty value of $ 700,000 for $756,773.50, resulting in an effective yield of 8%. The bonds are dated 7/1/16, and mature 7/1/21. Interest is payable semiannually on July 1 and January 1. ABC uses the effective interest method of amortization for bond premium or discount. Record the adjusting entry for the accrual of interest and the related amortization on 12/31/16 Hint: Develop an abbreviated amortization schedule to accurately determine the interest expense. 1 ABC Corporation prepares an aging schedule on 12/31/16 that estimates total uncollectible accounts at $75,000. Assuming that the allowance method is used, prepare the entry to record bad debt expense for the calendar year. Instructions Unadjusted Trial Balance - ---------- 47. DIT .... . Adjustments Needed Adjusting Journal Entries Adjusted Trial Balance Type here to search