Need help with part H & J
The Adj TB is already posted on this question
Debits Credits $ 1,959,500 250,000 48,000 155,000 1,800,000 105,000 Cash Accounts Receivables Prepaid Insurance Supplies Equipment Accumulated Depreciation Accounts Payables Interest Payable Unearned Revenue Notes Payable Capital Stock Dividends Revenues Wage Expenses Fuel Expenses Lodging Expense Insurance Expenses Supplies Expense 0 17 18 150,000 1.100.000 2,500,000 19 35.000 20 1,150,000 21 22 570,000 95,500 44.000 23 24 25 26 Interest Expense Depreciation Expenses 48,000 + 27 $ 5,005,000 S Instructions 5,005,000 Transactions Tab Template To-Do a JE Journalize the listed transactions (JE = Journal Entries) b) Post1 Post the journal entries to the appropriate general ledger accounts. c) TB Prepare a trial balance as of December 31. (TB = Trial Balance) d) Adj JE Journalize the adjusting entries based on the following additional information. (Adj TB = Adjusted Trial Balance) 1) The equipment had 20-year life with no salvage value. Use Double Declining Balance method of depreciation 2) Supplies on hand at year end amount to $25.000 3) At year end pay additional interest is due on the note payable 4) The insurance policy covered a 12 month period commencing on June 1 5) At year end, Fernandez had provided $120,000 of unbilled services to customers. These services will be billed in early 20x8 e) Post2 Post the adjusting entries to the appropriate general ledger accounts 1) Adj TB Prepare an adjusted trial balance as of December 31 g) Fin St Prepare an income statement and statement of retained earnings for and a classified balance sheet at the end of the year h) Closing Journalize and post closing entries 0 Post3 Post the colsing entries to the appropriate general ledger accounts j) Close TB Prepare a post-closing trial balance as of December 31 Fernandez Corporation's Chart of Accounts 6 Accounts Payable Accounts Receivable 28 Accumulated Depreciation 29 Capital Stock 90 M Norer Penemane laddonol Wnes as needed FERNANDEZ CORPORATION Trial Balance December 31, 20X7 Debits Credits Cash $ 1,911,500 250.000 48.000 155,000 1,800,000 105,000 150.000 Accounts Receivables Prepaid Insurance Supplies Equipment Accounts Payables Unearned Revenue Notes Payable Capital Stock Dividends Revenues Wage Expenses Fuel Expenses Lodging Expense Interest Expense 1,100,000 2.500,000 35,000 1.150.000 570,000 95,500 44.000 96.000 $ 5.005.000 LA 5.005.000 Instructions transactions a)JE Posti STB d) Adi VE e Post2 Adj TB Fin St hiclosing Posts K L Note: Pleae create addional lines as FERNANDEZ CORPORATION Adjusted Trial Balance December 31, 20X7 Debits Credits Cash S 1,959,500 250,000 48.000 155,000 1,800,000 0 11 12 13 105.000 4 15 150.000 16 Accounts Receivables Prepaid Insurance Supplies Equipment Accumulated Depreciation Accounts Payables Interest Payable Unearned Revenue Notes Payable Capital Stock Dividends Revenues Wage Expenses Fuel Expenses Lodging Expense Insurance Expenses Supplies Expense Interest Expense Depreciation Expenses 1.100.000 2.500,000 17 18 35.000 1.150.000 19 20 21 570.000 95,500 44,000 22 23 24 25 26 27 20 48.000 5.005.000 $ 5,005.000 90
