Find the unadjusted trial balance for your firm as of December 31, 2019. Your job as controller is to use this trial balance and the data given for necessary year-end adjustments in order to create a corrected, adjusted trial balance and financial statements for your firm?s bank.

part a. Complete the adjusting entries that you determine are necessary, based on the data that you have been given. Record then in the general ledger and on the worksheet. Make sure that the entries entered are in perfect form with all required data. You may use SA as the source (for supervisor approval). Show any computations necessary to justify the entries you make. Write the journal entries in the general journal. You can use general journal sheets attached.

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Unadjusted Trial Balance Adjusting Entries Income Balance Statement Sheet DR ACCOUNT DR CR DR CR DR CR CR Cash 244000 Cash Equivalents 65000 Accounts Receivable 195000 Allowance for Doubtful Accounts 2500 240000 285000 Short-Term Investments Merchandise Inventory Supplies Inventory Prepaid Rent 25000 90000 Prepaid Insurance 360000 400000 950000 400000 4600000 Long-Term Investment (60% ownership) Land for Future Expansion Debt Service Fund Land Machinery & Equipment Buildings Accumulated Depreciation 3100000 542500 Patents 245000 Copyright Goodwill Trademark Derivatives Deferred Tax Assets 123000 75000 135000 50000 240000 Deferred Pension Assets 230000 175000 95000 34000 Accounts Payable Income Taxes Payable Sales Taxes Payable Dividends Payable Interest Payable Notes Payable (8% interest rate) Mortgage Payable (5% interest rate) Bonds Payable (6% interest rate) 14000 1000000 850000 2500000 1000000 500000 Common Stock (1,000,000 shares outstanding) Preferred Stock (4%) Paid-in Capital in Excess of Par - Common 1800000 Paid-in Capital in Excess of Par - Preferred Retained Earnings 200000 29000 Accumulated Other Comprehensive Income Sales Revenue 9800000 Sales Returns & Allowances 37000 Sales Discounts 56000 Cost of Goods Sold 3517000 Selling Expense 482200 General Administrative Expense Rent Expense Insurance Expense Research and Development Expense Impairment Expense Bad Debts Expense 2120000 136000 120000 Interest Revenue 22000 35000 Dividend Revenue Other Expense Interest Expense 95000 Income Tax Expense Gain / Loss on Derivatives Gain on Sale of investments 44200 Loss on Sale of Machinery TOTALS 23000 18640700 18640700