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Ultimate Frisbee, Inc. had the following post-closing trial balance as of December 31, 2019. Ultimate Frisbee, Inc had the following transactions during 2020: Debit Credit Cash 35,000 Accounts Receivable 1,300 Inventory 4,200 Prepaid Insurance 7,000 Supplies 5,000 Building 240,000 Accumulated Deprec - Bldg 12,000 Office Equipment 9,000 Accumulated Deprec - Office Equip 2,000 Accounts Payable 2,300 LT Note Payable - Bank 100,000 Common Stock 42,000 Retained Earnings 143,200 301,500 301,500 Ultimate Frisbee, Inc. Post Closing Trial Balance 12/31/2019

Jan 15 Issued common stock for $60,000 Feb 10 Purchased supplies on account for $4,750 Feb 25 Paid the invoice for Supplies that were purchased on Feb 10th Apr 5 Purchased merchandise (Inventory) of 16,000 Frisbees at $1.15 per Frisbee on account Apr 10 Paid a Design Company cash to screen print your own logo and design on the frisbee for .20 per Frisbee May 5 Paid the invoice of April 5 May 10 Sold 3,000 of the Frisbees on account to Sports Fanatics, Inc., for $3.50 per Frisbee. May 19 Received cash from the sale on May 10. Jun 1 Issued a 60-day, 12% note (receivable) for $10,000 to Phil Dumphy, one of our managers, who stumbled upon some legal trouble. Jun 15 Sold 5,000 Frisbees on account to Win or Go Home, Inc., for $3.90 per Frisbee. Jun 30 Paid sales salaries of $1,700 and office salaries of $1,200, utilities of $300, insurance expense of $500 and travel expenses of $250 July 5 Purchased a Screen-Printing Machine by paying $3,000 in cash and signing a 90-day, 6% note for $7,000. July 24 Received payment from Win or Go Home, Inc Aug 1 Received amount owed on June 1 note, plus interest at the maturity date. Sept 1 Sold 5,000 Frisbees to Players R Us, Inc, for $3.95 per Frisbee on Account. Sep 5 Purchased land by issuing a $40,000, 12% 90-day note to Ace Development Co. Oct 1 Received payment in full from Players R Us, Inc. Oct 15 Paid off the Note for Equipment. Nov 30 Paid sales salaries of $2,200 and office salaries of $1,100, utilities of $500, insurance expense of $300 and travel expenses of $150 Dec 5 Paid in full the September 5 note at maturity. Instructions: 1. Enter in your beginning balances from December 31, 2019 2. Journalize the above transactions and post to the ledger (T-accounts). 3. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $80,448 b. Balance according to the ledger at December 31, _________

c. The following checks were still outstanding as of Dec 31, 2019: Check #1234 $5,301 Check #1235 $10,300 Check #1236 $6,000 d. Interest earned, $100 e. Deposit in transit, not recorded by bank, $113 f. Bank debit memorandum for service charges, $55 g. A check for $200 in payment of an invoice was incorrectly recorded in the ledger as $20 4. Based on the bank reconciliation prepared in 2 above, journalize the entry or entries to be made by Ultimate Frisbee, Inc and post to the ledger (T-accounts). 5. Based on the above transactions, prepare an Unadjusted Trial balance. 6. Based on the following information, journalize the adjusting entries in your Unadjusted Trial balance and prepare an Adjusted Trial Balance as of December 31, of the current year: a. Accrued Sales Revenue, $3,600 b. Prepaid insurance expired during the year, $4,400. c. Accrued Salaries for a 2-day period ending Dec 31st. Salaries of $1,500 are typically paid weekly for a 5-day work week. d. Accrued Interest expense for the 5yr, 3% Long Term Note Payable from the Bank. e. A physical count of supplies showed $4,900 left on hand. f. Depreciation is computed as follows: Asset Cost Residual Value Acquisition Date Useful Life in Years Depreciation Method Used Buildings $240,000 $ 0 January 2, 2020 40 Straight-line Office Equip. 9,000 1,000 January 3, 2019 4 Straight-line Machine 10,000 1,000 July 5, 2020 5 Straight-line 7. Using your Adjusted Trial Balance, prepare an income statement, statement of retained earnings and balance sheet as of December 31,2020.

typically paid weekly for a 5-day work week. d. Accrued Interest expense for the 5yr, 3% Long Term Note Payable from the Bank. e. A physical count of supplies showed $4,900 left on hand. f. Depreciation is computed as follows: Asset Cost Residual Value Acquisition Date Useful Life in Years Depreciation Method Used Buildings $240,000 $ 0 January 2, 2020 40 Straight-line Office Equip. 9,000 1,000 January 3, 2019 4 Straight-line Machine 10,000 1,000 July 5, 2020 5 Straight-line 7. Using your Adjusted Trial Balance, prepare an income statement, statement of retained earnings and balance sheet as of December 31,2020.