Part 1b: Post the adjusting journal entries to t-accounts:

(Specific instructions: Above each T-account, write the account name of each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1)the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.)

Financial Statement Homework #2 Name Upload a copy of ALL PAGES of the Financial Statement HW to the D2L dropbox. You must handwrite (not type) the assignment. Insert image of your assigned unadjusted Trial Balance HERE: I Frank, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 48,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Note Receivable 50,000 Interest Receivable 1,350 Supplies 5,000 Prepaid Insurance 52.000 Inventory 6,500 Vehicle 16.000 Equipment 37,000 Accumulated Depreciation 12,000 Accounts Payable 28,000 Uneamed Revenue 14,000 Wages Payable 2.000 Long-Term Notes Payable 55,000 Common Stock 114,000 Retained Eamings (1/1/2017) 2.500 Dividends 2.000 Sales 519,500 Sales Returns & Allowances 13,000 Sales Discounts 3,000 Cost of Goods Sold 59,500 Delivery Expense 5,000 Depreciation Expense 19,000 Bad Debt Expense 2,600 Rent Expense 102,000 Insurance Expense 25,000 Wages Expense 195,000 Supplies Expense 16,000 Interest Revenue 1,350 Loss on Disposal 7,000 Interest Expense 2.500 Income Tax Expense 44,000 Total 750, 350 750.350 unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.) 1 I E Part 1c: Prepare the Adjusted Trial Balance (i.e., use ending balances after the previous journal entries are posted) December 31, 2017 Adjusted Trial balance Debit Credit Cash 4 words E English (United States) Focus Right: Alle L Part 1a: Prepare adjusting journal entries using the unadjusted trial balance on the previous page and the information provided below. Use only the account names provided on the previous page (do not create any new account names). 1. On Dec 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 + terms 3/10 net 30. 2. The company received a 6 month, 12% Interest note short-term note for the amount listed on the unadjusted trial balance on Oct. 1, 2017. All interest and principal will be paid back at the end of the 6 months. Write the adjusting journal entry required for its financial statements as of Dec. 31, 2017 I 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017 4. Management estimates that of the remaining accounts receivable balance. $2,000 will be uncollectible. Record the adjustment based on this information. Hint: Use the AFDA balance AFTER the above write off during 2017 Use an AFDA T-account! 5. A place of equipment was retired on Dec 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan 1, 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec 31, 2017. Update the depreciation below (85). Then record the retirement (6) 6. Record the retirement of the equipment (from 5) including the gain or loss Part 1b: Post the adjusting journal entries to t-accounts: (Specific instructions: Above each T-account, write the account name of each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1)...the English (United States) Focus 314 words