Please Answer on the attached Answersheet and correct my mistakes if any!!!!

XYZ Company's December 31, 2015, trial balance is as follows:

XYZ Company
Trial Balance
December 31, 2015
Account	Debit	Credit
Cash	$ 43,500
Accounts Receivable	53,500
Allowance for Doubtful Accounts	1,500
Notes Receivable	30,000
Merchandise Inventory	55,000
Land	20,000
Building	150,000
Accumulated Depreciation, Building		$ 15,000
Equipment	50,000
Accumulated Depreciation, Equipment		21,000
Goodwill	26,000
Accounts Payable		25,000
Long-Term Notes Payable		75,000
Common Stock, $10 par, 2,000 shares authorized and outstanding		20,000
Retained Earnings		147,000
Sales Revenue		700,000
Salaries Expense	150,000
Utilities Expense	3,500
Cost of Goods Sold	350,000
Administrative Expenses	55,000
Sales Expenses	15,000	_______
Totals	$1,003,000	$1,003,000

XYZ is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.

Additional Information:

1. Notes Receivable is a 3-month, 6% note accepted on November 1, 2015.
2. Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually.
3. Building is depreciated at 3% per year. There is no salvage value.
4. Equipment is depreciated at 15% per year. There is no salvage value.
5. XYZ discovered, on December 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
6. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
7. Salaries for the last half of December, payable in January, amount to $5,500.
8. XYZ estimates that of the Accounts Receivable, 5% will not be collectable.

Required:

1. Prepare in journal form, any required correcting entries.
2. Prepare in journal form, all end-of-the-period adjusting entries.
3. Prepare a December adjusted trial balance.
4. Prepare a classified balance sheet for the year ended December 31, 2015.
5. Prepare in journal form, the closing entries for the year ended December 31, 2015.

: Acct 220: Final Exam Student Name: ACCT 220 Final Exam Answer Sheet Question 1 (40points) a. General Journal Entries: Date Account Accounts receivable Debit Credit 1500 cash 1500 Inventory 3500 COGS 3500 b. Adjusting Entries: Date Account Accrued Interest Income Rec Debit Credit 296 Interest Income Interest Payable 296 1875 Interest Expense Accumulated Depreciation 1875 4500 Building Depreciation Expense Accumulated Depreciation 4500 7500 Equipment Depreciation Expense Salaries Payable 7500 5500 Salaries Expense Bad Debt Expense Allowance for Doubtful Accounts 5500 4100 4100 : Acct 220: Final Exam Student Name: c. Adjusted Trial Balance: Adjusted Trial Balance Account Titles Debit Credit Cash 45000 Accounts Receivable 52000 Notes Receivable 30000 Merchandise Inventory 51500 Accrued Income Receivable Land Building 296 20000 150000 Equipment 50000 Goodwill 26000 Salaries Expense 155500 Utilities Expense 3500 COGS 353,500 Admin Expenses 55000 Depreciation Expense 12,000 Sales Expense 15000 Bad Debt Expense 4100 Interest Expense 1875 Allowance for Doubtful 2600 Accumulated Depreciation Building 19500 Accumulated Depreciation Equipment 28500 Accounts Payable 25000 Interest Payable 1875 Salaries Payable 5500 Long-Term Notes Payable 75000 Common Stock 20000 Retained Earnings 147000 Sales Revenue 700000 Interest Income Totals 296 $1,025,271 $1,025,271 : Acct 220: Final Exam Student Name: : Acct 220: Final Exam Student Name: d. Classified Balance Sheet: : Acct 220: Final Exam Student Name: e. Closing Entries: Date Account Debit Credit Question 2 (8points) a. Cost of Goods Available for Sale b. Sales c. Value of: (1) LIFO method (2) FIFO method (3) Average-cost method Ending Inventory COGS : Acct 220: Final Exam Student Name: Question 3 (7points) Date Account Debit Credit : Acct 220: Final Exam Student Name: Question 4: (9points) a. Answer: Year Depreciation Expense Total Accumulated End-of-Year Depreciation Book Value 1 11000 11000 54000 2 11000 22000 43000 3 11000 33000 32000 4 11000 44000 21000 5 11000 55000 10000 b. Answer: Year Depreciation Expense Total Accumulated End-of-Year Depreciation Book Value 1 26000 26000 39000 2 15600 41600 23400 3 9360 50960 14040 4 4040 55000 10000 c. Answer $7975.50 or if rounding up $7960 Question 5 (7points) Date Account Debit Credit : Acct 220: Final Exam Student Name: Question 6 (4points) Date Account Debit Credit