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QUESTION 1. N.E. company (N.E. Co.) has December 31 fiscal year end. N.E. Co. prepared the following Unadjusted Trial Balance on December 31, 2015: N.E. Company Unadjusted Trial Balance December 31, 2015 Account Unadjusted Trial Balance Debit 81,100 Credit Cash Accounts receivable 1,400 Supplies 5,900 Prepaid insurance 4,800 Equipment 42,000 Accumulated depreciation 14,000 34,200 Accounts payable (including salary payable) Unearned service revenue 10,200 Common stock 40,000 Retained earnings 16,000 Dividends 4,000 Service revenue 28,000 Utilities expense 3,200 Total 142,400 142,400 2. Prepare the adjusted trial balance. Additional information related to year 2015: a. Equipment was purchased at a cost of $42,000. The equipment's useful life is 6 years and the equipment does not have salvage value. (42,000/6 - $7,000) b. The beginning balance of supplies was 52,200. During the year, N.E. purchased supplies costing $1,400, SL.000 and $1,300. At December 31" supplies on hand total $1,600. . (2.200 SWS1300 - 5900 -1600 - $4,300) c. N.E. Co, pays employees each Friday. The amount of the weekly payroll is 5 14,000. The current accounting period ends on Thursday (i.c., December 31" is Thursday). (14000/s - 28001_24 days - 11.200 d. N.E. Co prepaid 54,800 insurance for the next two years on October 314, 2015, . 48002-2400 per year 2400/12 - 200 month for December e. . N.E. Co. is providing services to Milan Investments, and the owner of Milan pre-paid N.E. Co. 10,800 on November 30, 2015 as an annual service fee. 10,800/12 - 0 (1 Month) N.E. Company Adjusted Trial Balance December 31, 2015 + Account Unadjusted Trial Balance Debit Credit 81,100 Adjustments Debit Credit Adjusted Trial Balance Credit 81,000 Debit Cash Accounts receivable 1,400 1,400 Required: Supplies 5.900 4300 1,600 1. Journalize all adjusting entries needed on December 31, 2015 a) Account name Prepaid insurance 4,800 4,600 200 Debit Credit Equipment 42,000 42,000 12/31 DR Equipment Dep Exp 7000 Accumulated depreciation 14,000 21,000 CR Equipment Ascum Dep 7000 7,000 34,200 44,400 b) 11.200 Account name Debit Accounts payable (including salary payable) Unearned service revenue Credit 10,200 9,300 900 12/31 Dr Supplies Expense 4300 Common stock 40,000 40,000 Cr Supplies 4900 Retained earnings 16.000 16,000 c) Account name Debit Credit Dividends 4,000 4,000 12/31 Dr Salary Expense 11,200 Service revenue 28.000 28.900 Cr Salary Payable 11,200 900) Utilities expense 3,200 3,200 d) Account name Dehit Credit Supplies expense 4.300 12/31 200 4,300 De Insurance Expense Cr Prepaid Insurance 200 Salary Expense 11,200 11,200 Insurance Expense 200 e) 200 Dehit Account name Credit 7.000 12/31 Dr Unearned Service Revenue Equipment Depreciation expense 900 7000 Cr Service Revenue 900 Total 142,400 142,400 160,600 160,600 23,600 23,600 3. Prepare the income statement, the statement of retained earnings and balance sheet. NE Company Income Statement For month ended 12/31 4. Prepare all required closing entries (.e., close the books) 28.900 Close Revenues Service Revenues Expenses Utilities Expense Supplies expense Salary Expense Depreciation Expense Insurance Experise Total Expenses Net Income 3,200 4,300 11,200 2000 200 Dr. Service Revenues Cr. Retained Earnings 28.900 28,900 25,900 3.000 NE Company Statement of Retained Eamings For month ended 12/31 Close Expenses Dr. Retained Earnings 25.900 Utilities Expense Supplies expense Salary Expense Depreciation Expenso Insurance Expense 3,200 4,300 11,200 7000 200 16,000 Retained Earnings as Dec 30, 2015 Net Income Dividends Retained Earnings Dec 31, 2015 (4,000) 15,000 Close dividends Dr. Retained Earnings Cr. Dividends 4,000 4,000 NE. Company Balance Sheet As of 12/31 Assets Cash Acc. Receivable Prepaid Insurance Supplies Tatal Current Assets 81.000 1.400 4,600 1.600 88.600 42.000 (21.0001 49,075 Equipe Less: Accumulated Dupreciation Total Assets 41,400 Liabilities Acc. Payable Lineamed Service Revenue Total Liabilities 9,300 53,700 10,000 Stockhollos Equity Common Stock Retained Earnings Total SE Total Liabilities - SE 16.000 46,000 95,075