please fill out the empty blanks on all the pages i am real confused and need help ASAP

ACME Distribution, Inc. December 31, 2016 Selected Transactions Read through the information below for selected transactions during the month of December, 2016 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached. 1) On December 5, ACME purchased $58,875 of merchandise on account from Indiana Corp terms 3/10, 1/30 Date 1125 Account description Inventory Debit Credit accants payable 58675 56675 2) Sold Merchandise for $5,000 to Lee Corp on account on December 7. Cost of the merchandise was $3,340 and the terms of the sale were 2/15,-/30. Date Account description Debit Credit 1217 accounts receivable 5000 sales 5000 13340 3340 Costs of a sold Inventory 3) On December 14 ACME wrote a check to Indiana Corp for the purchase made on December 5 to take advantage of the purchase discount (round discount to nearest dollar) Date Account description Debit Credit 1214 58475 57101 1766 accounts payable 4) On December 15, Lee Corp requested credit for $500 of defective merchandise included in their December 7 purchase. ACME granted them an allowance and they disposed of the defective merchandise at ACME's request. Date Account description Credit Debit 500 12115 sales returns & allowance recevoile 500 5) Debit Lee Corp paid their balance due taking the sales discount offered on December 19 Date Account description Credit 72.79 cao 4410 gales dscouth 90 accouilts reclivale 4500 6) December 20 ACME issued 50 shares of 510 par stock for $48 per share for cash, Prepare the adjustment to record the issuance of stock below. Date Account description Debit Credit 2400 112/20 Cash common stock additional paid in capital So 7900 7) ACME purchased supplies for $1,300 cash on December 21. [12121 Supplies Date Account description Debit Credit Who cash 1300 8) On December 21 ACME received $2,500 in cash as an advance payment for merchandise to be delivered next month. Account description 13421 cotch 2500 unearned revenue 2500 9) On December 23 ACME paid in cash the December utility bill of $1,680 Date Account description Debit Credit 112/23 utilities expense cash 1680 1650 10) On December 23, 2016 the board of directors declared a dividend of 58 per share on its 170 issued and outstanding shares to shareholders of record on January 16 2017 and payable on February 16, 2017. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to retained earnings. Be sure to use that account!) Date Account description Debit Credit 12/23 1360 Salaries experte Isauries amble 1360 11) ACME has already accrued the employee salaries for the pay period ending December 23. On December 28. ACME pays the employees the previously accrued amount Date Account description Debit Credit 4250 cash 12/29 salaries payable ACME Distribution, Inc. December 31, 2016 General Ledger T-accounts Beginning balance Allowance for bad debts 130 Cash Accounts receivable 103.212 42.400 4410 57109000 200 200 1200 43OD 2500 1600 4250 Ending balance 48183 42-100 1350 Beginning balance Inventory 25,558 58675 3340 Supplies 145 Prepaid insurance 18.000 120 1766 Ending balance 79327 1445 MOON Prepaid rent 2,600 Office equipment 35.000 Accum. Dept-Office equip 11,500 Beginning balance Ending balance 2000 35000 Warehouse equipment 80,000 Accum. Depr-Whise equip 24.000 Beginning balance 29000 Ending balance 5600 Beginning balance Accounts payable 14.200 Bond payable 75.000 Salaries payable 4.250 4290 Ending balance 14200 75000 Interest payable Beginning balance Dividends payable Uncamned revenue 2900 Ending balance 11360 250 Beginning balance Common stock 1.200 Additional paid in capital 900 1900 Retained earnings 162.410 Ending balance 1700 2860 16.2410 Beginning balance Dividends 24.000 1360 Ending balance 255 Sales Sales discounts 1.885 Sales returns & allowance 280 Beginning balance 729,300 5000 Ending balance 754,500 275 760 Beginning balance Cost of goods sold 532,310 3340 Depr. exp.- Office equip 3.500 Depr. Exp.- Whs equip. 8,000 Ending balance lo doo Bad debt expense Beginning balance 800 Salaries expense 61,400 Insurance expense 14,500 Ending balance Soo CTHOD 145200 Interest expense Beginning balance Rent expense 28,600 Advertising expense 22,700 Ending balance 26600 2270 Utilities expense Beginning balance 18,000 1080 Ending balance AGO ACE TA De DEN B92 92970 Ah 130 70027 1945 361 124.00 3600 OR 11500 4 240 FOO 73 CORE 1360 2560 1700 2 1-240 25920 Guides 760 525200 350 Depreciations Opciones 000 360 Ra 14.00 114960 256.00 A 11022700 1360 1961 102 Check 10 1 1 Feleach and individually. De combine then. Beste complete wine ACME Distribution, Inc. December 31, 2016 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adjusting journal entries, use the account titles from the trial balance or the general ledger. Post each of the entries below to the trial balance and calculate the adjusted account balances. 1) A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below. I 18080/12.9 = 13500 Debit Credit Account description 13500 Insurance experse 13500 prepaid insurance Post the above entry to the trial balance in the adjustment columns 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). 5 5 days. $925 Credit Debit 4625 Account description salaries expense Salaries 4625 Payable Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 3) The company takes a physical inventory count at the end of the year and adjusts their inventory and cost of goods sold if there is a difference between the inventory value determined from the actual count compared to the value in the general ledger. The information below includes the number of units counted in Inventory at the end of the year and the purchases of inventory during the month. Number of units held in the company's inventory at 12/31/2016 based on a count of the inventory was 18.841 units A listing of purchases during the month of December are as follows: 18841 6500 Quantity Unit Total 14.00 Date Purchased Cost Cost December 5, 2016 15,700-$ 3.75 $ 58,875 December 14, 2016 0,500 5 4.00 $ 26.000 December 21, 2016 7,500 5 4.50 $ 33.750 33,750 The company uses FIFO to account for its inventory cost. 7500 Mooo 4841 7500) 6500 - 26,000 4641 7703.75 18153.75 What is the cost of the company's ending inventory (round answer to nearest dollar and show your calculation below for full credit)? 77904 The balance in inventory per the unadjusted trial balance before making any adjustments is $79,327 What is the amount of the December 31 adjustment to Inventory cost (show your calculation below for full credit)? 1424 19 327 -77903 1423.75 Complete below the adjusting journal entry necessary for inventory Credit Debit Account description 1424 Inventory cos 1424 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 4) The company has estimated, based on historical information, that 4.5% of its accounts receivable will ultimately not be collected. Therefore, they provide an allowance for bad debts at that level Calculate the appropriate amount for the allowance at December 31, 2016 Accounts receivable balance per the unadjusted trial balance 42.400 Estimated allowance amount (Round answer to the nearest dollar and show your calculation below for full credit). 42400. 045-1900 -1908 1908 Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit). 4200. 045 Complete below the adjusting journal entry necessary for the allowance for bad debts: Credit Account description Debit bad delot expense 1908 allowance for bord 1906 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 5) On July 31, 2016 the company purchased new warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset. It is estimated to have a useful life of 8 years and a salvage value of $5,000. What is the depreciation expense for 2016 using the straight-line method? (Round answer to the nearest dollar and show your calculation below for full credit) 2344 (- ) = 50000 5000 18=5625 5625.5/12-2343,75 5112=0,41667 Complete below the adjusting journal entry necessary for depreciation: Account description Credit Debit 2345 depreciation experte lace, depreciation equipment 2344 Post the above entry to the trial balance in the adjustment columns. ACME Distribution December 31, 2016 Adjusting Entries Continued The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The band has a contractual interest rate of 6.8% and was issued at par. The bond matures in 10 years and pays interest on July 31 and January 31 each year. What is the amount of interest to be accrued at December 31, 20167 (Round answer to nearest dollar and show your calculation below for full credit 2125 (75000 .068). 3/12 =2125 Complete below the adjusting journal entry necessary for accrued interest Account description Credit Debit 2125 Interest payable 2125 Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31, 2016 2015 Revenue: Sales Less: Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit 607.480 1,480 620 605,380 461,200 144.180 1424 Operating expenses: Depreciation expense-Office equipment Depreciation expense --Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense Total operating expense 2349 104 4625 13500 1,200 2,500 640 48,000 18,060 24,000 15,900 13,000 123,300 Income from operations 20.880 Other expense --Interest 225 0 Net income 20,880 ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2016 and 2015 Balance, January 1, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2015 Common stock issued Add: Net Income Less: Dividends paid Balance, December 31, 2016 Additional Common Stock Paid in Retained Shares Amount Capital Earnings Total 100 $ 1,000 $ 500 $ 153,530 $ 155,030 20 200 400 600 20,880 20,880 12,000 12,000 120 1,200 900 162.410 164,510 50 560 1900 24 60 10920 10920 25360 2560 120 1722 28001577970522 ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31 2016 2015 Assets Current assets Cash Accounts receivable Allowance for bad debts Accounts receivable-net of allowance Inventory Supplies Prepaid insurance Prepaid rent Total current assets 94620 42400 - 1908 40492 7710375 34,620 25,060 (1,200) 23,860 66.750 15200 2600 1360145.75 10,700 2,600 138,530 Property, plant and equipment Office equipment Warehouse equipment 65000 30000 35,000 30,000 65,000 24,000 41,000 Less accumulated depreciation Net property, plant and equipment -26344 30656 Total assets 22465175 $ 179,530 ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31 2016 2015 Liabilities Current liabilities Accounts payable Salaries payable Interest payable Dividends payable Unearned revenue Total current liabilities 14550 4625 2125 14,550 470 0 21300 15,020 Long-term liability Bond payable Total liabilities 75000 %300 0 15,020 Stockholders' Equity Common stock, $10 par value, 100,000 shares authorized, 170 and 120 shares issued and outstanding Additional paid-in capital Retained earnings Total equity 1200 00 10240 LA510 260810 1,200 900 162.410 164,510 Total liabilities and equity $ 179,530 ACME Distribution, Inc. December 31, 2016 Closing Entries After completing the financial statements (income statement, statement of stockholders equity and balance sheet) prepare the entries to close the books at the end of 2016 in preparation of beginning the 2017 accounting year. After preparing the closing entries post them to the trial balance in the closing entries columns and then complete the post-closing columns 1) Entry to close the revenue and contra-revenue accounts Account description Debit Credit 2) Entry to close the expense accounts: Account description Debit Credit 3) Entry to close the income summary account: Account description Debit Credit 4) Entry to close the dividends account: Account description Debit Credit