Please help me on this assignment with details solution because it's worth 15% on my final grade. Thanks
TASK A Victoria Company's statement offinancial position at December 31, 2015, is presented below. Victoria Company Statement of Financial Position December 31, 2015 Accounts receivable Retained eamings 19,7 0 Allowance for doubtful accounts 0R00) Accounts payable 8,750 Total Assets Total Equity and Liabilities 41A80 During January 2016 the following transactions occurred. Jan. 1 Victoria accepted a 4-month, 8% note from Leon Company in payment of Leon's l 500 account. Jan. 3 Victoria wrote off as uncollectible the accounts of Barker Corporation (450) and Elmo Company G30). Jan. 8 Victoria purchased 17.200 of inventory on account. Jan. 11 Victoria sold for 25,000 on account inventory that cost 17,500. Victoria sold inventory that cost 780 to Joe Haribo Jan. 15 for 1,200 cash. Jan. 17 Victoria collected 22,900 from customers on account. Jan. 21 Victoria paid 16,300 on accounts payable. Jan. 24 Victoria received payment in full (330) from Elmo Company on the account written off on January 3. Jan. 27 Victoria purchased supplies for 1,400 cash. Jan. 31 Victoria paid other operating expenses, 3,218 Adjustment data: 1. Interest is recorded for the month on the note from January 1 2. Bad debts are expected to be 5% of the January 31, 2016, accounts receivable. 3. A count of supplies on January 31, 2016, reveals that 470 remains unused. INSTRUCTIONS: You need to set up Taccounts to determine ending balances). (a) Prepare journal entries for the transactions listed above and adjusting entries. (b) Prepare an adjusted trial balance at January 31, 2016. (c) Prepare an income statement and a retained earnings statement for the month ending January 31,2016, and a classified statement of financial position as of January 31 2016. TASK A Victoria Company's statement offinancial position at December 31, 2015, is presented below. Victoria Company Statement of Financial Position December 31, 2015 Accounts receivable Retained eamings 19,7 0 Allowance for doubtful accounts 0R00) Accounts payable 8,750 Total Assets Total Equity and Liabilities 41A80 During January 2016 the following transactions occurred. Jan. 1 Victoria accepted a 4-month, 8% note from Leon Company in payment of Leon's l 500 account. Jan. 3 Victoria wrote off as uncollectible the accounts of Barker Corporation (450) and Elmo Company G30). Jan. 8 Victoria purchased 17.200 of inventory on account. Jan. 11 Victoria sold for 25,000 on account inventory that cost 17,500. Victoria sold inventory that cost 780 to Joe Haribo Jan. 15 for 1,200 cash. Jan. 17 Victoria collected 22,900 from customers on account. Jan. 21 Victoria paid 16,300 on accounts payable. Jan. 24 Victoria received payment in full (330) from Elmo Company on the account written off on January 3. Jan. 27 Victoria purchased supplies for 1,400 cash. Jan. 31 Victoria paid other operating expenses, 3,218 Adjustment data: 1. Interest is recorded for the month on the note from January 1 2. Bad debts are expected to be 5% of the January 31, 2016, accounts receivable. 3. A count of supplies on January 31, 2016, reveals that 470 remains unused. INSTRUCTIONS: You need to set up Taccounts to determine ending balances). (a) Prepare journal entries for the transactions listed above and adjusting entries. (b) Prepare an adjusted trial balance at January 31, 2016. (c) Prepare an income statement and a retained earnings statement for the month ending January 31,2016, and a classified statement of financial position as of January 31 2016
