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please help would you please be able to finish today. i need the assigment done by 5 pm. please On the following tab you will
please help
would you please be able to finish today. i need the assigment done by 5 pm. please
On the following tab you will find the post close Trial Balance for Whitlow Manufacturing Corporation for the year ended December 31, 2020. You will also find the transactions for the Month of January 2021 and the early part of February You are required to do the following: 1) Prepare the January Transactions in Good form 2) Post those to T-Accounts 3) Pull an Unadjusted Trial Balance from the T-accounts and put it in a worksheet 4) Do the adjusting entries in good form 5) Post those to your worksheet 6) Complete the worksheet for the adjusted Trial balance, income statement columns and the balance sheet columns 7) Prepare the formal financial statements other than cash flow 8) Prepare the closing entries and post them to the worksheet 9) prepare the post-close Trial balance on the worksheet M O P o N P R The following is the post closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020 3 A Arrunte Title Debits Credits s canh 4,000 6 Accounts receivable 1,000 7. Inventory 4,000 Equipment 10,000 Accumulated depreciation 2.500 10 Accounts payable 2.000 11 Common stock 2.000 12 Retained warning 6,500 1) Total 19.000 19.000 14 15 16 In the following transactions occurred during any 2021 and early part of February 18 19 an 1 Sold merchandise for cash. The cost of the merchandise was $2,000. The company wies the perpetual inventory system 20 2 Purchased a two yearunce policy for $1,000 21 2. Purchased equipment on account for SAS from the strong company withers Salvage value and life, the exciting equipment has a life, il depron St 22 The Compnay sold to other owners in the total amount of $20,000 23 4 received a 100 inwone from the local newspaper requesting payment for an advertement that Whitlowplaced in the paper on January 24 Sold merchandise on scount for 4,000. The cast of the merchandises $1,100. 10 Pursed merchandise on count for 26 1 chased went forth, so with a 7 de depron the 27 15 coco from a customer for Merchandise to be purchased by the customer the next days with a coat of ww was delivered by the end of the month 15 Tookout $1000 note peable due at the end of days with interest at that time of 16 at the entire amount due to the strong company 18 deceived from one count 20 and 51400 to the owner of the building waar anderuary 12 30 Paid employees 5,000 for sale for the month of 1 11 Paidat vidend of 2000 to the Note the federal and state corporate income tante 2 35 Feb 1 days to come for some with a coof 1000 12 2 Bethany of Purchd Mustand for 1000 h 10 31 Jan. 1 Sold merchandise for cath, 2.500. The cost of the merchandise was $1.000. The company was the perpetual entorystem 2 Purchased a two year insurance policy for $1,000 2. Purchased equipment on account for $4,500 from the strong company with Sage value and see the linhas de deporte 3 The Compnay sold stock to their owners in the total amount of $10.000 4 Received a $100 invoice from the local newspaper requestine Payment for an advertisement that Whitlow placed in the proper any 8 Sold merchandise on account for $4,000. The cost of the merchand was 5.100 10 Purchased merchandise on account for 3,000, 11 Purchased equipment for cash, $700 with a life depron the basis 15 Rec'd $500 from a customer for Merchandise to be purchased by the customer over the next days with a cost of of which was delivered by the end of the month 15 Took out a $5000 note payable due at the end of days with interest payable at that time of 16 Pald the entire amount due to the strong company 18 Received $3.500 from customers on account 20 Paid $1400 to the owner of the building for January's and February rent. 30 Paid employees $2,000 for salaries for the month of January 31 Paid a cash dividend of $2000 to shareholders. Note: the federal and state corporate income tax rates 2596 Feb 1 Billed January Sales to customers for $2000 with a cost of $100 2 Rec'd the January Utility bill of SEO Purchased Merchandise for $300 canh 2 Foma Tube Cel Sys Delen . B D Format Sort & G H 4,000 10,000 M N 0 5 2,500 2,000 8,000 6,500 19,000 19,000 curred during January 2021 and early part of February 1 Sold merchandise for cash, $2,500. The cost of the merchandise was $1,000. The company was the perpetual Inventory 2 Purchased a two year Insurance policy for $1.600 2 Purchased equipment on account for $4,500 from the Strong Company with zero Salvape value and 5 yr life, the existing equipment and the widepron 3 The Compnay sold stock to their owners in the total amount of $20,000 4 Received a $100 involce from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. 8 Sold merchandise on account for $4,000. The cost of the merchandise was $1,800 10 Purchased merchandise on account for 59,000 13 Purchased equipment for cash, $700 with a 7 yr life depr on the SL basis 15 Rec'd $5000 from a customer for Merchandise to be purchased by the customer over the next 30 days with a cost of 52500, SON of which was delivered by the end of the month. 15 Tookout a $5000 note payable due at the end of 60 days with interest payable at that time of 6% 16 Paid the entire amount due to the Strong Company 18 Received $3,900 from customers on account. 20 Paid $1400 to the owner of the building for January's and February rent 30 Paid employees $2,000 for salaries for the month of January 31 Paid a cash dividend of $2000 to shareholders. Note: the federal and state corporate Income tax rate is 25% 1 Billed January Sales to customers for $2000 with a cost of $1000 2 Rec'd the January Utility Bill of $600 3 Purchased Merchandise for $3000 cash 2 The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. 3 3 Account Title Debits Credits - Cash 4,000 Accounts receivable 1,000 Inventory 4,000 Equipment 10,000 Accumulated depreciation 2,500 Accounts payable 2,000 Common stock 8,000 Retained earnings 6,500 Totals 19,000 19,000 You are required to do the following: 1) Prepare the January Transactions in Good form 2) Post those to T-Accounts 3) Pull an Unadjusted Trial Balance from the T-accounts and put it in a worksheet 4) Do the adjusting entries in good form 5) Post those to your worksheet 6) Complete the worksheet for the adjusted Trial balance, income statement columns and the balance sheet columns 7) Prepare the formal financial statements other than cash flow 8) Prepare the closing entries and post them to the worksheet 9) prepare the post-close Trial balance on the worksheet Step by Step Solution
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