please prepare adjusting journal entries
Initial Data: Dresser Company Balance Sheet 31-Dec-19 Assets: Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Inventory Prepaid Insurance Supplies Total Current Assets Liabilities and Stockholders' Equity: Current Liabilities: Accounts Payable Interest Payable Salary and Wages Payable Total Current Liabilities $ 8,200 2,000 400 $ 10,600 $ 12,300 15,720 (7.210) 11,580 2,000 590 $ 34,980 Long Term Liabilities: Bonds Payable, 8%, 10 year *** $ 50,000 Total Liabilities $ 60.600 Property, Plant and Equipment Building Less Accumulated Depreciation Equipment Less Accumulated Depreciation Total Property, Plant and Equipment $ 100,000 (30,000) 60,000 (35,855 $ 94,145 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity $ 55,000 13,525 $ 68,525 Total Assets $ 129,125 Total Liabilities and Stockholders' Equity $ 129,125 Interest payable Jan. 1 and July 1 Inventory balance is: 4000 units at $1.50 each 3600 units at $1,55 each $ 6,000 5,580 $ 129,125 Total Assets $ 129,125 Total Liabilities and Stockholders' Equity *** Interest payable Jan. 1 and July 1 $ "Inventory balance is 4000 units at $1.50 each 3600 units at $1.55 each Total Inventory 6,000 5,580 11,580 $ DOD ogo 80 FJ 5 DIL FI F F4 65 F& F7 ES # $ % A N & 3 4 5 6 7 8 9 Q W E R T CA C D Journal Entries Account Names Credit JE# 1 Interest Payable Cash Debit 2,000 2,000 2 Salaries & Wages payable Salaries & wages expense cash 400 550 950 3 Accounts receivable Sales 60,000 60,000 1,300 4 Supplies Accounts payable 1,300 3,200 5 Purchase Accounts payable 3,200 41,600 6 Accounts receivable Sales 41,600 5,600 7 Allowance for doubtful accounts Accounts receivable 5,600 2,000 8 Interest expense Cash 2,000 4,050 9 Purchase Accounts payable 4,050 10 Accounts receivable Allowance for doubtful accounts 1,400 1,400 1,400 10B Cash Accounts receivable 1.400 11 Salaries & wages expense Cash 72,000 72,000 6,600 12 Pre-Paid Insurance cash 6,600 57,750 13 Accounts receivable Sales 57,750 87,800 14 Cash Accounts receivable 87,800 15 Purchase Accounts payable 6,270 6270 10,300 16 Accounts payable Cash 10,300 7.750 17 Cash Sales 7,750 1,600 3,850 18 Selling expense Administrative expense Cash Aaminerative enero 5.450 Balance Sheet 2014 Journal Entries T-Accounts Income Statement Statemer E A 19 Dividend Cash Accounting Worksheet c D 6,000 6,000 20 Note receivable Sales 55,000 55,000 5 7 50 B1 54 86 87 90 Adjusting Journal Entries: 1. Prepaid insurance expires evenly each month. 2. A count of supplies at year end revealed $480 of supplies on hand. 3. Interest is recorded on the long-term note receivable. 4. Interest is recorded on the Bonds Payable. 5. Depreciation on the equipment is calculated using the sum-of-years-digits method. The salvage value is $2,000, life is 10 years, and 4 years are depreciated as of Dec. 31, 2019. 6. Depreciation on the building is calculated using the straight-line method. The salvage value is $10,000, life is 30 years, and 10 years are depreciated as of Dec. 31, 2019. 7. Salaries and wages payable at year end amounted to $800. 8. Dresser performed an aging analysis of its year end Accounts Receivable as follows: 0-30 days 31-60 days 61-90 days > 90 days AVR Balance % $ (balance) 60% 20% 10% 10% % Uncollectible 10% 30% 50% 70% 9. Income tax is recorded at $25,916
