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on on December 31 The following $240,000 129,125 760,000 465,800 16,700 woblem 2-43 Preparation of Work Sheet and Adjusting and Closing Entries e cembe owing account balances are taken from the general ledger of whith - the end of its fiscal year. The corporation was organized in January Cash $ 40,250 Common Stock, 5100 par Notes Receivable 16,500 Retained Earnings Accounts Receivable 63,000 Sales Allowance for Bad Debts (credit balance) 650 Sales Returns and Allowances 17.000 Inventory, December 31, 2015 94,700 Cost of Goods Sold Land 80,000 Utilities Expense Buildings 10,200 247,600 Property Tax Expense Accumulated Depreciation --- Buildings 18,000 Salaries and Wages Expense 89,000 Furniture and Fixtures 15,000 Sales Commissions Expense 73,925 Accumulated Depreciation- Insurance Expense 18,000 Furniture and Fixtures 9,000 Interest Revenue 2,600 Notes Payable 18,000 Interest Expense 2.400 Accounts Payable 72,700 Data for adjustments at December 31, 2015, are as follows: (a) Depreciation (to nearest month for additions): furniture and fixtures, 10%; buildings, 4% (b) Additions to the buildings costing $150,000 were completed on June 30, 2015. (C) Allowance for Bad Debts is to be increased to a balance of $2,500. (d) Accrued expenses: sales commissions, $700; interest on notes payable, $45; property taxes, $6,000. (e) Prepaid expenses: insurance, $3,200. (1) Accrued revenue: interest on notes receivable, $750. (g) The following information is also to be recorded: (1) On December 30, the board of directors declared a quarterly dividend of $1.50 per share on common stock, payable on January 25, 2016, to stockholders of record on January 15, 2016. (2) Income taxes for 2015 are estimated at $15,000. (3) The only charges to Retained Earnings during the year resulted from the declaration of the regular quarterly dividends. Instructions: 7. Prepare an eight-column spreadsheet. There should be a pair of columns each for trial balance, adjustments, income statement, and balance sheet. 2. Prepare all the journal entries necessary to record the effects of the foregoing information and to adjust and close the books of the corporation