Question 1 (6.5 points) 1,000 Alberto, Inc. December 31, 2017 Unadjusted Trial balance Cash 42,000 Accounts Receivable 24,000 Allowance for Doubtful Accounts Short Term Note Receivable 50,000 Interest Receivable 0 Supplies 5,000 Prepaid Insurance 48,000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 2,000 Sales Sales Returns & Allowances 7,000 Sales Discounts 3,000 Cost of Goods Sold 46,000 Delivery Expense 5,000 Depreciation Expense 16,000 42,000 12,000 14,000 2,000 45,000 106,000 2,500 503,000 106,000 2,500 2,000 503,000 Common Stock Retained Earnings (1/1/2017) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Delivery Expense Depreciation Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total 7,000 3,000 46,000 5,000 16,000 0 98,000 25,000 195,000 16,000 0 0 6,500 36,000 727,500 727,500 On Dec 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank (7) enter the account to be credited. In Blank [8] enter the amount to be credited. Dr. (1) [2]$ Cr. [3] [4]$_ Dr. [5] [6]$ Cr. [7] [8]$ A/ AM AJ A/ A / A A AJ The company made a loan to Jackson Co. in the form of a short-term note. Write the adjusting journal entry for the accrual of interest from Oct 1, 2017 to Dec. 31, 2017. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. [3] [4]$ A/ A A A Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjusting journal entry based on this information. In Blank (1) enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4) enter the amount to be credited Dr. [1] [2]$ Cr. [3] [4]$ A/ A/ N A piece of equipment was retired on Dec. 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1, 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec. 31, 2017. Update the depreciation below (#5). In Blank (1) enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$__ Cr. [3] [4]$ A/ A/ A A Record the retirement of the equipment (from #5) including the gain or loss. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank (3) enter the account to be credited or debited for the gain or loss. In Blank [4] enter the amount to be credited or debited for the gain or loss. In Blank [5] enter the account to be credited. In Blank [6] enter the amount to be credited. A A What is the total dollar amount of debits in the Adjusted Trial Balance? (This number should be the same as the total dollar amount of credits.) nr. m. Insert image of your assigned unadjusted Trial Balance HERE: 1.000 Alberto, Inc. December 31, 2017 Unadjusted Trial balance Cash 42.000 Accounts Receivable 24,000 Allowance for Doubtful Accounts Short Term Note Receivable 50.000 Interest Receivable 0 Supplies 5.000 Prepaid Insurance 48.000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation Accounts Payable Uneamed Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 2.000 Sales Sales Returns & Allowances 7,000 Sales Discounts 3.000 Cost of Goods Sold 46,000 Delivery Expense 5,000 Depreciation Expense 16.000 Bad Debt Expense o Rent Expense 98,000 Insurance Expense 25.000 Wages Expense 195,000 Supplies Expense 16.000 Interest Revenue Loss on Disposal Interest Expense 6,500 Income Tax Expense 36.000 Total 727,500 42,000 12.000 14,000 2.000 45,000 106,000 2,500 503,000 0 727,500 Question 1 (6.5 points) 1,000 Alberto, Inc. December 31, 2017 Unadjusted Trial balance Cash 42,000 Accounts Receivable 24,000 Allowance for Doubtful Accounts Short Term Note Receivable 50,000 Interest Receivable 0 Supplies 5,000 Prepaid Insurance 48,000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 2,000 Sales Sales Returns & Allowances 7,000 Sales Discounts 3,000 Cost of Goods Sold 46,000 Delivery Expense 5,000 Depreciation Expense 16,000 42,000 12,000 14,000 2,000 45,000 106,000 2,500 503,000 106,000 2,500 2,000 503,000 Common Stock Retained Earnings (1/1/2017) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Delivery Expense Depreciation Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total 7,000 3,000 46,000 5,000 16,000 0 98,000 25,000 195,000 16,000 0 0 6,500 36,000 727,500 727,500 On Dec 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank (7) enter the account to be credited. In Blank [8] enter the amount to be credited. Dr. (1) [2]$ Cr. [3] [4]$_ Dr. [5] [6]$ Cr. [7] [8]$ A/ AM AJ A/ A / A A AJ The company made a loan to Jackson Co. in the form of a short-term note. Write the adjusting journal entry for the accrual of interest from Oct 1, 2017 to Dec. 31, 2017. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. [3] [4]$ A/ A A A Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjusting journal entry based on this information. In Blank (1) enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4) enter the amount to be credited Dr. [1] [2]$ Cr. [3] [4]$ A/ A/ N A piece of equipment was retired on Dec. 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1, 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec. 31, 2017. Update the depreciation below (#5). In Blank (1) enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$__ Cr. [3] [4]$ A/ A/ A A Record the retirement of the equipment (from #5) including the gain or loss. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank (3) enter the account to be credited or debited for the gain or loss. In Blank [4] enter the amount to be credited or debited for the gain or loss. In Blank [5] enter the account to be credited. In Blank [6] enter the amount to be credited. A A What is the total dollar amount of debits in the Adjusted Trial Balance? (This number should be the same as the total dollar amount of credits.) nr. m. Insert image of your assigned unadjusted Trial Balance HERE: 1.000 Alberto, Inc. December 31, 2017 Unadjusted Trial balance Cash 42.000 Accounts Receivable 24,000 Allowance for Doubtful Accounts Short Term Note Receivable 50.000 Interest Receivable 0 Supplies 5.000 Prepaid Insurance 48.000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation Accounts Payable Uneamed Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 2.000 Sales Sales Returns & Allowances 7,000 Sales Discounts 3.000 Cost of Goods Sold 46,000 Delivery Expense 5,000 Depreciation Expense 16.000 Bad Debt Expense o Rent Expense 98,000 Insurance Expense 25.000 Wages Expense 195,000 Supplies Expense 16.000 Interest Revenue Loss on Disposal Interest Expense 6,500 Income Tax Expense 36.000 Total 727,500 42,000 12.000 14,000 2.000 45,000 106,000 2,500 503,000 0 727,500