R THE L ord you 4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, and Balance Sheet For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Unrcalized Holding Gains/Losses, Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part of the major central ongoing operations of the company. For purposes of the Balance Sheet, be sure to prepare a classifed Balance Sheet. Link your financial statements to your Adjusted Trial Balance If necessary, review financial statement preparation in Chapters 3 and 4 of your Intermediate Accounting textbook for a quick refresher. entries on the Clesine Enti d name the Instructor ajustments Needed Adjusting Journal Entries 12-31-16 T-Accounts Adjusted Trial Balance WN ABC Corporation Adjusted Trial Balance December 31, 2016 Debit 840,444 442,120 00 O 75,000 100,000 19,000 247,000 4,500 88,000 37,500 21,600 1,265 9,900 45,000 Cash Accounts Receivable 8 Allowance for Doubtful Accounts 9 Inventory 10 Allowance to Reduce Inventory to NRV 11 Purchases 12 Prepaid Insurance 13 Land 14 Building 15 Equipment 16 Accumulated Depreciation: Building 17 Accumulated Depreciation Equipment 18 Patent 19 Accounts Payable 20 Notes Payable 21 Income Taxes Payable 22 Uncarned Rent Revenue 23 Bonds Payable 24 Wages Payable 25 Premium on Bonds Payable 26 Common Stock 27 Cost of Goods Sold 28 PIC in Excess of Par- Common Stock 29 Paid in Capital-Treasury Stock 30 Paid in Capital in Excess of Par 31 Retained Earnings 32 Treasury Stock 33 Dividends 34 Sales Revenue 35 Rent Revenue 36 Advertising Expense 37 Wages Expense 38 Office Expense 39 Depreciation Expense 40 Utilities Expense 41 Insurance Expense 42 Income Taxes Expense 43 Bad Debt Ixpense 88,851 40,000 99,000 9,000 700,000 5,000 52,045 135,000 100,000 40,000 4,000 90,000 10,000 28,000 790,000 4,500 9,240 67,150 28,500 11,165 33,571 22,500 99,000 75,000 LIU LUPILA LILASUL ULOL 90,000 10,000 28,000 790,000 4,500 30 Paid in Capital in Excess of Par 31 Retained Earnings 32 Treasury Stock 33 Dividends 34 Sales Revenue 35 Rent Revenue 36 Advertising Expense 37 Wages Expense 38 Office Expense 39 Depreciation Expense 40 Utilities Expense 41 Insurance Expense 42 Income Taxes Expense 43 Bad Debt Expense 44 Interest Expense 45 Loss in Valuation of Inventory 46 Impairment of Intangible Assets 47 Accrued Interest 9,240 67,150 28,500 11,165 33,571 22,500 99,000 75,000 30,571 19,000 5,000 300 ,264,861 2,264,861 2
