( Reference - X White Glove Cleaning Post-Closing Trial Balance November 30, 2018 Balance Debit Credit 94,700 $ 1,600 70 1,200 550 Account Title Cash Accounts Receivable Cleaning Supplies Prepaid Rent Prepaid Insurance Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Interest Payable Notes Payable Common Stock Retained Earnings 2,500 6,000 $ 142 1,300 31,625 138 42,000 28,000 3,415 $ Total 106,620 $ 106,620 Print Done Adjustment Information Nov. 2 Nov. 3 The business paid $1,600 to Palacial Properties for November through February rent. (On November 2, the company debited Prepaid Rent for this transaction. At the end of November, the company reduced the Prepaid Rent account and recorded Rent Expense for the monthly rent amount of $400.) Paid 500 a business insurance policy for the term November 1, 2018 through October 31, 2019. (On November 3, the company debited Prepaid Insurance for this transaction. At the end of November, the company reduced the Prepaid Insurance account and recorded Insurance Expense for the monthly insurance amount of $50.) Received $33,000 for a 1-year contract beginning November 16 for cleaning services to be provided. Contract begins November 16, 2018, and ends November 15, 2019. (On November 16, the company credited Unearned Revenue by $33,000 for this contract. At the end of November, the company calculated monthly revenue under the contract to be $2,750 and recorded the earning of half a month's revenue under the contract$1,375through the end of November.) Borrowed $42,000 from bank with interest rate of 12% per year. Nov. 16 Nov. 20 Print Done i - More Info Purchased 1,000 units of inventory for $4,000 on account from Sweep and Glow Dec. 2 Company on terms, 5/10, n/20. Purchased 1,200 units of inventory from Glam on account with terms 4/10, n/30. Dec. 5 The total invoice was for $6,000, which included a $300 freight charge. Returned 300 units of inventory to Sweep and Glow from the December 2 Dec. 7 purchase (cost $1,200). Dec. 9 Paid Glam. Sold 500 units of goods to No Mess Left Hehind for $10,500 on account with Dec. 11 terms n/30. White Glove's cost of the goods was $2,000. Dec. 12 Paid Sweep and Glow Received 100 units with a retail price of $2,100 back from customer No Mess Left Dec. 15 Hehind. The goods cost White Glove $400. Dec. 21 Received payment from No Mess Left Hehind, settling the amount due in full. Sold 500 units of goods to Annelyse, Inc. on account for $11,500 (cost $2,022). Dec. 28 Terms 5/15, n/30. Dec. 29 Paid cash for utilities of $500. Dec. 30 Paid cash for Sales Commission Expense of $580. Dec. 31 Received payment from Annelyse, Inc., less discount. Dec. 31 Recorded the following adjusting entries: a. Physical count of inventory on December 31 showed 900 units of goods on hand, with a cost of $4,329. b. Depreciation, $142. C. Accrued salaries expense of $400. d. Estimated sales returns of $2,600, with cost of $1,040. e. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information from November to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $70. (Click to view the November adjustment information.) Print Done . Requirements 1. Journalize and post the December transactions. Omit explanations. The T-accounts in the ledger have been opened for you. Compute each account balance, and denote the balance as Bal. Identify each accounts payable and accounts receivable with the vendor or customer name. 2. Journalize and post the adjusting entries. Omit explanations. Denote each adjusting amount as Adj. Compute each account balance and denote the balance as Bal. After posting all adjusting entries, prove the equality of debits and credits in the ledger by preparing an adjusted trial balance. 3. Prepare the single step income statement and statement of retained earnings for the month ended December 31, 2018. Also prepare a classified balance sheet at December 31, 2018. Assume the note payable is long-term 4. Compute the gross profit percentage for December for the company. Print Done White Glove Cleaning's post-closing trial balance at November 30, 2018, is as follows: (Click the icon to view the post-closing trial balance.) White Glove Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. White Glove uses the perpetual inventory system. During December 2018, White Glove completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize and post the December transactions. Omit explanations. The T-accounts in the ledger have been opened for you. Compute each account balance, and denote the balance as Bal. Identify each accounts payable and accounts receivable with the vendor or customer name. Begin by journalizing the December transactions. (Round to the nearest whole dollar. Record debits first, then credits. Exclude explanations from any journal entries. Assume the company records sales at the net amount.) Dec. 2: Purchased 1,000 units of inventory for $4,000 on account from Sweep and Glow Company on terms, 5/10, n/20. Date Accounts Debit Credit Dec. 2 Date Accounts Debit Credit Dec. 2 Accounts Payable-Glam Accounts PayableSweep and Glow Accounts Receivable-Annelyse Accounts ReceivableNo Mess Left Hehind Accumulated Depreciation Cash Cleaning Supplies Common Stock Cost of Goods Sold Depreciation Expense Dividends Equipment Estimated Returns Inventory Income Summary Insurance Expense Interest Expense Interest Payable Merchandise Inventory Notes Payable Prepaid Insurance Prepaid Rent Refunds Payable Rent Expense Retained Earnings Salaries Expense Choose from any list Salaries Payable Sales Commissions Expense Sales Revenue remaining Service Revenue 32 parts ist Service Revenue Truck Unearned Revenue Utilities Expense