Required Information [The following Information applies to the questions displayed below] The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 1. Received $41,500 cash from the issue of a short-term note with a 7 percent interest rate and a one-year maturity. The note was made on April 1, Year 1. 2. Received $117,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. 3. Paid $71,000 cash for other operating expenses during the year. 4. Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2 5. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Wainut Enterprises for Year 2 1. Paid the balance of the sales tax due for Year 1. 2. Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent 3. Repaid the principal of the note and applicable Interest on April 1, Year 2 4. Paid $84,000 of other operating expenses during the year 5. Paid the sales tax due on $117,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3 (For all requirements, round your Intermediate and final answers to the nearest whole dollar amount.) f-1. Record the Year 2 transactions in general journal form. f-2. Post the Year 2 transactions to T-accounts. f-3. Prepare an income statement for Year 2. f-4. Prepare a statement of changes in stockholders' equity for Year 2 f-5. Prepare a balance sheet for Year 2. f-6. Prepare a statement of cash flows for Year 2. f-7. Prepare closing entries for Year 2. 1-8. Post the Year 2 closing entries to T-accounts. 1-9. Prepare a post-closing trial balance for Year 2. Required information Req F1 Req F2 and F8 Req F3 Req F4 Req F5 Req F6 Req Record the Year 2 transactions in general journal form. (If no entry is required for a transactio in the first account field.) View transaction list Journal entry worksheet < A B C DE F Paid the balance of the sales tax due for Year 1. Record the transaction. Note: Enter debits before credits. Event 01 + General Journal Debit Credit Required informatio Req F1 Req F2 and F8 Req F3 Req F4 Req F5 Req F6 Req F7 Re Record the Year 2 transactions in general journal form. (If no entry is required for a transaction/event, sele in the first account field.) View transaction list Journal entry worksheet < A B C DE F Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. Record the transaction. Note: Enter debits before credits. Event 02 General Journal Debit Credit Record entry Clear entry View general journal Reg F1 Req F2 and F8 > Req F1 Req F2 and F8 Req F3 Req F4 Req FS Req F6: Req F7 Req F9 Record the Year 2 transactions in general journal form. (If no entry is required for a transaction/event, select "No jour in the first account field.) View transaction list Journal entry worksheet < A B C D E F Recognized interest on April 1, Year 2. Record the transaction. Note: Enter debits before credits. Event 3a General Journal Debit Credit Record entry Clear entry View general journal Reg F1 Req F2 and F8 > Required information Req F1 Req F2 and F8 Req F3 Req F4 Req F5 Req F6 Req F7 Req F9 Record the Year 2 transactions in general journal form. (If no entry is required for a transaction/event, select "No journa in the first account field.) View transaction list Journal entry worksheet < A B C D E F Repaid the principal of the note and applicable interest on April 1, Year 2. Record the transaction. Note: Enter debits before credits. Event 30 3b General Journal Debit Credit Record entry Clear entry View general journal Req F1 Req F2 and F8 Req F3 Req F4. Req F5 Req F6 Req F7 Req F9 Record the Year 2 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal in the first account field.) View transaction list Journal entry worksheet < A B C D E F Ju Paid $84,000 of other operating expenses during the year. Record the transaction. Note: Enter debits before credits. Event 04 General Journal Debit Credit Record entry Clear entry View general journal Ring F1 Req F2 and F8 > Required information Req F1 Req F2 and F8 Req F3 Req F4 Req F5 Req F6 Req F7 Req F9 Record the Year 2 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal in the first account field.) View transaction list Journal entry worksheet < A B C D E F Paid the sales tax due on $117,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3. Record the transaction. Note: Enter debits before credits. Event 05 General Journal Debit Credit Record entry Clear entry View general journal Post the Year 2 transactions and closing entries to T-accounts. Beg. Bal. End: Bal Cash Sales Tax Payable Beg. Bal End. Bal Interest Payable Notes Payable Beg. Bal Beg. Bal End. Bal. End. Bal Service Revenue Operating Expenses Beg. Bal Beg. Bal End. Bal End. Bal Interest Expense Retained Earnings Beg. Bal Beg Bal End. Bal End Bal < Req F1 Req F3 > cos Complete this question by entering your answers in the tabs below. Req F1 Req F2 and F8 Req F3 Req F4 Req F5 Req F6 Re F7 R Prepare an income statement for Year 2. WALNUT ENTERPRISES Income Statement For the Year Ended December 31, Year 2 Expenses Total operating expenses 0 0 $ 0 < Req F2 and F8 Req F4 > Req F1 Req F2 and F8 Req F3 Req F4 Req F5 Req F6 Req F7 Re Prepare a statement of changes in stockholders' equity for Year 2. WALNUT ENTERPRISES Statement of Changes of Stockholders' Equity For the Year Ended December 31, Year 2 Common stock Total stockholders' equity 0 $ 0 < Req F3 Req F5 > Complete this question by entering your answers in the tabs below. Req F1 Req F2 and F8 Req F3 Req F4 Req F5 Req F6 Reg F7 Req F9 Prepare a balance sheet for Year 2. Assets WALNUT ENTERPRISES Balance Sheet As of December 31, Year 2 Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity 0 $ < Req F4 Req F6 > Complete this question by entering your answers in the tabs below. Req F1. Req F2 and F8 Req F3 Req F4 Req F5 Req F6 RF7 Req F9 Prepare a statement of cash flows for Year 2. (Enter cash outflows and amounts to be deducted with a minus sign.) WALNUT ENTERPRISES Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Net cash flow from operating activities $ 0 Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash Ending cash balance 0 $ 0 View transaction list Journal entry worksheet < A B Record the closing entry for service revenue. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal > < Prex View transaction list Journal entry worksheet < A Record the closing entry for expenses. Note: Enter debits before credits. Event 2 General Journal Debit Credit. Record entry Clear entry View general journal Req F1 Req F2 and F8 Req F3. Req F4 Req F5 Req F6 Req F7 Req F9 Prepare a post-closing trial balance for Year 2. WALNUT ENTERPRISES Post Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit Totals $ 0 $ 0