Requirement - 1 & 2 - Adjusting Journal Entries posted to General Ledger Cash 22,000 ### Accounts Receivable 15,000 15,000 Prepaid Insurance 24,000 20,000 4,000 Equipment 95,000 95,000 Accounts Payable 12,000 12,000 Salaries Payable Interest Payable 0 1,050 1,050 Supplies 27,000 5,000 22,000 Accumulated Depr. 37,000 10,000 47,000 Utilities Payable 0 4,000 4,000 0 2,200 2,200 Notes Payable 35000 35000 Common Stock 35,000 35,000 Requirement - 1 & 2 - Adjusting Journal Entries posted to General Ledger (contd.) Retained Earnings 10,000 10,000 Dividends 3,000 3,000 Service Revenue 227,000 227,000 Salaries Expense 158,000 4,000 162,000 Depreciation Expense 0 10,000 10,000 Insurance Expense 0 20,000 20,000 Supplies Expense 0 22,000 22,000 Utilities Expense 12,000 2,200 14,200 Interest Expense 0 1,050 1,050 Requirement - 3 - Adjusted Trial Balance Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depr. Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense Total $ Debit 22,000 15,000 5,000 4,000 95,000 Credit $ 47,000 12,000 4,000 2,200 1,050 35,000 35,000 10,000 3,000 227,000 $ . 162,000 10,000 20,000 22,000 14,200 1,050 373,250 $ 373,250 - 373,250 373,250 Check figures - Dif Requirement - 4 - Financial Statements (12/31/2018) Jaguar Auto Company Income Statement For the year ended Dec. 31, 2018 Service Revenue $ Expenses: Salaries $ 162,000 Depreciation 10000 Insurance 20000 Supplies 22000 Utilities 14200 Interest 1050 Total Expenses 229250 Net Income (Loss) $ (2,250) 227,000 Jaguar Auto Company Statement of Stockholders' Equity For the year ended Dec. 31, 2018 Balance at Jan. 1 Issuance of Common Stock Add/Less: Net Income/Loss Less: Dividends Balance at Dec. 31 Common Stock 35,000 0 0 0 35,000 Total Retained Stockholders' Earnings Equity 10,000 45,000 0 0 (2,250) (2,250) (3,000) (3,000) 4,750 39,750 Jaguar Auto Company Balance Sheet Dec. 31, 2018 Assets Current Assets: Cash Accounts Receivable Supplies Prepaid Insurance Total Current Assets Long-Term Assets: Equipment Accumulated Depr. Total Long-Term Assets Total Assets Liabilities $ 22,000 15,000 5,000 4,000 46,000 95,000 (47,000) 48,000 $ 94,000 94,000 Check figures 0 Dif Accounts Payable Salaries Payable Utilities Payable Interest Payable Total current liabilities Notes payable Total Liabilities 12,000 4,000 2,200 1,050 19,250 35,000 54,250 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity 35,000 4,750 39,750 Total Liabilities and Stockholders' Equity $ Check figures Dif 94,000 94,000 0 Requirement - 5 - Closing Entries December 31, 2018 Service Revenue Retained Earnings Retained Earnings Salaries Expense Depreciation Expense Insurance Expense Suppies Expense Utilities Expense Interest Expense Retained Earnings Dividends Acct (debit) 227000 Acct (credit) Debit 227000 229250 162000 10000 20000 22000 14200 1050 3000 3000 Credit Requirement 6 - Post closing entries to general ledger Retained Earnings 229250 10000 3000 227000 4750 Dividends 3000 3000 0 Service Revenue 227000 227000 0 Salaries Expense 158000 4000 162000 0 Depreciation Expense 0 10000 10000 0 Insurance Expense 0 20000 20000 0 Supplies Expense 0 22000 22000 0 Utilities Expense 12000 2200 14200 0 Interest Expense 0 1050 1050 0 Requirement 7 - Post Closing Trial Balance Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depr. Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Total Debit 22000 15000 5000 4000 95000 141000 141,000 0 Credit 47000 12000 4000 2200 1050 35000 35000 4750 141,000 141,000 Check figures 0 Dif