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Wilson Companys fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2014 appears below:

Account Title Debits Credits

Cash 30,000

Accounts receivable 40,000

Allowance for uncollectible accounts 3,000

Supplies 1,500

Inventory 60,000

Note receivable (current) 20,000

Interest receivable -0-

Prepaid rent 2,000

Prepaid insurance -0-

Equipment 80,000

Accumulated depreciation equipment 30,000

Accounts payable 28,000

Wages payable -0-

Note payable (due 9/30/24 50,000

Interest payable -0-

Unearned revenue -0-

Common stock 60,000 Retained earnings 24,500

Sales revenue 148,000

Interest revenue -0-

Cost of goods sold 70,000

Wage expense 18,900

Rent expense 11,000

Depreciation expense -0-

Interest expense -0-

Supplies expense 1,100

Insurance expense 6,000

Bad debt expense 3,000

$343,500 $343,500

Information necessary to prepare the year-end adjusting entries appear below:

The equipment is depreciated on a straight-line basis, no salvage, eight year life.

The company estimates that $5,500 of the outstanding accounts receivable probably will not be collected.

Employee wages are paid twice a month and wages earned from the last two weeks in December will be paid in January 2015 total $1,500.

The $50,000 note payable was borrowed on October 1, 2014 at a 12% interest rate. Interest is to be paid annually on September 30.

On March 1, 2014 the company lent a supplier $20,000 and a note was signed requiring the principal and interest at 8% to be paid on February 28, 2015.

On April 1, 2014, the company paid an insurance company $6,000 for a two-year fire insurance policy. The entire $6,000 was debited to insurance expense.

$800 of supplies remained on hand at 12/31/14.

A customer paid Wilson $2,000 in December for a product to be manufactured and delivered in Jan 2015.

On December 1, Wilson paid $2,000 rent for December & January at $1,000 per month.

REQUIRED:

Prepare an adjusting entry page with all the necessary entries (p. 129 below Illus 3C-1)

Prepare a 10-column worksheet (p. 128 Illus 3C-1)

Prepare an Income Statement, Statement of Retained Earnings, and a classified Balance Sheet. Assume no dividends were paid. (pp. 115- 116; Illus 3-39, Ills 3-40, Ills 3-41)

SUBMIT:

An adjusting entry page

A 10-column worksheet regular view

A 10-column worksheet formula view

An Income Statement, Statement of Retained Earnings, and a classified Balance Sheet.

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