Sorry for the long question, also ignore the last picture, its just a duplicate of the one before
Using the information, please create a journal entry, trial balance, income statement, retained earning statement, and balance sheet.
Blue Spruce Company's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described following the trial balance. Credit Debit $26.000 36,500 8,900 -0- 36,200 3.780 21.800 132.000 55.000 10,300 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold $400 44000 22.000 27.100 -0- 3,300 13,000 -O- 36,000 46.500 57.580 15.000 903,000 -O- -O- -O -0- 640,000 -0 -0- Show Timer Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total -0- 61.400 -O 106,000 $1.152.880 $1.152.880 Unrecorded transactions: 1. On May 1, 2020, Blue Spruce purchased equipment for $17.900 plus sales taxes of $1.400 (all paid in cash 2. On July 1, 2020, blue Spruce sold for $35.000 equipment which originally cout $5,100. Accumulated depreciation on this equipment at January 1, 2020, was $2,0002020 depreciation prior to the sale of the equipment was $450 3. On December 31, 2020, Blue Spruce sold on account $5.400 of inventory that cost $3.200. 4. Blue Spruce estimates that uncollectible accounts receivable at year end is $4.000 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded 6. The balance in prepaid insurance represents payment of a $3,780 6-month premium on September 1, 2020, 7. The buildings are being depreciated using the straight-line method over 30 years. The salvage value is $30,000 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight line method over 5 years, with a salvage value of $2,100. 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11 Unpaid salaries and wages at December 31, 2020, total $2,200 12 The unearned rent revenue of $3,300 was received on December 1, 2020, for 3 months' rent. 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% interest rate. All interest is payable in the next 12 months Prepare journal entries for the transactions listed above. Credit occount titles are automatically indented when amount is entered. Do notIndent manualy. I no entry is required, select 'No Intry for the account titles and enter for the amounts) Show Timer No. Account Titles and Explanation Debit Credit 1 2. (To record depreciation expense) (To record sale of equipment.) 3 (To record sales revenue) (To record cost of goods sold.) 4. 5 5. 6. 7. 8. 9. 10. 11. 12. 13. Prepare an updated December 31, 2020, trial balance. Blue Spruce Corp. Trial Balance Debit Credit Total MacBook Pro Q Search or IVRE LIRI Prepare a 2020 income statement. Blue Spruce Corp Income Statement $ : $ Prepare a 2020 a retained earnings statement. (List items that increase retained earnings first.) Blue Spruce Corp. Retained Earnings Statement $ was.apl.wiley.com/was-assessment-player/timed/assessments/fbca483ba53afeea9dc1304033/13873ec0290907e31881dd2be7a30426fc87d/question/34 Prepare a December 31, 2020, classified balance sheet. (List Current Assets in order of liquidity. List Property. Plant and Equipment in the order of Land, Buildings and Equipment) Blue Spruce Corp. Balance Sheet Assets $ + . O $ 4 Liabilities and Stockholders' Equity $ . $ . O $ 4 Liabilities and Stockholders' Equity $ . $ . Blue Spruce Company's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described following the trial balance. Show Timer Credit Debit $26,000 36,500 8.900 -0- 36,200 3.780 21,800 132,000 55,000 10,300 $400 44,000 22,000 27.100 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2020) Interest Payable Notes Payable (due after 2020) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold 3.300 13,000 -O- 36,000 46,500 57.580 15,000 903,000 -0- -0- -0- -O- Show Timer Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 640.000 -0- -0- -0- 61,400 -0 106,000 $1,152,880 $1,152,880 Unrecorded transactions: 1. On May 1, 2020, Blue Spruce purchased equipment for $17,800 plus sales taxes of $1400 (all paid in cash). 2. On July 1, 2020, Blue Spruce sold for $3,600 equipment which originally cost $5,100. Accumulated depreciation on this equipment at January 1, 2020, was $2.000, 2020 depreciation prior to the sale of the equipment was $450. 3. On December 31, 2020, Blue Spruce sold on account $5,400 of inventory that cost $3.200. 4. Blue Spruce estimates that uncollectible accounts receivable at year-end is $4,000, 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,780 6-month premium on September 1, 2020. 7. The buildings are being depreciated using the straight-line method over 30 years. The salvage value is $30,000 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,100, 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2020, total $2.200. 12. The unearned rent revenue of $3,300 was received on December 1, 2020, for 3 months' rent. 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% interest rate. All interest is payable in the next 12 months
