Spring 2020 Knopfler Company's balance sheet at December 31, 2019 (the previous year), included the following information: Knopfler Company Balance Sheet At December 31, 2019 Cash $ 24,600 Accounts Payable Accounts Receivable 45,500 Allow. for Doubtful Accounts (1,500) Knopfler, Capital 207,400 Supplies 4,400 | Land 40,000 | Building 142,000 Accumulated Depreciation (22,000) Total Assets $233,000 Total Liabilities & Equity $233,000 The following transactions occurred during 2020: 1. Knopfler performed services for $288,000 on account. 2. On August 1, 2020, Knopfler collected fees of $48,000 in advance for services to be performed evenly between September 1, 2020 and September 1, 2021. 3. Knopfler collected cash of $275,000 from customers on account. 4. Knopfler purchased $30,100 of supplies on account 5. Knopfler paid $34,500 to suppliers on account 6. Knopfler paid $192,200 for operating expenses. 7. On December 15, 2020, Knopfler withdrew $25,000 for personal use. 8. An accounts receivable of $1,600 was written off as uncollectible. December 31, 2020 - Adjustment data: 1. A count of supplies indicated that $6,900 of supplies remain unused at year end. 2. Calculated and recorded the revenue earned from transaction #2 above, 3. The allowance for doubtful accounts was estimated to be 5 percent of accounts receivable (round to the nearest dollar). 4 Depreciation on the building was calculated on the straight-line basis based on an estimated 20- year life and an estimated $10,000 salvage value. Pro Required: 1. Prepare the necessary journal entries for the transactions listed above (omit explanations). 2. Post the numbers from the journal to the ledger 3. Prepare the trial balance (unadjusted) dated December 31, 2020. 4. Prepare the required adjusting journal entries from the adjustment data. 5. Post the numbers from the journal to the ledger 6. Prepare the adjusted trial balance dated December 31, 2020. 7. Prepare Knopfler's required income statement, statement of owner's equity, and balance sheet (all in good form) for 2020. 8. Prepare the necessary closing entries in the Journal 9. Post the closing entries to the Ledger Journal Date Accounts Ref. Debit Page 1 Credit Knopfler Company-Ledger Cash Transaction Debit Credit No. 101 Balance Debit Credit 24,600 Date Jan 1 Balance Accounts Receivable Transaction Debit Credit No. 112 Balance Debit Credit 45,500 PR Date Jan 1 Balance Focus ACTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved Search ut References Mailings Review View Help Allowance for Doubtful Accounts Transaction Date PR Debit Credit Jan 1 Balance No. 115 Balance Debit Credit 1,500 Knopfler Company-Ledger Supplies Transaction Debit Credit Date Jan 1 Balance PR No. 120 Balance Debit Credit 4,400 Focus OLE L OP DJ ACTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - e Search t References Mailings Review View Help Land No. 125 Balance Transaction Debit Credit Date Jan 1 Balance PR Debit 40,000 Credit Building Transaction Debit Credit Date Jan 1 Balance No. 157 Balance Debit Credit 142,000 Focus OLM - OPEN ACTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - e Search t References Mailings Review View Help Land No. 125 Balance Transaction Debit Credit Date Jan 1 Balance PR Debit 40,000 Credit Building Transaction Debit Credit Date Jan 1 Balance No. 157 Balance Debit Credit 142,000 Focus OLM - OPEN Search Rop / CTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved References Mailings Review View Help Knopfler Company-Ledger Accumulated Depreciation - Building Transaction Date PR Debit Credit Jan 1 Balance / No. 158 Balance Debit Credit 22,000 Accounts Payable PR Transaction Debit Credit Date Jan 1 Balance No. 200 Balance Debit Credit 25,600 Unearned Revenue No. 220 Balance Transaction I Focus OBELMONPOW TG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - O Search View Help References Mailings Review Unearned Revenue Transaction Debit Credit No. 220 Balance Debit Credit PR Date Jan 1 Balance Knopfler Company-Ledger Knopfler, Capital Transaction Debit Credit No. 315 Balance Debit Credit 207,400 PR Date Jan 1 Balance Focus o LM 1 O PE S 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - Search References Mailings Review View Help Knopfler Company-Ledger Knopfler, Capital Date Jan 1 Balance Transaction Debit Credit PR No. 315 Balance Debit Credit 207,400 Knopfler, Drawing Transaction Debit Credit No. 330 Balance Debit Credit Date Jan 1 Balance Income Summary No. 350 ACTG 201 Comprehensive Project Spring 2020 (5) - Protected View . Saved Search out References Mailings Review View Help Income Summary Transaction Debit Credit No. 350 Balance Debit Credit PR Date Jan 1 Balance Knopfler Company. Ledger Service Revenue Transaction Debit Credit No. 401 Balance Debit Credit PR Date Jan 1 Balance CTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved References Mailings Review View Help Search Knopfler Company-Ledger Service Revenue No. 401 Balance Debit Credit Date Jan 1 Balance Transaction Debit Credit PR 0 Operating Expenses No. 505 Balance Debit Credit Transaction Debit Credit Date Jan 1 Balance PR Supplies Expense No. 510 e Focus oste LM0oPM ACTG 201 Comprehensive Project Spring 2020 (5) - Protected ViewSaved - References Mailings Review View Help u - Transaction Date PR Debit Jan 1 Balance FU. JTU Balance Balance Debit Credit 07 Knopfler Company. Ledger Bad Debt Expense No. 520 Balance Debit Credit Transaction Debit Credit PR Date Jan 1 Balance Focus ACTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - Search at References Mailings Review View Depreciation Expense No. 530 Date Jan 1 Balance PR Transaction Credit Balance Debit Credit B o e LM-O POWI TG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - e Search References Mailings Review View Help Knopfler Company-Trial Balance (prior to adjustments) (Requirement 3) Account Debit Credit Cash 101 Accounts Receivable Allowance for Doubtful Accounts Supplies 120 Land Building Accumulated Depreciation - 158 Building Accounts Payable 200 Unearned Service revenue Knopfler, Capital 315 Knopfler, Drawing Service Revenue Operating Expenses Supplies Expense Bad Debt Expense Depreciation Expense O e LM -070 IG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - References Mailings Review View Help Knopfler Company-Adjusted Trial Balance (Requirement 6) Debit Credit 101 112 115 Building Account Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Land Building Accumulated Depreciation - Accounts Payable Unearned Service revenue Knopfler, Capital Knopfler, Drawing Service Revenue Operating Expenses Supplies Expense Bad Debt Expense Depreciation Expense D'Focus ose LM- OPEN CTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - O Search References Mailings Review View Help Knopfler Company Income Statement For the year ending December 31, 2020 Knopfler Company Statement of Owner's Equity For the year ending December 31, 2020 CTG 201 Comprehensive Project Spring 2020 (5) - Protected View - Saved - P References Search Mailings Review View Help Knopfler Company Balance Sheet At December 31, 2020 Focus o e LM-10Pa Spring 2020 Knopfler Company's balance sheet at December 31, 2019 (the previous year), included the following information: Knopfler Company Balance Sheet At December 31, 2019 Cash $ 24,600 Accounts Payable $25,600 Accounts Receivable 45,500 Allow. for Doubtful Accounts (1,500) Knopfler, Capital 207,400 Supplies 4,400 Land 40,000 Building 142,000 Accumulated Depreciation (22,000) Total Assets $233,000 Total Liabilities & Equity $233,000 The following transactions occurred during 2020: 1. Knopfler performed services for $288,000 on account 2. On August 1, 2020, Knopfler collected fees of $48,000 in advance for services to be performed sevenly between September 1, 2020 and September 1, 2021. 3. Knopfler collected cash of $275,000 from customers on account. 4. Knopfler purchased $30,100 of supplies on account 5. Knopfler paid $34,500 to suppliers on account 6. Knopfler paid $192,200 for operating expenses. 7. On December 15, 2020, Knopfler withdrew $25,000 for personal use. 8. An accounts receivable of $1,600 was written off as uncollectible. December 31, 2020 - Adjustment data: 1. A count of supplies indicated that $6,900 of supplies remain unused at year end. 2. Calculated and recorded the revenue earned from transaction #2 above, 3. The allowance for doubtful accounts was estimated to be 5 percent of accounts receivable (round to the nearest dollar). 4 Depreciation on the building was calculated on the straight-line basis based on an estimated 20- year life and an estimated $10,000 salvage value. Pro Required: 1. Prepare the necessary journal entries for the transactions listed above (omit explanations). 2. Post the numbers from the journal to the ledger 3. Prepare the trial balance (unadjusted) dated December 31, 2020. 4. Prepare the required adjusting journal entries from the adjustment data. 5. Post the numbers from the journal to the ledger 6. Prepare the adjusted trial balance dated December 31, 2020. 7. Prepare Knopfler's required income statement, statement of owner's equity, and balance sheet (all in good form) for 2020. 8. Prepare the necessary closing entries in the Journal. 9. Post the closing entries to the Ledger Journal Date Accounts Ref. Debit Page 1 Credit Knopfler Company-Ledger Cash Transaction Debit Credit Date Jan 1 Balance No. 101 Balance Debit Credit 24,600 Accounts Receivable Transaction Debit Credit No. 112 Balance Debit Credit 45,500 PR Date Jan 1 Balance Focus mprehensive Project Spring 2020 (7) - Protected View - Saved - nces Mailings Review View Help Knopfler Company's balance sheet at December 31, 2019 (the previous year), induded the following information: Land Knopfler Company Balance Sheet At December 31, 2019 Cash $ 24,600 Accounts Payable $25,600 Accounts Receivable 45,500 Allow. for Doubtful Accounts (1,500) Knopfler, Capital 207 400 Supplies 4,400 40000 Building S 142.000 Accumulated Depreciation (22,000) Total Assets $233 000 Total Liabilities & Equity $233,000 The following transactions occurred during 2020: 1. Knopfler performed services for $288,000 on account 2. On August 1, 2020, Knopfler collected fees of $48,000 in advance for services to be performed evenly between September 1, 2020 and September 1, 2021. 3. Knopfler collected cash of $275,000 from customers on account. 4. Knopfler purchased $30,100 of supplies on account. 5. Knopfler paid $34,500 to suppliers on account. 6. Knopfler paid $192,200 for operating expenses. 7. On December 15, 2020, Knopfler withdrew $25,000 for personal use. 8. An accounts receivable of $1,600 was written off as uncollectible December 31, 2020 - Adjustment data: 1. A count of supplies indicated that $6,900 of supplies remain unused at year end. 2. Calculated and recorded the revenue earned from transaction #2 above. 3. The allowance for doubtful accounts was estimated to be 5 percent of accounts receivable (round to the nearest dollar) 4. Depreciation on the building was calculated on the straight-line basis based on an estimated 20- year life and an estimated $10,000 salvage value Required: 1. Prepare the necessary journal entries for the transactions listed above (omit explanations) 2. Post the numbers from the journal to the ledger 3. Prepare the trial balance (unadjusted) dated December 31, 2020 4. Prepare the required adjusting journal entries from the adjustment data 5. Post the numbers from the journal to the ledger 6. Prepare the adjusted trial balance dated December 31, 2020, 7. Prepare Knopfler's required income statement statement of owner's equity, and balance sheet