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The attachment has only one question. Please provide the answer with explanation. 1. Alpha Dog formed a corporation on January 2, 2017 to provide construction
The attachment has only one question. Please provide the answer with explanation.
1. Alpha Dog formed a corporation on January 2, 2017 to provide construction services in the town of Elven, Rivendell, ME. The following is the December 31th Unadjusted Trial Balance. Alpha Dog Corporation Unadjusted Trial Balance 12/31/16 Accounts Debit Cash $532,000 Accounts Receivable 172,000 Supplies 85,000 Prepaid Insurance 36,000 Equipment 2,400,000 Credit Accounts Payable $32,000 Unearned Revenue 100,000 Note Payable (Long Term) 1,420,000 Capital Stock 1,075,000 Revenue 1,397,000 Wages Expense 497,000 Fuel Expense 62,000 Rent Expense 180,000 Interest Expense 60,000 _________ $4,024,000 $4,024,000 Total The following information is provided regarding end of the FY required adjusting entries. 1. Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000.Alpha Dog used the double declining balance method for depreciation. 2. Supplies on hand at year end are $30,000. 3. On 1/1/2017 interest on $58,000 and a principle payment of $20,000 must be made to the bank. 4. The insurance policy is for 12 months and was purchased on March 1. 5. Unbilled services that have been provided customers at year end is $35,000. Billings will be processed the first week of January. Use this information to compute the adjustments and then prepare the end of the fiscal year general journal closing entries (without explanation). Note: students are to only present the closing entries. This will require that the student work on the side to determine the adjustments that were made to the unadjusted trial balance before they will be able to prepare the closing entries. Do not present any calculations or other information in the answer sheet except for the required closing entries. General Journal: Date 12/31/1 6 12/31/1 6 12/31/1 6 Accounts Debit CreditStep by Step Solution
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