The problem to be resolved: The following trial balance was extracted from the books of Columbus Ltd at December 31, the end of the company's financial year. The company is owned by John Columbus and is in the business of buying and farming supplies. Trial Balance as at December 31, 2018 NC NERE Cash Accounts receivable Alw for bad debe Merchant Trial Balance DR CR 000 40.000 15.000 16,000 120,000 490,000 360,000 00.000 Prane Furniture Acasted deproces Computer Eugene Acculated pro ALCOWE Wasse Une Sales Notes Payable. Long Term Don Capital on Coub Wawa 320.000 150 000 900.000 3.200.000 95.000 1.761 000 0.000 550.000 Sales discount Sales team and was Cost of Was me Incepe Depreciation Experiences Depreciation Expone-Cup Fest Store Supplies Llits Expone Ballet Egen 0,00 1000 0.000 57.000 3.706.000 The following additional information is available at December 31. 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10- months to February 2019. The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $100.000 m. The computer equipment was acquired on March 1, 2018 and is being depreciated over 10 years on the double-declining method of depreciation, down to a residue of $60,000 on Wages earned by employees NOT yet paid amounted to 15,000 at December 31, 2018 A physical count of inventory at December 31, reveals $180,000 worth of inventory on hand. At December 31, $140,000 of the previously unearned sales revenue had been camed til The aging of the Accounts Receivable schedule at December 31 indicated that the estimated uncollectible on account receivable should be $45,000 m Insurance of $450,000 was paid on May 1, 2018 for the 10- months to February 2019. m The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $100,000. (m. The computer equipment was acquired on March 1, 2018 and is being depreciated over 10 years on the double-declining method of depreciation, down to a residue of $60,000 w Wages earned by employees NOT yet paid amounted to 15,000 at December 31, 2018. A physical count of inventory at December 31, reveals $180,000 worth of inventory on hand. - At December 31, $140,000 of the previously unearned sales revenue had been earned. (vii) The aging of the Accounts Receivable schedule at December 31 indicated that the estimated uncollectible on account receivable should be $45,000. REQUIRED: Prepare the necessary adjusting journal entries on December 31. /Narrations are not required) - Prepare Columbus Ltd multiple-step income statement for the year ended December 31, 2018 Prepare Columbus Ltd statement of owner's equity for the year ended December 31, 2018 . Prepare Columbus Ltd classified balance sheet at December 31, 2018, . Prepare the closing entries o Prepare the post-closing trial balance
