To complete this question you must:

1. Download the Unadjusted Trial Balance provided below by right clicking on the image and saving it to your computer.

2. Download the pre-formatted Financial Statement Homework word document from D2L.

3. Based on the downloaded Unadjusted Trial Balance provided below, prepare journal entries for the transactions described on the Financial Statement Homework word document, post the journal entries to the appropriate T-accounts, and prepare an Adjusted Trial Balance as of December 31, 2017. Hand-written documentation of these procedures should be completed neatly on the document. You will be required to upload images of this document.

4. Based on your written solution, answer the following quiz questions.

PLEASE NOTE THAT WHEN ENTERING ACCOUNT NAMES INTO QUIZ INPUT BOXES, YOU MUST ENTER THE ACCOUNT NAME EXACTLY AS IT APPEARS IN THE UNADJUSTED TRIAL BALANCE. WHEN ENTERING DOLLAR AMOUNTS, DO NOT INCLUDE DOLLAR SIGNS, COMMAS, OR DECIMALS.

Question 1 (8 points)

Question 1 options:

On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank [7] enter the account to be credited. In Blank [8] enter the amount to be credited.

Dr. [1]_______________ [2]$_____________

Cr. [3]________________ [4]$____________

Dr. [5]_______________ [6]$_____________

Cr. [7]________________ [8]$____________

The company made a loan to Jackson Co. in the form of a short-term note. Write the adjusting journal entry for the accrual of interest from Oct. 1, 2017 to Dec. 31, 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.

Dr. [1]_______________ [2]$_____________

Cr. [3]________________ [4]$____________

Uncollectible Accounts Receivable of $1,600 needs to be written off for the year ended 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.

Dr. [1]_______________ [2]$_____________

Cr. [3]________________ [4]$____________

Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjusting journal entry based on this information. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.

Dr. [1]_______________ [2]$_____________

Cr. [3]________________ [4]$____________

A piece of equipment was retired on Dec. 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1, 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec. 31, 2017. Update the depreciation below (#5). In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.

Dr. [1]_______________ [2]$_____________

Cr. [3]________________ [4]$____________

Record the retirement of the equipment (from #5) including the gain or loss. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited or debited for the gain or loss. In Blank [4] enter the amount to be credited or debited for the gain or loss. In Blank [5] enter the account to be credited. In Blank [6] enter the amount to be credited.

What is the total dollar amount of debits in the Adjusted Trial Balance? (This number should be the same as the total dollar amount of credits.)