Trans. Date Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 3 Dec. 3 Description Borrow $128,250 from the local bank and signed a five-year installment note with payments of $2,600 at the end of each month beginning December 31. The annual interest rate is 8%. Current portion of the note payable at year end after December payment-$21,875 Purchase a vehicle necessary for business operations for $7,400 cash. The vehicle has a six-year life with a residual value of $200 Issue 15,000 shares of no-par value common stock for $5 per share to obtain the funds necessary to start your business. Paid $18,000 for one year of insurance in advance. Purchased a building for $50,000. Paid $2,000 in back taxes; $2,000 in realty fees. It has a 25-year useful life with residual value of $6,000. Purchase supplies on account, $5,000. Purchase 300 units of inventory with terms 2/10 net 30. Provide 28 hours of services to customers for cash (calculate using your hourly service rate) no terms specified. Sell 150 units of inventory on account. (Perpetual method - 2 entries) Company pays invoice for inventory purchased on December 3rd within discount terms. (perpetual method) Sell 50 units of inventory to a customer on account with a sales discount of 4/10, n/30. (Perpetual method -2 entries) The customer who purchased product on December 15 pays the amount due (within discount period). Receive cash in advance for 27 hours of services to be completed in the future Dec. 6 Dec. 10 Dec. 12 11 Dec. 15 12 Dec. 20 Dec. 23 Dec. 25 15 Dec. 31 Sell 200 units of inventory to a customer who signs a 6-month promissory note at 12% interest for the balance due. This note originated end of month so no interest would be accrued. (perpetual method - 2 entries) Pay employee salaries, $5,000. Dec. 31 Dec. 31 Dec. 31 Pay cash dividends to shareholders of $0.05 per share. Vehicle did not meet expectations sold back to dealership for $7,000. (Record depreciation at date of sale and then record sale). Record the $2,600 installment payment on the S128,250 installment note borrowed on December 1 The annual interest rate is 8% Dec. 31 Adj-1 Dec. 31 The company has $1,200 of supplies left at the end of the month. Adj-2 Dec. 31 Adj-3 Dec. 31 Adj-4 Dec. 31 Record the portion of the Prepaid Insurance used in December. Record one month of depreciation for the building purchased on December 1st. Employees earned $1,000 in salaries the last week in December that will be paid on January 10th of next year. Record the receipt of a December $500 Freight bill to send product to customer to be paid on January 6 The company is being sued for $2,000. The company believes is it Adj-5 Dec. 31 Adj-6 Dec. 31 Adj-7 Dec. 31 Adj-8 Dec. 31 By the end of the month, 10 hours of the services that were paid for in advance were provided to customers. Using the percentage-of-receivables method, record the adjustment of uncollectible accounts. It is estimated that 4% of ending accounts receivable will be uncollectible. Income taxes for the year are $520 and will be paid in January. Adj-9 Dec. 31 Customers are charged $91 per hour for services rendered Customers are charged $65 for each unit purchased Inventory can be purchased for $30 per unit General Journal Date Account Debit Credit Dec. 1 Dec 1 Dec 1 Dec 1 Deci Dec 1 Www Dec 3 Dec 3 Dec. 6 Dec. 10 Dec. 10 Dec. 15 Dec. 15 General Journal (Continued) Trans- action Date Account Debit Credit Dec. 20 13 Dec. 23 Dec. 25 15 Dec 31 Dec. 31 16 Dec. 31 17 Dec. 31 18 Dec. 31 Dec. 31 19 Dec. 31 General Ledger Cash Supplies Debit Credit Notes Receivable Debit Credit Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Trial Balance Total Buildings Debit Credit Prepaid Insurance Debit Credit Adjusted Trial Balance Total Trial Balance Total Trial Balance Total Accounts Receivable Debit Credit Adjusted Trial Balance Total Adjusted Trial Balance Total Trial Balance Total Vehicles Debit Credit Adjusted Trial Balance Total Inventory Debit Credit Trial Balance Total Adjusted Trial Balance Total Allowance for Uncollectible Accounts Debit Credit Trial Balance Total Accumulated Depreciation Debit Credit Trial Balance Total Adjusted Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Accounts Payable Debit Credit Interest Payable Debit Credit Common Stock Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Deferred Revenue Debit Credit Income Taxes Payable Debit Credit Retained Earnings Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Salaries Payable Debit Credit Notes Payable Debit Credit Post-Closing Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Dividends Debit Credit Adjusted Trial Balance Total Trial Balance Total Freight-Out Payable Debit Credit Contingent Liability Debit Credit Adjusted Trial Balance Total Trial Balance Total Trial Balance Total Post-Closing Total Adjusted Trial Balance Total Adjusted Trial Balance Total Service Revenue Debit Credit Bad Debt Expense Debit Freight-Out Expense Debit Credit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total W Sales Revenue Debit Credit Cost of Goods Sold Debil: Credi Income Tax Expense Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total Post-Closing Total Sales Discounts Debit/ Credit WWW Depreciation Expense Debit Credit Insurance Expense Debit Credit Trial Balance Total MU Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total Post-Closing Total Gain Interest Expense Debit Credit Salaries Expense Debit Credit Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total Post-Closing Total Post-Closing Total Loss Rent Expense Debit Credit Supplies Expense Debit Credit Debit Credit Trial Balance Total Trial Balance Total Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Adjusted Trial Balance Total Post-Closing Total | Post-Closing Total Post-Closing Total Trial Balance December 31st, 2019 Debit333112 Credit Total General Journal (Adjusting Entries) Date CCOM Trans- action Adj. 1 Dec. 31 Adj. 2 Dec. 311 Adj. 3 Dec. 31 Adj. 4 Dec 31 Adj. 5 Dec. 31 Adj. 6 Dec. 31 Adj. 7 Dec. 31 Adj. 8 Dec. 31 Adj. 9 Dec 31 Adjusted Trial Balance December 31st, 2019 Debit Credit Tofa Multiple Step Income Statement For the Year Ended December 31, 2019 Revenue: Net Revenue Less Cost of Goods Sold Gross Profit Operating Expenses Total Operating Expenses Operating Income Other Revenue and Expenses HHHHHH Total Other Revenue and Expenses Income Before Income Tax Income Tax Expense Net Income Total Statement of Stockholders' Equity For the Year Ended December 31, 2019 Common Stock Retained Earnings Beginning Balance (December 1, 2019) Issued Stock Net Income Less: Dividends Ending Balance (December 31, 2019) S Balance Sheet For the Year Ended December 31, 2019 LIABILITIES Current Liabilities ember 31", 2019 ASSETS / Current Assets Current Portion of Long-Term Debt Long-term Liabilities Total Current Assets Total Long-Term Liabilities Total Liabilities Stockholders' Equity Property, Plant & Equipment Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets General Journal (Post-Closing Entries) Account Debit Date Trans- action CE1 Credit Dec. 31 CE2 Dec. 31 BERNARD TH HI CE 3 Dec. 31 3 3233333333333333 13 Post-Closing Trial Balance December 31, 2019 Debit Credit IN