5 Create the Trial Balance for Be Jeweled, Inc. as of June 30, 2017 in 6 proper form. (12.5 points--graded for accuracy and format, 7 including Excel spreadsheet links and formulas) 12 9 There are no check figures for Part C. 10 11 Solution: Be Jeweled, Inc. 13 Trial Balance 14 30-Jun-17 15 16 Account Debit Credit 17 Cash 18 Accounts Receivable 19 Inventory 20 Prepaid Insurance 21 Building 22 Accumulated Depreciation 23 Accounts Payable 24 Interest Payable 25 Mortgage Payable 26 Common Stock 27 Sales Revenue 28 Cost of Goods Sold 29 Wage Expense 30 Office Expense Net Income 31 Rent Evnence A. Journal Entries B. T-Accts C. Trial Balance D. Retained Earnings E. Balance Sheet F. Statement of Cash Flov ... + - + 107% wn Be Jeweled, Inc. Trial Balance 30-Jun-17 14 Debit Credit 16 Account 17 Cash 18 Accounts Receivable 19 Inventory 20 Prepaid Insurance 21 Building 22 Accumulated Depreciation 23 Accounts Payable 24 Interest Payable 25 Mortgage Payable 26 Common Stock 27 Sales Revenue 28 Cost of Goods Sold 29 Wage Expense 30 Office Expense 31 Rent Expense 32 Insurance Expense 33 Interest Expense 34 Depreciation Expense 85 Totals Net Income 36 2/1/2017 Building Cash Mortgage Payabl 2/1/2017 Inventory Accounts Payable 2/1/2017 Prepaid Insurance Cash 15 Transactions: 3 16 1 1/2/2017 Issued 7,100 shares of stock to investors consisting of friends and family. Shares were sold at 17 par value of $21 each. 18 2 2/1/2017 Paid $2,400 in cash to purchase display equipment for the jewelry showroom. 19 3 2/1/2017 Puchased a building for office, workshop, and retail space for $348,000. They paid 35% down 4 20 in cash and signed a 20 year mortgage note with a 4.5% interest rate for the rest. Principal and interest payments will be made annually. 22 4 2/1/2017 Purchased inventory on account for $66,350. 5 23 5 2/1/2017 The company purchased a twelve month insurance policy and paid cash in advance of $2,100. 24 6 2/26/2017 Recorded jewelry sales to a local art gallery, sold on account for $8,500. 7 4/1/2017 Received a 5 year loan of $260,000, requiring annual payments, from the bank. The annual 6 26 interest rate was 4.75%. 27 8 4/2/2017 Paid $42,000 of the Account Payable for the inventory to the supplier. 7 28 9 4/30/2017 The company received a cash payment of $5,505 from the sales on account from the local art gallery. 29 10 6/30/2017 Jewelry sales in cash for February through June 30th were $62,835. 30 11 6/30/2017 Cost of Goods Sold for the February through June 30th sales (cash and credit) were $30,340. 8 31 12 6/30/2017 32 Salaries and wages expense for February through June 30th combined was $28,065. Of this A. Journal Entries B. T-Accts C. Trial Balance D. Retained Earnings E. Balance Sheet F. Statement of Cash Flov ... + 2/26/2017 Accounts Receivable Cash 4/1/2017 Bank Loan Payable Cash 4/2/2017 Accounts Payable Cash F15 - D X Fc 33 A B D E F G H I J K 28 9 4/30/2017 The company received a cash payment of $5,505 from the sales on account from the local art gallery. Cash 29 10 6/30/2017 Jewelry sales in cash for February through June 30th were $62,835. 30 11 6/30/2017 Cost of Goods Sold for the February through June 30th sales (cash and credit) were $30,340. 8 4/2/2017 Accounts Payable 31 12 6/30/2017 Cash 32 Salaries and wages expense for February through June 30th combined was $28,065. Of this total, $24,530 was paid in cash and the rest will be paid in July. 9 4/30/2017 Cash 34 13 6/30/2017 The company records depreciation monthly. The building has a useful economic life of 40 years Accounts Receival 35 and the company uses the straight line depreciation method. Pay attention to the purchase 36 date! 10 6/30/2017 Cash 37 14 6/30/2017 Jewlery Sales 38 The company records depreciation monthly. The display equipment has a useful economic life 39 of 10 years and the company uses the straight line depreciation method. 11 6/30/2017 COGS 40 15 6/30/2017 Insurance expense for Feb through June 30th is 5/12 of the amount paid in advance. Cash 41 16 6/30/2017 The company accrued interest expense for the first five months they held the mortgage and 42 the first three months they held the bank loan. 12 6/30/2017 Salary and Wages 43 Cash Salary and Wages 45 44