Trial Balance DR CR 1.000.000 450,000 15,000 186,000 120,000 450.000 1.000.000 360,000 600,000 320,000 150,000 900.000 A/C Nams Cash Accounts receivable Allowance for bad debt Merchandise Inventory Store Supplies Prepaid Insurance Furniture and Fixtures Acemulated depreciation - Furniture and Fixtures Computer Equipment Accumulated depreciation Computer Equipment Accounts payable Wages payable Uncamed Sales revenne Notes Payable, Long Term John Columbus, Capital John Columbus, Withdrawal Sales revenue Sales discount Sales retums and allowances Cost of goods sold Wages Expense Insurance Expense Depreciation Expense - Furniture and Fixtures Depreciation Expense Computer Equipment Store Supplies Expense Utilities Expense Bad Debt Expense interest Expense Total 2.200.000 95,000 1.761.000 120,000 95.000 650,000 450,000 180,000 40,000 180,000 90,000 5,706,000 5,706,000 The following additional information is available at December 31, 2018 (0) (ii) 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. 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. (iii) ACCT1002 Iritroduction to Financial Accounting Assignment # 2 Page 3 (iv) (vi) (vii) Wages earned by employees NOT yet paid amounted to 15,000 at December 31, 2016. 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. The aging of the Accounts Receivable schedule at December 31 indicated that the estimated uncollectible on account receivable should be $45,000 REQUIRED a) b) c) 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 d) e) f) Prepare the post-closing trial balance