trial balance per secember 31 2017

	debit	credit
cash	3600
accounts receivable	2800
prepaid insurance	900
inventory	3000
land	4000
equipment	500
account payable		290
notes payable		350
share capital		400
retained earning		50
dividends	30
sales revenue		9000
sales return and allowance	35
cogs	4000
salaries and wages expense	2000
utilities expense	500
freight out	600
supplies expense	800
rent exepense	900

Additional Data at the end of December:

1. Supplies on hand $200

2. Notes Payable was taken out on Jul 1, for 2 years. Interest rate 5% annually

3. Annual depreciation expense for equipment $200. Equipment purchase on Oct 1

4. Paid 2 years of office rent on Mar 1.

5. Insurance paid on Jun 1, for 3 years coverage

6. Salaries and wages still unpaid $260

7. Actual Inventory on hand $500

. 8. During December, a collectible of account receivable was not recorded $28,000 Required:

a. Journalize the adjusting entries and give your explanation for the entries!

b. Prepare the adjusted trial balance!

c. Prepare an income statement, retained earnings statement, and statement of financial position as of Dec 31, 2017 and interpret the result!

d. Journalize the closing entries and prepare a post-closing trial balance!