Unrecorded transactions: Sept. 1 Beach issued 8,367 shares of $10 par value common stock for $362,000. Oct. 1 Beach purchased 2,264 shares of its own stock for $41 per share. Nov. 30 Beach issued 1,653 shares of $20 par, 6% preferred stock for $78,451. Dec. 15 Beach declared a $1.53 per share dividend on the outstanding common stock, payable on January 15, 2020 Dec. 31 Beach estimates that uncollectible accounts receivable at year end is $5,200. Dec. 31 The building is being depreciated using the straight line method over 20 years. The salvage value is $15,000. Record the annual depreciation. Dec. 31 The equipment is being depreciated using the units of production method over 10 years or 70,000 hours. The salvage value is $10,000. The equipment was used 7,750 hours this year. Dec. 31 The unearned rent represents receipt of 4 months' rent in advance (November 1, 2019 through February 28, 2020). Prepare the December adjusting entry. Dec. 31 Beach employs 6 salespeople, each of whom earn $4,360 per month and have been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Prepare the employer's entry to record December employee payroll expenses, including federal income tax withheld of $3,240 and union dues of $120. Dec. 31 Prepare the employer's payroll tax expense for December. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Dec. 31 Beach borrowed $45,000 from First State Bank on October 8, 2019. The note is due on February 3, 2020 (120 days) and the bank is charging 8% interest. Record the accrued interest at year-end. Beach Corporation Trial Balance December 31, 2019 Credit $ $ Debit 126,950.00 82,000.00 $ 1,385.00 $ $ $ 40,511.00 126,065.00 220,000.00 GA 34,000.00 69 150,000.00 14,400.00 48,955.00 16,000.00 45,000.00 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Land Buildings Accumulated Depreciation - Buildings Equipment Accumulated Depreciation - Equipment Accounts Payable Dividends Payable Unearned Rent Revenue Notes Payable Interest Payable FICA SS Payable FICA Medicare Payable Federal Income Tax Payable Union Dues Payable Salaries Payable Bonds Payable (10%) Common Stock ($10 par) Paid-In Capital in Excess of Par - Common Stock Preferred Stock ($20 par) Paid-In Capital in Excess of Par - Preferred Stock Retained Earnings Treasury Stock Sales Revenue Rent Revenue Bad Debts Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Payroll Tax Expense Sales Salaries Expense Total 69 69 69 69 69 69 69 69 9969 17,391.00 4,067.25 37,125.00 1,375.00 175,500.00 30,000.00 6,000.00 75,050.00 $ 668,537.75 $ $ $ $ $ 311,297.00 117,963.00 $ $ $ $ 1,174,786.00 $ 1,174,786.00 JOURNAL Description Page 21 Credit Date Debit Adjusted Trial Balance Debit Balance Credit Balance Account Income Statement Retained Earnings Statement Classified Balance Sheet
