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 Decembe 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 2 Beach Corporation Trial Balance December 31, 2019 3 Credit Debit 126,950.00 82,000.00 $ 1,385 00 > 40,511.00 126,065.00 220,000.00 $ 34,000.00 $ 150,000.00 14,400.00 48,955.00 16,000.00 45,000.00 5 6 Cash 7 Accounts Receivable 8 Allowance for Doubtful Accounts 9 Inventory 10 Land 11 Buildings 12 Accumulated Depreciation - Buildings 13 Equipment 14 Accumulated Depreciation - Equipment 15 Accounts Payable 16 Dividends Payable 17 Unoamed Rent Revenue 18 Notes Payable 19 Interest Payable 20 FICA SS Payable PL FICA Medicare Payable 2 Federal Income Tax Payable 23. Union Dues Payable 24 Salaries Payable 25 Bonds Payable (10%) 26 Common Stock ($10 par) 27 Paid-In Capital in Excess of Par - Common Stock 28 Preferred Stock ($20 par) 29 Paid-in Capital in Excess of Par - Preferred Stock 0 Relained Earnings 31 Treasury Stock 2 Sales Revenue 3 Rent Revenue 4 Bad Debts Expense 5 Interest Expense 6 Cost of Goods Sold 7 Depreciation Expense 8 Other Operating Expenses 9 Payroll Tax Expense 0 Sales Salaries Expense 1 Total 2 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 17,391.00 4,067 25 37,125.00 1,375.00 175,500.00 30,000.00 6,000.00 A 75,050.00 $ 668,537 75 $ 311,297.00 en non 117,963.00 $ 1,174,786.00 1,174,786.00 Adjusted Trial Balance 3 4 5 6 8 9 Debit Balance Credit Balance Account 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Data & instructions Beach TB Journal Adj. Trial Balance Income Staten Income Statement Data & instructions Beach TB Journal Adj. Trial Balance Income Statement Retained Earnings Statement 3 4 5 Classified Balance Sheet 5 2 3 3 1 2 3 4 4 Beach TB Journal Adj. Trial Balance elect destination and press ENTER or choose Paste Income Statement Retained Earnings Balance SI Search for anything O A D 1 2 Dale JOURNAL Description Per 31 Credit Date 3 Sept 1. Cash 382,000.00 4 Common Stock 83 57000 5 Paid in Capital in Excess of por common stock 278.330.00 6 Oct Treasury Stock 92 824 00 7 Cash 92.824.00 8 Nov 30 Cash 78.451 00 9 Preferred Stock 33 060 00 10 Paid in Capital in Excess of par common stock 15,391 00 11 Dec 15 Retained earings 13 927 59 12 Dividend Payable 13 92759 13 Doc 3 815 00 14 3815 00 15 Dec 10 25000 31 Bad Debts Expense Alowance for doubtfut accounts 31 Depreciation Expense Accumulated Depreciation - buldings 31 Depreciation Expense Accumulated Depreciation Equipment 16 10 250.00 17 Dec 15,500.00 18 15 500 00 19 Dec 31 Unoamned Ront Revenue 8.000.00 20 Rent Revenue 8.000.00 21 Dec 31 Sales Salaries Exponse 26. 160.00 22 FICA payablo 1,621 92 23 FICA Medicare payablo 379 32 24 3240.00 Fed Income Tax payable 25 120.00 Union Dues payablo 26 20.798.75 Salaries Payable 2001 24 27 Dec 31 Payroll Tax Expense 1.60192 28 FICA payable 31932 FICA Medicare payable 240.00 30 Dec 35 Interest Expense 240 00 at Inforest Payable 32