Use the following post$-$closing $($i$.$e$.$ beginning$)$ trial balance to specify the beginning balances in the $T-$accounts on pages $3$ and $4.$ The beginning balance for Cash is specified in the $T-$account already as an example.

Company XYZ

Post$-$Closing Trial Balance

For the fourth quarter ended December $31,2019$

$($in dollars$)$

Debit

Credit

$\backslash$table$[[$Cash$,10,000,],[$Accounts receivable,$20,000,],[$Prepaid expenses $-$ current,$1,000,],[$Notes receivable,$10,000,],[$Buildings $-$ net,$150,000,],[$Equipment $-$ net,$50,000,],[$Accounts payable,,$10,000],[$Wages payable,,$5,000],[$Income taxes payable,$500,],[$Unearned revenue,,$10,000],[$Notes payable,,$50,000],[$Long$-$term notes payable,,$100,000],[$Common stock,,$50,000],[$Retained earnings,,$15,500],[$Service revenue,,$0],[$Interest revenue,$0,0],[$Wages expense,$0,],[$Repairs expense,$0,],[$Utilities expense,$0,],[$Advertising expense,$241,000,241,000],[$Total$,,]]$

Show the journal entries for the following transactions and update all associated T$-$accounts $($see pages $3$ and $4$ for $T-$accounts$).$

a$.$ Company XYZ paid $$2,000$ for a billboard advertising a discount on snow removal.

$\backslash$table$[[,$Dr$.,$Cr$.],[,,]]$

b$.$ Company XYZ delivers $$1,500$ worth of snow removal services. The customer pays $$500$ in cash and promises to pay $$1,000$ in the future.

c$.$ A customer that previously received snow removal services on account paid $$1,500$ in cach to Comnanv XV$7$

d$.$ A customer with poor credit history gives Company $xYZ$ a down payment of $$400$ for snow removal services to be provided in the future.

$]$

e$.$ Company XYZ provides snow removal services to a customer who had previously paid $$2\mathrm{.}000$ in advance for the services.

f$.$ Company XYZ pays $$600$ to its employees for labor provided in a prior period.

$\backslash$table$[[,,],[,,]]$

g$.$ Company $xYZ$ has equipment repaired, paying $$100$ in cash for the repair.

$\backslash$table$[[,,],[,,]]$

h$.$ Company XYZ pays $$200$ for utilities used in the current period.

$\backslash$table$[[,,],[,,]]$

i$.$ Company XYZ receives an interest payment of $$100$ for interest that accrued in the current period.

For each entry you made above, identify the impact on ADE LSER if that entry is omitted. Fill in the blanks below using ADE LSER, that is$,$ assets, dividends, expense, liabilities, stockholders' equity $($common stock $+$ retained earnings$),$ revenue. You can enter multiple accounts in the same blank.

If the entry

is omitted

$\backslash$table$[[$a$,,,$Onderstated$],[$b$,,,],[$c$,,,],[$d$,,,],[$e$,,,],[$f$,,,],[$g$,,,],[$h$,,,],[$i$,,,]]$

BB

Cash

Accounts payable

BB

Notes payable

BB

$\backslash$table$[[$Unearned revenue$],[,],[,],[,],[,]]$

Accounts receivable

$\backslash$table$[[$BB$,],[,],[,]]$

Buildings $-$ net

$\backslash$table$[[$BB$,],[,],[,]]$

Wages payable

BB

BB

$$

Taxes payable

Long$-$term notes payable

B

Buildings $-$ net

B

Repairs expense

BB

Advertising expense

Advertising expense

Use your T$-$accounts from $2)$ to create an unadjusted trial balance.

Company XYZ

Unadjusted Trial Balance

For quarter ended March $31,2020$

$($in dollars$)$

Debit

Cash

Accounts receivable

Prepaid expenses $-$ current

Notes receivable

Buildings $-$ net

Equipment $-$ net

Accounts payable

Wages payable

Income taxes payable

Unearned revenue

Notes payable

Long$-$term notes payable

Common stock $-$ par

Common stock $-$ APIC

Retained earnings

Service revenue

Interest revenue

Wages expense

Repairs expense

Utilities expense

Advertising expense

Total

Credit

Create the closing entries.

$\backslash$table$[[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,]]$

What is the ending balance of Retained Earnings on March $31,2020?$

Create the income statement $-$ single step, statement of stockholders' equity, and classified balance sheet for the quarter ended March $31,2020.$

Income Statement $-$ Single Step

Statement of Stockholders Equity

Classified Balance Sheet