Using the General Journal, Journalize all transactions which occurred in 2021

Post all journal entries to the trial balance

Complete the:

A. Balance Sheet as of December 31, 2021

B. Income Statement for the year ending December 31, 2021

C. Statement of Cash Flows for the year ending December 31, 2021

Pane in the Glass Co. opened for business on September 1, 2021. The following account balances existed:

Cash 85,192

Window Inventory (210 units @ $65/unit) 13,650

Building 52,500

Accounts payable (Great Wattage) 13,650

Notes Payable 37,692

Common stock (5,000 shares, $1 par) 80,000

Preferred Stock (200 shared, 5%, $10 par) 20,000

The following events and transactions occurred through December 31, 2021:

9/2 Signed a 10-month contract to provide two (2) windows per month to Bill Jerome Holm Construction for $72,000, which was paid immediately.

9/3 Sold 35 windows to Jack Tupp Auto Repair for $160.00 each, payment in cash.

9/4 Purchased 360 additional windows for its inventory, on account, from Great Wattage for $32,500. Terms were 4/10, n/20.

9/7 Jack Tupp Auto Repair returned 10 damaged windows, and received a refund.

9/9 Paid the correct amount on the invoice related to the 9/4 transaction.

9/10 Sold 70 windows to Reed N. Wright Academy for $6,600, terms of 2/10, n/30.

9/15 Paid the accounts payable balance from 9/1 due to Great Wattage of $13,650 in full.

9/16 Received a check from Reed N. Wright Academy for the correct amount related to the 9/10 sale.

9/29 Purchased office supplies from Stan Still Stationery Store, on account, for $298, due in 30 days.

10/8 Sold 170 windows to Iona Carr Autohaus for its new dealership for $31,200, on account. Payment terms were 3/10, n/20.

10/14 Paid the invoice, in full to Stan Still Stationery Store.

10/20 Received a check from Iona Carr Autohaus for the correct amount related to the 10/8 sale.

10/31 Paid off the Notes payable from 9/1. Interest at 2% per annum was also paid at this time.

11/17 Sold 116 windows to Second Story Books for $184.00 each, terms 5/10 net 30.

11/30 Wrote a check to the Monocle for nine months of future advertising for $2,700

12/1 Purchased new window-framing equipment for 27,100 with the balance due in 90 days

12/19 Sold 52 windows to Shanda Lear's Lighting Store for 42,500 on account. Payment terms were 2/15, n/25.

12/21 Declared $200 of dividends to shareholders of record on 12/31, payable on 1/2/2022

12/31 Incurred the following expenses at year0end which are not due and payable until 1/31/2022:

Telephone 653

Fuel 849

Utilities 988

Postage 132

1. Dont forget to journalize the opening balances as of September 1, 2021. However, when doing the Statement of Cash Flows, the beginning balance as of January 1, 2021, for all accounts is zero.

2. Presume the same unit costs apply to all items of inventory when calculating cost of goods sold. Pane in the Glass Co. uses the periodic inventory system and the average cost method. Round the average cost per unit to the nearest cent.

3. Dont forget to post adjusting entries for any necessary items.

4. Allowance for doubtful accounts is calculated using the percentage of net sales method. As of

   December 31, 2021, the percentage of net sales estimated to be uncollectible is 2.2%.

5. For the building, depreciation is calculated using double-declining balance, with a useful life

   of 10 years, and an estimated salvage value of $11,000

6. For the window-framing equipment, deprecation is calculated using units-of-activty method, with a total estimated useful life of 5 years, and an estimated salvage value of $2,900

7. Don't forget to allocate liabilities between current liabilities and long-term liabilities, if applicable

8. Other than he transactions luted in the facts, assume no other cash or check transactions have occurred. There are no outstanding checks nor deposits in transit at year-end.

9. Unless states otherwise, round all amounts to the nearest dollar.