Business Accounting - Adjusting Entries, Income Statement, Balance sheet

"Trial Balance "Adjustments "Adjusted Trial Balance "Income Statement "Balance Sheet "Dr "Cr "Dr "Cr "Dr "Cr "Dr "Cr "Dr "Cr "Cash "139960 "18000 "12000 "145960 "145960 "Accounts Recivable "34000 "34000 "0 "34000 "0 "Allowance for doubful accounts "5400 "150 "5250 "5250 "Inventory (periodic "62000 "8000 "70000 "0 "70000 "0 "Pre-paid insurance (15 months "600 "480 "120 "120 " Remaining as of 1 /11 /19C "0 "0 "0 "0 "Long-term note receivable (14 "12000 "12000 "0 "0 "0 "0 "Investment revenue receivable "0 "0 "0 "0 "Land "27000 "27000 "0 "27000 "0 "Building "240000 "240000 "0 "240000 "0 "Accumulated depreciation :Building "130000

"2000 "0 "132000 "0 "132000 "Equipment "90000 "90000 "0 "90000 "0 "Accumulated depreciation :Equipment "50000 "9000 "0 "59000 "0 "59000 "Account Payable "23000 "0 "23000 "0 "0 "23000 "Salaries Payable "7500 "7500 "0 "0 "7500 "Income Taxes payable "263268 "0 "263268 "0 "263268 "Interest Payable "12000 "12000 "0 "12000 "0 "0 "Uneared rent revenue "0 "0 "0 "0 "Bonds payable , 10 "120000 "0 "120000 "0 "120000 "Common stock , par 10 "200000 "0 "200000 "0 "200000 "Contributed capital in excess of par "10000 "0 "10000 "0 "10000 "retained earnings "27900 "0 "27900 "0 "27900 "Sales revenue "300000 "7500 "0 "307500 "0 "307500 "Investment revenue "1260 "0 "1260 "0 "1260 "Rent revenue "6000 "6000 "0 "12000 "0 "12000 "purchases "164000 "8000 "156000 "0 "156000 "0 "purchase returns "4000 "0 "4000 "0 "4000 "Selling expenses "51000 "10380 "150 "61230 "61230 "G A expenses "35000 "1100 "36100 "0 "36100 "0 "Interest Expense "7000 "7000 "0 "7000 "0 "Extraordinary Loss (pretax "15000 "15000 "0 "15000 "0 "Income tax expense "263268 "263268 "0 "263268 "0 "Total "877560 "877560 "320398 "320398 "1165178 "1165178 "550598 "324760 "614580 "840418 "225838 "-225838 "Adjusting Entries "A "Estimated bad debts loss rate is 1 /2 of credit sales . Ten percent of 19C sales were on Credit "Sales revenue "300000 "0 .3945 "Credit sales "30000 "0 .837158 "Selling expense "150 "Adjustments "Selling expense "150 "Allowance for Doubtful Accounts "150 "B "Ending Inventory (December 31 ,19C ) was 70 ,000 "Adjustments "Inventory "8000 "Purchases "8000 "C "Interest on long-term note receivable was last collected on September 30 ,19C "Adjustments "Long-term note receivable "12000 "Cash "12000 "D "Estimated useful life on the building was 20years residual value 40 ,000 . Allocate 10 "to administrative and the balance to selling expense . Assume straight-line depreciation 40 ,000 /20yrs 2 ,000 .00 /yr "2000 x 10 200 (administrative expense "2000 - 200 1 ,800 (selling expense "Adjustments "Selling Expense "1800 "G A Expense "200 "Accumulated depreciation-Building "2000 "E "Estimated useful life on the equipment was 10years residual value , zero . Allocate 10 "to administrative and the balance to selling expense . Assume straight-line depreciation 90 ,000 /10yrs 9 ,000 .00 /yr "9000 x 10 900 (administrative expense "9000 - 900 8 ,100 (selling expense "Adjustments "Selling Expense "8100 "G A Expense "900 "Accumulated depreciation-Equipment "9000 "F "Unrecorded and unpaid sales salaries payable at December 31 ,19C was 7 ,500 .00 "Adjustments "Salaries payable "7500 "Sales Revenue "7500 "G "Interest on the bonds payable was...