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Baltimore Glass Company Trial Balance DAcct. No. Account Title Debit Credit 101 Cash 88,450 ecember 31, 2015

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There are two homework problems this week.  The first is below and the second one is on the second tab at the bottom left of the screen
Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries.
Baltimore Glass Company
Trial Balance
December 31, 2015
Acct.
No.Account TitleDebitCredit
101Cash          88,450
110Accounts Receivable       195,613
120Merchandise Inventory       256,250
125Supplies on Hand            3,252
130Prepaid Insurance            3,500
131Prepaid Rent            7,500
150Equipment       175,285
160Accumulated Depreciation          24,260
202Accounts Payable          72,555
210Wages Payable                   –  
301Capital Stock       220,000
302Retained Earnings, January 1       211,144
401Sales       998,250
405Sales Returns and Allowances            5,145
410Interest Income            1,500
500Purchases       560,880
501Purchases Discounts            4,080
502Purchases Returns and Allowances            1,200
505Freight In            4,580
520Advertising Expense            1,000
530Sales Salaries Expense          88,600
532Supplies Expense                   –  
540Office Salaries Expense       124,500
550Utilities Expense            8,594
555Insurance Expense                   –  
560Professional Fees Expense            3,000
570Depreciation Expense                   –  
580Interest Expense            6,840
    1,532,989     1,532,989
Adjusting items:
1. The remaining prepaid insurance at year end is $3,000
2. A physical inventory shows supplies on hand of $2,000 at year end
3. The prepaid rent of $7,500 covers January 2015 rent 
4. Depreciation on equipment is $12,000 for the year
5. At year end sales salaries of $3,000 were earned but unpaid
6. At year end office salaries of $4,000 were earned but unpaid
7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet.
8. A physical count of inventory shows a value of $219,100.  The periodic inventory method is used.
Do the following requirements below.  Create proper headings for each statement.
1. Record adjusting journal entries from information above.  It is possible that an item may not require an entry
2. Prepare an adjusted trial balance including the adjusting entries made
3. Prepare a classified income statement.  Supplies is a sales expense.  January 1 inventory was $219,115.
4. Prepare a statement of retained earnings
5. Prepare a classified balance sheet
6. Prepare closing journal entries
Account #Account Titledebitcredit
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Compute the ending inventory using LFIO for both the  periodic and the perpetual methods below:
 units  price 
1-JanBeginning inventory           3,500  $                     3.00
14-JanBought           1,500  $                     3.15
5-FebSold           1,000
22-FebBought           2,000  $                     3.20
7-MarSold           1,500
15-MarSold           2,000
5-AprBought           1,000  $                     3.25
10-AprSold              800
12-AprSold              800
22-AprSold              500
4-MaySold              600
10-MayBought           2,000  $                     3.30
25-MaySold              500
LIFO Periodic Inventory (scroll down to see Perpetual input area)
PurchasedSoldBalance
Dateunits cost  total units cost  total units cost  total 
1-Jan3500 $      3.00  $           10,500.00
LIFO Perpetual Inventory
PurchasedSoldBalance
Dateunits cost  total units cost  total units cost  total 
1-Jan3500 $      3.00  $           10,500.00
 
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