I need to have this filled out by 1159pm tonight. I attached the HW.
I need to have this filled out by 1159pm tonight. I attached the HW.
There are two homework problems this week.The frst is below and the second one is on the second taBelow you will see an unadjusted trial balance run at month end ²ollowed by in²orma³on needed to makBal³more Glass CompanyUnadjusted Trial BalanceJanuary 31, 2017Acct.No.Account TitleDebitCredit101 Cash39,512110 Accounts Receivable182,610120 Merchandise Inventory573,987125 Supplies on Hand3,252130 Prepaid Insurance1,000131 Prepaid Rent7,500150 Equipment270,000160 Accumulated Deprecia³on90,000202 Accounts Payable110,587210 Salaries Payable–215 Interest Payable–220 Current Por³on o² Long Term Debt12,000240 Long Term Debt120,000301 Capital Stock220,000302 Retained Earnings, 12/31/16211,144401 Sales348,080510 Cost o² Goods Sold–520 Adver³sing Expense1,000530 Sales Salaries Expense18,600531 Sales Commission Expense–532 Supplies Expense–540 O´ce Salaries Expense12,950550 U³li³es Expense–555 Insurance Expense–558 Rent Expense–560 Pro²essional µees Expense1,400570 Deprecia³on Expense–580 Interest Expense–1,111,8111,111,811Adjus³ng items and notes:1. The company uses a calendar year.2. Insurance was prepaid at the beginning o² the year by paying $60,000 ²or a 12 month policy.3. It is es³mated that supplies on hand equal $2,000 at month end.4. The rent is prepaid quarterly and $7,500 covered the frst quarter o² 2017.
5. Equipment was all purchased at one Tme and has a life of 10 years with no salvage value.±he equipm6. At month end sales commissions of $3,000 were earned but unpaid.±he company records sales com7. ±he interest rate on long term debt is 6% per year.Interest will actually be paid at the end of each cal8. It is esTmated that electricity usage equaled $800 during January and the company expects to be bille9. ±he company has a long history of cost of goods sold and 70% is a reasonable esTmate to use for mon10. ±he company considers sales salaries, commissions, supplies, and adverTsing to be selling expense aDo the following requirements below.Create proper headings for each statement.1. Record adjusTng journal entries from informaTon above.You will need to calculate cost of goods sold2. Prepare an adjusted trial balance including the adjusTng entries made3. Prepare a mulT-step income statement.Consider depreciaTon to be a selling and administraTve expe4. Prepare a statement of retained earnings5. Prepare a classi²ed balance sheet6. Prepare closing journal entries including an entry to adjust the inventory balance.Prepare entries to iAccount #Account ±itledebitcreditBalTmore Glass CompanyAdjusted ±rial BalanceJanuary 31, 2017
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