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ACC$211$ Financial Statements Problem

Acme provides services to both individuals and business. In order to prepare a realistic trial balance, the

events described below are aggregations of many individual events$/$transactions during the year.

a$.$ Common stock was issued for $$22,000$ on January $1,2023.$

b$.$ During the year, ACME paid office rent of $$13,500.$

c$.$ Utilities expenses incurred and paid were $$5,320.$

d$.$ Bought an $18-$month business protection insurance policy for $$1,800$ on January $1,2023.$ Put in when in uled

e$.$ Wages of $$58,800$ were earned by employees and paid during the year.

f$.$ During the year, ACME provided services:

a$.$ On credit $$128,200$

b$.$ For Cash $$18,650$

g$.$ ACME purchased $$59,110$ of supplies on credit.

h$.$ ACME paid dividends in the amount of $$3,500.$

i$.$ ACME collected accounts receivable in the amount of $$109,400.$

j$.$ Paid creditors $$47,250$ for supplies purchased during the year.

k$.$ The supplies left in the supply closet totaled $$7,950.$

I. Services performed late in December, but not yet recorded totaled $$2,375.$

Required:

Prepare journal entries.

Post journal entries to the appropriate T$-$accounts.

Prepare any necessary adjusting journal entries and post to the appropriate T$-$accounts.

Prepare an adjusted trial balance at December $31,2023.$ Assume that all beginning balances at

January $1,2023$ are zero.

Prepare a single step income statement.

Prepare a statement of retained earnings.

Prepare a classified balance sheet.

Prepare all closing journal entries.

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