\begin{tabular}{|l|l|} \hline 23-Nov & Purchased instruments on credit for $78,500. \\ \hline 24-Nov & Purchased parts on credit for $2,500. \\ \hline 27.Nov & Paid $14,298 of the balance in accounts payable. \\ \hline 27-Nov & Received payment on account of $52,000. \\ \hline 30-Nov & Received$24,865fromacustomertorepairinstruments.Therepairswillnotrequireanyparts.TIwillnotbeabletostarttherepairsforafewweeks. \\ \hline 30-Nov & Paid sales commissions. \\ \hline 1-Dec & Purchasedanewpieceofequipment,costing$31,400.TIpurchasedtheequipmentwiththeproceedsfromaloanfromthebank.Thenotebearsanannualinterestrateof3%,Interestispayableeveryyear.ThefirstinterestpaymentisdueonNovember28ofthefollowingyear.Thebalanceofthenotewillbeduein5years. \\ \hline 1-Dec & Paid $1,400 for a magazine add that will run in the current month. \\ \hline 1-Dec & Purchased instruments on credit for $125,695. \\ \hline 4-Dec & Paid employecs. \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 29-Dec & Paid $71,327 of the balance in account p payable, \\ \hline 29-Dec & Providedrepairservicesforatotalof$34,763oncredit.Partsthatwereusedcameoutofinventoryatacostof$19,500. \\ \hline 29-Dec & Declared quarterly dividends of $2,515. \\ \hline 29-Dec & Madeapaymentonthenotethatexistedatthebeginningoftheyear.Thetotalpaymentwas$28,000,$26,900ofthiswastoreducethenotebalance.Theremainderwasapaymentofinterest. \\ \hline 29-Dec & Paid sales commissions. \end{tabular} 1) Prepare the lournal entries for the quarter. Do not create anv new accounts The journal entries must be in chionological order. (No adjusting entries need to be made for part 1.) 2) Prenare an unadusted trial balance. 3) Pregare the adjusting journal entriesfor the quarter. Do not create any new accounts Be gure to read through the transsctions again to see if ary of them might tequire an adjusting journal entry. 4) Preoare an sd juted trial balance. 5): fresare o statement of net income, state ment of stockholde r's equiy, and a baince sheet for the 4 quarter. 6) Prepare closing entries 71 Prepare a post-closine tral balance. Terry's Trumpets (and more) (T) is a calendar-ye ar firm that sells and repairs a variety of musical instruments. They sell the instruments to sehools. They aleo xell various accessories and music. II preparesfinancial statements once per quarter TI aays their employees every other Friday for their work that week and the preceding week. The company is only open 5 days a week and the employees are paid if the store is closed for a hobday. The total pay for a 2 we wek period is $15,485. The first poyday in the fourth auarter was on October 9 . This pay period covered the work done from Se ptember 28 through October 9. Paydows in the fourth quarter are: October 9, October 23, November 6, November 20, December 4. December 18 ; In addition to salary. poy the ir sales asociates a 6F commbsion on all instrument sales. This licludes onl the sale of instruments, it does not include service revenue. They pov this on the last day of every month. for that month's sales The chart of accounts and the beginning trial bolance is included in the spreadsheet for this proigct. The spreadsheet also includes a template for your solutions The prepaid tent on the beginning tial balance was paid on September 30,2020 to cover occupancV during Q4, 2020 The prepaid inurance wis for cove race from Oetober 1, 2020 through December 31,2020 At the end of the auarter. H counted office supplies. It had 51493 remaining of supplies Depreciatian for the current quarter was 59200. At the end of the year Tr had completed all of the repairs that they had received cash for prior to October 1 . The re repairs did not require any parts. They had also completed 62% of the work for the transaction on November a0. Durina the fourth quarter of 20207 completed the transactions included on the following pages \begin{tabular}{|l|l|} \hline 23-Nov & Purchased instruments on credit for $78,500. \\ \hline 24-Nov & Purchased parts on credit for $2,500. \\ \hline 27.Nov & Paid $14,298 of the balance in accounts payable. \\ \hline 27-Nov & Received payment on account of $52,000. \\ \hline 30-Nov & Received$24,865fromacustomertorepairinstruments.Therepairswillnotrequireanyparts.TIwillnotbeabletostarttherepairsforafewweeks. \\ \hline 30-Nov & Paid sales commissions. \\ \hline 1-Dec & Purchasedanewpieceofequipment,costing$31,400.TIpurchasedtheequipmentwiththeproceedsfromaloanfromthebank.Thenotebearsanannualinterestrateof3%,Interestispayableeveryyear.ThefirstinterestpaymentisdueonNovember28ofthefollowingyear.Thebalanceofthenotewillbeduein5years. \\ \hline 1-Dec & Paid $1,400 for a magazine add that will run in the current month. \\ \hline 1-Dec & Purchased instruments on credit for $125,695. \\ \hline 4-Dec & Paid employecs. \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 29-Dec & Paid $71,327 of the balance in account p payable, \\ \hline 29-Dec & Providedrepairservicesforatotalof$34,763oncredit.Partsthatwereusedcameoutofinventoryatacostof$19,500. \\ \hline 29-Dec & Declared quarterly dividends of $2,515. \\ \hline 29-Dec & Madeapaymentonthenotethatexistedatthebeginningoftheyear.Thetotalpaymentwas$28,000,$26,900ofthiswastoreducethenotebalance.Theremainderwasapaymentofinterest. \\ \hline 29-Dec & Paid sales commissions. \end{tabular} 1) Prepare the lournal entries for the quarter. Do not create anv new accounts The journal entries must be in chionological order. (No adjusting entries need to be made for part 1.) 2) Prenare an unadusted trial balance. 3) Pregare the adjusting journal entriesfor the quarter. Do not create any new accounts Be gure to read through the transsctions again to see if ary of them might tequire an adjusting journal entry. 4) Preoare an sd juted trial balance. 5): fresare o statement of net income, state ment of stockholde r's equiy, and a baince sheet for the 4 quarter. 6) Prepare closing entries 71 Prepare a post-closine tral balance. Terry's Trumpets (and more) (T) is a calendar-ye ar firm that sells and repairs a variety of musical instruments. They sell the instruments to sehools. They aleo xell various accessories and music. II preparesfinancial statements once per quarter TI aays their employees every other Friday for their work that week and the preceding week. The company is only open 5 days a week and the employees are paid if the store is closed for a hobday. The total pay for a 2 we wek period is $15,485. The first poyday in the fourth auarter was on October 9 . This pay period covered the work done from Se ptember 28 through October 9. Paydows in the fourth quarter are: October 9, October 23, November 6, November 20, December 4. December 18 ; In addition to salary. poy the ir sales asociates a 6F commbsion on all instrument sales. This licludes onl the sale of instruments, it does not include service revenue. They pov this on the last day of every month. for that month's sales The chart of accounts and the beginning trial bolance is included in the spreadsheet for this proigct. The spreadsheet also includes a template for your solutions The prepaid tent on the beginning tial balance was paid on September 30,2020 to cover occupancV during Q4, 2020 The prepaid inurance wis for cove race from Oetober 1, 2020 through December 31,2020 At the end of the auarter. H counted office supplies. It had 51493 remaining of supplies Depreciatian for the current quarter was 59200. At the end of the year Tr had completed all of the repairs that they had received cash for prior to October 1 . The re repairs did not require any parts. They had also completed 62% of the work for the transaction on November a0. Durina the fourth quarter of 20207 completed the transactions included on the following pages