can you do the trial balance sheet please

Read through the information below for selected transactions during the mon December, 2016 and prepare the required jounal entry to record the transac each of the entries below to the general ledger T-accounts attached tion. Post 1) On December 5, ACME purchased $58,875 of merchandise on account from Indiana Corp terms 3/10, n/30. 5%/0days 30 days Date Account description Credit Debit 58.875 Accounts Pa tible 15% 87 2) Sold Merchandise for $5,000 to Lee Corp on account on December 7. Cost of the merchandise was $3,340 and the terms of the sale n/30. Credit Debit Date Account descripson 3340 3) On December 14 ACME wrote a check to Indiana Corp for the purchase made on December 5 to take advantage ofthe purchase discount (round discount to nearest 3% cont DebitCreditI 766.2S S710957, 10 Account description -1706 H Accounts Rable S210 Inventony On December 15, Lee Corp reque in their December 7 purchase. ACME granted them an allowance and they disposed of the defective merchandise at ACME's request sted credit for $500 of defective merchandise included 4) Debit Credit Account description Date 12% dsomt 5) Lee Corp paid their balance due taking the sales discount offered on December 19. Date 5 Scles DiScount Accounts Receiabe r 6) December 20 ACME isued 50 shares of $10 par stock fr 48 per share for cash $48 per share for cash. Prepare the adjustment to record the issuance of stock below. Date 12 Credit Debit Common Stock 5O0 7) ACME purchased supplies for $1,300 cash on December 21. Credit Debit Account description lies Date /2 21 ACME received $2,500 in cash as an advance payment for merchandise to be delivered next month. Date 9) On December 23 ACME paid in cash the December uility bill of $1,880 Credit Account description 1223 hliics xpense 10) On December 23,2016 the board of directors declared a dividend of $8 per share on its 170 issued and outstanding shares to shareholders of record on January 16,2016 and payable on February 16, 2016. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to reained earnings. Be sure to use that account!) Credit Debit Account description Date 11) ACME has already accrued the employee salaries for the pay period ending December 23. On December 28, ACME pays the employees the previously accrued amount Debit Date ACME Distribution, Inc. December 31, 2016 General Ledger T-accounts Cash Accounts receivable Beginning balance103212 Allowance for bad debts 42,400 130 Ending balance 52m Prepaid insurance 18,000 Supplies 145 Inventory Beginning balance 25,558 Ending balance Offloe equipment 35.000 Accum. Depr-Office equip Prepaid rent 11,500 Beginning balance Ending balance24600 Accum. Depe-Whse equip Warehouse equipment 24,000 Beginning balance 80,000 blanc50000 Accounts payable Beginning balance Bond payable Salaries payable 14,200 75,000 4,250 Ending balance Interest payable Dividends payable Unearned revenue Beginning balance Ending balance Common stock Retained eamings Additional paid-in capital Beginning balance 162,410 1 200 Ending balance Dividends 24,000 Beginning balance Ending balance 15 0 Sales Sales discounts Sales returns& allowance Beginning balance 729,300 1,885 280 0O Ending balance Cost of goods sold Depr.exp-Ofice equip Beginning balance532,310 Depr. Exp- Whs equip 3,500 8000 Ending balance Bad debt expense Salaries expense 61,400 Insurance expense Beginning balance 800 14,500 Ending balance Rent expense 28,600 Interest expense Advertsing expense Beginning balance 22,700 Ending balance Utiites expense 18,000 Beginning balance Ending balance December 31, 201 Balances 2,032 ACME Distribution, Inc December 31,2016 Adjusting Entries Read through each situation below and on the following pages. necessary calculations prepare the required adjusting journal entry After completing any ledger. Post each of the entries below to the trial balance and calculate the adjusted account balances one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below 000 3500 I2 Credit Debit Post the above entry to the trial balance in the adjustment columns. The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). 2) occuring #925 Account Debit Credit Post the above entry to the trial balance in the adjustment columns. ACME Distribution, Ine December 31,2016 Adjusting Entries Continued 3) The company takes a physical inventory count at tme end of the year and adjusts heir inventory and cest of goods sold there is a difference between the inventory value determined from the actual count compared to the valkve in the general ledger. The information below includes the number of units counted in Inventory at the end ef the year purchases of inventory during the montn Number of units held in the compan's leventory at 1231/2016 besed on a count of the inventory was 18,841 units A listing of punchases during the month of December are as tollows Unit Quanity 500 375 58,875 4.00 26,000 450 33,750 December 5, 2016 December 14,2016 December 21, 2016 7500 S The company uses FIFO to account for its inventory cost What is the cost of the company's ending imactany (round answer to nearest dolar and show your caleulstion below for full creditj? 4,841 1903.15 The balance in inventory per the unadjusted tial balance before making any adjustments is $79.327 What is the amount of the December 31 adjustment bo nventory oost (show your caleulation below for ful eredit)? 79 327-77,903.15 1,123.25 Complete below the adjusting jounal entry necessary for inventory Credit Post he above enty to the trial balance in the adjustment columns ACME Distributien, Inc. December 31, 2016 Adjusting Entries Continued s) On July 31, 2015 tte company purehesed new waouse equlpment in t years and a salvage vaive of 5,000 $50,000. Na depreciation has espense for 2016 using the straig line method? (Round anawer 15.015 5o,000 -s,o0o = $5,025 Complete below the aduating jounal eny necessary for depreciaion Post the above envy to the vial balance in the adjustment oolunes ACME Distribution December 31,2016 Adjusting Entries Continued The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company aditional cash The bond has a contrac 'interest rate of 6.8% and wasissued at par. The bond matures i, 10 years and pays interest on July 31 and January 31 each year What is te amount of interest to be accrued at December 31,20167 (Round answer to nearest dollar and show your caleulation below for full credi) 2115 75,000 x G,8% 7,125 Complete below the adjustng jounal enty necessary for acorued interest 125 Z,12s Post the above enty to the trial balance in te adjustment columns. ACME Distribution, Inc. Income Statement For the Years Ended December 31,2016 and 2015 Years Ended December 31 2015 2016 Revenue 607 480 Sales Less: Sales discounts 620 605,380 461,200 144,180 Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses: 1,200 2,500 640 48,000 18,060 24,000 15,900 Depreciation expense-Office equipment Depreciation expense-Warehouse equipment Bad debt expense Salaries expense Insurance expense ent expense Advertising expense Utilities expense Total operating expense 123,300 Income from operations 20,880 Other expense-Interest Net income S 20,880 ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31,2016 and 2015 Additional Paid-in Common Stock Shares Retained Total Amount Balance, January 1,2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31,2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31,2016 500 153,530 155,030 600 20,880 100 S 1,000 $ 20 200 400 20,880 12,000 162,410 164,510 900 1201,200 ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31 2016 2015 Assets Current assets Cash Accounts receivable Allowance for bad debts Accounts receivable-net of allowance Inventory Supplies Prepaid insurance Prepaid rent S 34,620 25,060 23,860 66,750 10,700 138,530 2 Total current assets Property, plant and equipment Office equipment Warehouse equipment 35,000 65,000 24,000 Less accumulated depreciation Net property, plant and equipment $179,530 Total assets ACME Distribution, Inc. Balance Sheet As of December 31,2016 and 2015 2015 2016 Liabilities Current liabilities unts payable $ 14,550 470 Salaries payable Interest payable Dividends payable Unearned revenue Total current liabilities 15,020 Long-term liability Bond payable Total liabilities 15,020 Stockholders' Equity Common stock, $10 par value, 100,000 shares authorized, 170 and 120 shares issued and outstanding Additional paid-in capital Retained earnings Total equity 1,200 900 162,410 164,510 S 179,530 Read through the information below for selected transactions during the mon December, 2016 and prepare the required jounal entry to record the transac each of the entries below to the general ledger T-accounts attached tion. Post 1) On December 5, ACME purchased $58,875 of merchandise on account from Indiana Corp terms 3/10, n/30. 5%/0days 30 days Date Account description Credit Debit 58.875 Accounts Pa tible 15% 87 2) Sold Merchandise for $5,000 to Lee Corp on account on December 7. Cost of the merchandise was $3,340 and the terms of the sale n/30. Credit Debit Date Account descripson 3340 3) On December 14 ACME wrote a check to Indiana Corp for the purchase made on December 5 to take advantage ofthe purchase discount (round discount to nearest 3% cont DebitCreditI 766.2S S710957, 10 Account description -1706 H Accounts Rable S210 Inventony On December 15, Lee Corp reque in their December 7 purchase. ACME granted them an allowance and they disposed of the defective merchandise at ACME's request sted credit for $500 of defective merchandise included 4) Debit Credit Account description Date 12% dsomt 5) Lee Corp paid their balance due taking the sales discount offered on December 19. Date 5 Scles DiScount Accounts Receiabe r 6) December 20 ACME isued 50 shares of $10 par stock fr 48 per share for cash $48 per share for cash. Prepare the adjustment to record the issuance of stock below. Date 12 Credit Debit Common Stock 5O0 7) ACME purchased supplies for $1,300 cash on December 21. Credit Debit Account description lies Date /2 21 ACME received $2,500 in cash as an advance payment for merchandise to be delivered next month. Date 9) On December 23 ACME paid in cash the December uility bill of $1,880 Credit Account description 1223 hliics xpense 10) On December 23,2016 the board of directors declared a dividend of $8 per share on its 170 issued and outstanding shares to shareholders of record on January 16,2016 and payable on February 16, 2016. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to reained earnings. Be sure to use that account!) Credit Debit Account description Date 11) ACME has already accrued the employee salaries for the pay period ending December 23. On December 28, ACME pays the employees the previously accrued amount Debit Date ACME Distribution, Inc. December 31, 2016 General Ledger T-accounts Cash Accounts receivable Beginning balance103212 Allowance for bad debts 42,400 130 Ending balance 52m Prepaid insurance 18,000 Supplies 145 Inventory Beginning balance 25,558 Ending balance Offloe equipment 35.000 Accum. Depr-Office equip Prepaid rent 11,500 Beginning balance Ending balance24600 Accum. Depe-Whse equip Warehouse equipment 24,000 Beginning balance 80,000 blanc50000 Accounts payable Beginning balance Bond payable Salaries payable 14,200 75,000 4,250 Ending balance Interest payable Dividends payable Unearned revenue Beginning balance Ending balance Common stock Retained eamings Additional paid-in capital Beginning balance 162,410 1 200 Ending balance Dividends 24,000 Beginning balance Ending balance 15 0 Sales Sales discounts Sales returns& allowance Beginning balance 729,300 1,885 280 0O Ending balance Cost of goods sold Depr.exp-Ofice equip Beginning balance532,310 Depr. Exp- Whs equip 3,500 8000 Ending balance Bad debt expense Salaries expense 61,400 Insurance expense Beginning balance 800 14,500 Ending balance Rent expense 28,600 Interest expense Advertsing expense Beginning balance 22,700 Ending balance Utiites expense 18,000 Beginning balance Ending balance December 31, 201 Balances 2,032 ACME Distribution, Inc December 31,2016 Adjusting Entries Read through each situation below and on the following pages. necessary calculations prepare the required adjusting journal entry After completing any ledger. Post each of the entries below to the trial balance and calculate the adjusted account balances one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below 000 3500 I2 Credit Debit Post the above entry to the trial balance in the adjustment columns. The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). 2) occuring #925 Account Debit Credit Post the above entry to the trial balance in the adjustment columns. ACME Distribution, Ine December 31,2016 Adjusting Entries Continued 3) The company takes a physical inventory count at tme end of the year and adjusts heir inventory and cest of goods sold there is a difference between the inventory value determined from the actual count compared to the valkve in the general ledger. The information below includes the number of units counted in Inventory at the end ef the year purchases of inventory during the montn Number of units held in the compan's leventory at 1231/2016 besed on a count of the inventory was 18,841 units A listing of punchases during the month of December are as tollows Unit Quanity 500 375 58,875 4.00 26,000 450 33,750 December 5, 2016 December 14,2016 December 21, 2016 7500 S The company uses FIFO to account for its inventory cost What is the cost of the company's ending imactany (round answer to nearest dolar and show your caleulstion below for full creditj? 4,841 1903.15 The balance in inventory per the unadjusted tial balance before making any adjustments is $79.327 What is the amount of the December 31 adjustment bo nventory oost (show your caleulation below for ful eredit)? 79 327-77,903.15 1,123.25 Complete below the adjusting jounal entry necessary for inventory Credit Post he above enty to the trial balance in the adjustment columns ACME Distributien, Inc. December 31, 2016 Adjusting Entries Continued s) On July 31, 2015 tte company purehesed new waouse equlpment in t years and a salvage vaive of 5,000 $50,000. Na depreciation has espense for 2016 using the straig line method? (Round anawer 15.015 5o,000 -s,o0o = $5,025 Complete below the aduating jounal eny necessary for depreciaion Post the above envy to the vial balance in the adjustment oolunes ACME Distribution December 31,2016 Adjusting Entries Continued The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company aditional cash The bond has a contrac 'interest rate of 6.8% and wasissued at par. The bond matures i, 10 years and pays interest on July 31 and January 31 each year What is te amount of interest to be accrued at December 31,20167 (Round answer to nearest dollar and show your caleulation below for full credi) 2115 75,000 x G,8% 7,125 Complete below the adjustng jounal enty necessary for acorued interest 125 Z,12s Post the above enty to the trial balance in te adjustment columns. ACME Distribution, Inc. Income Statement For the Years Ended December 31,2016 and 2015 Years Ended December 31 2015 2016 Revenue 607 480 Sales Less: Sales discounts 620 605,380 461,200 144,180 Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses: 1,200 2,500 640 48,000 18,060 24,000 15,900 Depreciation expense-Office equipment Depreciation expense-Warehouse equipment Bad debt expense Salaries expense Insurance expense ent expense Advertising expense Utilities expense Total operating expense 123,300 Income from operations 20,880 Other expense-Interest Net income S 20,880 ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31,2016 and 2015 Additional Paid-in Common Stock Shares Retained Total Amount Balance, January 1,2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31,2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31,2016 500 153,530 155,030 600 20,880 100 S 1,000 $ 20 200 400 20,880 12,000 162,410 164,510 900 1201,200 ACME Distribution, Inc. Balance Sheet As of December 31, 2016 and 2015 December 31 2016 2015 Assets Current assets Cash Accounts receivable Allowance for bad debts Accounts receivable-net of allowance Inventory Supplies Prepaid insurance Prepaid rent S 34,620 25,060 23,860 66,750 10,700 138,530 2 Total current assets Property, plant and equipment Office equipment Warehouse equipment 35,000 65,000 24,000 Less accumulated depreciation Net property, plant and equipment $179,530 Total assets ACME Distribution, Inc. Balance Sheet As of December 31,2016 and 2015 2015 2016 Liabilities Current liabilities unts payable $ 14,550 470 Salaries payable Interest payable Dividends payable Unearned revenue Total current liabilities 15,020 Long-term liability Bond payable Total liabilities 15,020 Stockholders' Equity Common stock, $10 par value, 100,000 shares authorized, 170 and 120 shares issued and outstanding Additional paid-in capital Retained earnings Total equity 1,200 900 162,410 164,510 S 179,530