ZFinal Comm REQUIRED (50 points) No journal entries for the following transactions and year-end adjustments explanatik Use the Chart of accounts on the Hint: It Note may help if you set up T-accounts for that the entries cover more than 1 year. Round your answers to the nearest dollar Final Comp entries, and fill them in as you go. some pany had the following trial balance at 1/1/2016 AND RENT CCOUNTS RECEIVABLE 127,000 LOWANCE FOR DOUBTFUL INVENTORY 300 $120 QUIPMENT MULATED DEPRECIATION E OUNTS PAYABLE 75.000 NEARNED REVENU 21.000 OTE PAYABLE SHORT TERM NTEREST PAYABLE OMMON STOCK AT $2.50 PAR ETAINED EARNINGS 209,100 OTALS 502.200 502 200 Prepare the bank reconciliation for the company as well as the nocessary journal entry. The 01/01/16 Bank balance on 12/31/15 was S30,000. There was a deposit not on the bank statement for 5.000 and a check that had not cleared the bank for $1,500. The bank received an S8,000 deposit that was in advance for 60 unit of product to be delivered during the year, the company not deposit. The service charge for month was S300. 01/01/16 Company authorized to sell 40,000 shares of stock. They issue 700 shares of s100 par, 5% cumulative stock common stock. They 01/01/16 The Company is authorized to sell shares of shares of par stock for S600,000 cash. issue 40,000 d. 01/31/16 Sold all the old equipment for a 10% S160,000 Note Receivabl e. The old equipment was depreciated using straight line depreciation over 10 years with S20,000 residual an e. 02/01/16 Purchased S300,000 truck by paying S60,000 cash and bomowing S240,000 using starting in 2017. note. Installment payments are due ANNUALLY on February 1 for THREE years rate. The payments are $80,000 principle plus interest. The note has a 6% annual interest 07/02/16 Purchased 200 units of inventory for SI50 on The Company uses LIFO for 07/15/16 sold 400 units ofinventory for S600 each on account. Paid Note Payable Short Term. Interest rate on the note is 12% annually. The note was issued 9/30/16 on 10/1/15. customers on 12/30/16 Received $220,000 from year. 12/31/16 Paid utility costs of S20,000 for Show transcribed image text
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