Prepare a work sheet for the fiscal year ending December 31, 2006. List all accounts in order given.

Naturalizing /Trial balance

  1. The accounts and their balances in the ledger of Viaduct Co. on December 31, 20xx, are as follows
Cash 18,000 Sales 815,000
Accounts Receivable 82,500 Sales Returns and Allowances 11,900
Merchandise Inventory 165,000 Sales Discounts 7,100
Prepaid Insurance 9,700 Cost of Merchandise Sold 476,200
Store Supplies 4,250 Sales Salaries Expense 76,400
Office Supplies 2,100 Advertising Expense 25,000
Store Equipment 157,000 Depreciation Expense – Store Equip. 0
Ac. Depreciation – Store Equipment 40,300 Store Supplies Expense 0
Office Equipment 50,000 Misc. Selling Expense 1,600
Ac. Depreciation – Office Equipment 17,200 Office Salaries Expense 34,000
Accounts Payable 66,700 Rent Expense 16,000
Salaries Payable 0 Rent Revenue 0
Unearned Rent 1,200 Insurance Expense 0
Notes Payable (Final Pym due 2016) 105,000 Depreciation Expense – Office Equip. 0
Capital Stock 50,000 Office Supplies Expense 0
Retained Earnings 84,600 Misc. Administrative Expense 1,650
Dividends 30,000 Interest Expense 11,600
Income Summary 0    

The data needed for year-end adjustments on December 31 is as follows:

Physical Inventory on 12/31 157,500
Insurance expired during year 4,000
Store Supplies on hand 12/31 1,100
Office Supplies on hand 12/31 600
Store Equip Depreciation for year 4,500
Office Equip Depreciation for year 2,800
Sales Salaries payable 12/31 2,850
Office Salaries payable 12/31 800
Unearned rent on 12/31 800

Instructions:

  1. Prepare a work sheet for the fiscal year ending December 31, 2006. List all accounts in order given.
  2. LiveJournal the adjusting entries.
  3. LiveJournal the closing entries.

 

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