Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 14 Oct 2017 My Price 8.00

Van Loo Merchants Inc.

The following unadjusted trial balance has been extracted from the records of Van Loo Merchants Inc. at December 31, 2016, its fiscal year-end. The balances for share capital and retained earnings have not changed during the year. The company uses the perpetual inventory system.

 

*selling expenses

Required:

1. Prepare adjusting entries for the following:

a. The balance in the Prepaid Rent account consists of equal amounts of rent for the months of December 2016 and January 2017.

b. Interest on the bank loan applicable to the month of December amounts to $600 has not yet been recorded as interest payable.

c. A December telephone bill owing of $50 has not been recorded.

d. The balance in the Prepaid Insurance account applies equally to each of the thirteen months ended December 31, 2017.

e. A physical count indicates that $10,000 of merchandize inventory is on hand at December 31, 2016.

2. Prepare an adjusted trial balance at December 31, 2016.

3. Prepare a classified income statement and statement of changes in equity for the year ended December 31, 2016, and a classified balance sheet at December 31.

4. Prepare closing entries. Include general ledger account numbers and a brief description for each entry.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 14 Oct 2017 10:10 PM My Price 8.00

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