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. Alpha Dog formed a corporation on January 2, 2017 to provide construction services in the town of Elven, Rivendell, ME.The following is the December 31th Unadjusted Trial Balance.

Alpha Dog Corporation

Unadjusted Trial Balance

12/31/16

Accounts

Debit

Credit

Cash

$532,000

 

Accounts Receivable

172,000

 

Supplies

85,000

 

Prepaid Insurance

36,000

 

Equipment

2,400,000

 

Accounts Payable

 

$32,000

Unearned Revenue

 

100,000

Note Payable (Long Term)

 

1,420,000

Capital Stock

 

1,075,000

Revenue

 

1,397,000

Wages Expense

497,000

 

Fuel Expense

62,000

 

Rent Expense

180,000

 

Interest Expense

60,000

_________

     Total

$4,024,000

$4,024,000

     

The following information is provided regarding end of the FY required adjusting entries.

Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000.Alpha Dog used the double declining balance method for depreciation.

Supplies on hand at year end are $30,000.

On 1/1/2017 interest on $58,000 and a principle payment of $20,000 must be made to the bank.

The insurance policy is for 12 months and was purchased on March 1.

Unbilled services that have been provided customers at year end is $35,000.Billings will be processed the first week of January.

Use this information to compute the adjustments and then prepare the end of the fiscal year general journal closing entries (without explanation). Note: students are to only present the closing entries. This will require that the student work on the side to determine the adjustments that were made to the unadjusted trial balance before they will be able to prepare the closing entries. Do not present any calculations or other information in the answer sheet except for the required closing entries.

General Journal:

Date

Accounts

Debit

Credit

12/31/16

12/31/16

12/31/16

I need an answer exactly with 3 dates in the General Journal!

 

Solution
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Accounting 3 Months Ago 140 Views
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