B12 ACC 101 Comprehensive Problem 2 3 Summer Corporation\'s trial balance at Dec

Question

B12 ACC 101 Comprehensive Problem 2 3 Summer Corporation's trial balance at December 31,2017 is presented on the next tab, 4 All 2017 transactions have been recorded except for the items listed below the trial balance. 6 REQUIRED (ignore income taxes) 8 (b) 9 (c) 10 (d) 11 (e Prepare journal entries for the transactions listed on the next tab. Prepare a 2017 adjusted trial balance, reflecting the unrecorded transactions. Prepare a 2017 multiple step income statement. Prepare a statement of retained earnings for the year ending December 31, 2017 Prepare a December 31 2017 classified balance sheet. 13 14 16 17 19 21 23 24 25 26 27 28 29 30 31 32 34 35 36

Explanation / Answer

Fully posted again

Journal entries for the Unrecorded transactions Date Account Title Debit Credit 1-Sep Cash 137425 Common stock(5300*10) 53000 Paid-in-capital in Excess of Par-Common Stock(137425-53000) 84425 1-Oct Treasury stock 22050 Cash 22050 525*42 30-Nov Cash 118950 Preferred stock(2100*20) 42000 Paid-in-capital in Excess of Par-Preferred Stock(118950-42000) 76950 15-Dec Retained Earnings 10496.25 Dividends payable 10496.25 (3000+5300-525)*1.35 31-Dec Bad debt expense 3175 Allowance for Doubtful Accounts 3175 (4000-825) Depreciation expenses 8500 Accumulated Depreciation-Buildings 8500 (185000-15000)/20 Depreciation expenses 11840 Accumulated Depreciation-Equipment 11840 (125000-5000)/75000*7400 Unearned Rent revenue 8000 Rent Revenue 8000 16000/4*2 Sales Salaries Expense(4250*6) 25500 FICA SS Payable(25500*6.2%) 1581 FICA Medicare Payable(25500*1.45%) 369.75 Federal Income Tax Payable 3375 Union Dues Payable 125 Salaries Payable(Bal.fig.) 20049.25 Payroll Tax Expense 1950.75 FICA SS Payable(25500*6.2%) 1581 FICA Medicare Payable(25500*1.45%) 369.75 Interest Expense 629 Interest Payable 629 (45000*6%*85/365) (24+30+31) 348515.77 348515.77

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