Fill in cells with a \"?\". Instructions to Complete Working Trial Balance: A. U

Question

Fill in cells with a "?".
Instructions to Complete Working Trial Balance:
A. Using the proper rows and columns of the Working Trial Balance above, please:
A(1). Prepare and post any necessary adjusting journal entries for each of the five (5) items listed above under Additional Information.
A(2). Create the necessary formulas to mathematically foot (add numbers in a column) and cross foot (extend) all rows and columns.
A(3). Prepare and post the Closing Entry for all temporary accounts.
A(4). Prepare the formulas under the Post Closing Trial Balance columns and ensure the columns foot. G H Silver Tone Partners, Inc. Trial Balance Worksheet 12/31/16 Credit 312,000 46,750 6250 3,000 6 10000-Cash-Checking 12000-Accounts Receivabie 8 13200-Ivry 9 15000-Furnviture and Equipmen 21,000 35,000 t3,000 7000-Accumulated Depreciation 500 500 7 .000 12,000 18000-Prepaid Rent 1218700-Prepaid Insurance 3 20000-Accounts Payable 14 21000-Payrol Payable 38,000 7 11,000 ? 42,500 2,000 12,000 88,000 1,000 23000-Aceued Expenses 500 1024000-Note Payable . Current 17 28000-Note Payable Long Term .30100 Capital Stock ,000 , 0 30200-Dvidends Paid 20·32000-Retained Earnings. 210000 210.000 . 7900 5Sales 8,7802 51000 -Cost of Goods Sokd 153,750 3 | 62400-Depreciation Expense 463300-nsurance Expense 263400-Iest Expense 26 64300Meals and Entertainment 27 | .64900.. once Supphes 8,500 10,000 400 102,000 3,000 43,300 65600-Payrol Expenses 29667oo-Professional Fees 30 | |66750-Rent Experse 68400-Travel 31 8400 Travel Expense 6600-Uuties 7,500 L 206.500-1256500. 1 741250 L741250. .? 35 Upon review of te 2016 financial records the folowing information was delermined by the Accounting Manager and he made he appropriate Adjusting Journal Entries in the accounting records 37 1. The Company paid an additional cash dividend on 12/31/16 in the amount of $2.000, which had not yet been recorded e |2 Upon analyzing Rent Expense it was determined hat t 30 3 Upon reviewing the insurance policy Rwas determirted that the proper balance at year end should be $3,000 ne expense account was overstated by $1,000 and that amount d Upon reviewing the payroll reports from Paychex it was delermined that the amount of ony $8,000 unpaid payroll as of 12/31/16 was for the

Explanation / Answer

Trial Balance Worksheet 12/31/2015 12/31/2016 12/31/2016 12/31/2016 Post Closing Trial Balance Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Closing Entries Post Closing Trial Balance Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 10000 - Cash - Checking $195,500 $312,000 $2,000 $310,000 $310,000 12000 - Accounts Receivable $21,000 $46,750 $46,750 $46,750 13200 - Inventory $35,000 $6,250 $6,250 $6,250 15000 - Furniture and Equipment $3,000 $13,000 $13,000 $13,000 17000 - Accumulated Depreciation $500 $500 $2,000 $2,500 $2,500 18000 - Prepaid Rent $3,000 $1,000 $4,000 $4,000 18700 - Prepaid Insurance $2,000 $12,000 $3,000 $15,000 $15,000 20000 - Accounts Payable $42,500 $38,000 $38,000 $38,000 21000 - Payroll Payable $2,000 $11,000 $8,000 $19,000 $19,000 23000 - Accrued Expenses $500 $2,000 $2,000 $2,000 24000 - Note Payable - Current $12,000 $12,000 $12,000 28000 - Note Payable - Long Term $88,000 $88,000 $88,000 30100 - Capital Stock $1,000 $1,000 $1,000 $1,000 30200 - Dividends Paid $2,000 $2,000 $4,000 $4,000 32000 - Retained Earnings $210,000 $210,000 $210,000 $22,500 $232,500 47900 - Sales $378,750 $378,750 $378,750 51000 - Cost of Goods Sold $153,750 $153,750 $153,750 62400 - Depreciation Expense $2,000 $2,000 $2,000 63300 - Insurance Expense $8,500 $3,000 $5,500 $5,500 63400 - Interest Expense $10,000 $10,000 $10,000 64300 - Meals and Entertainment $800 $800 $800 64900 - Office Supplies $400 $400 $400 65600 - Payroll Expenses $102,000 $8,000 $110,000 $110,000 66700 - Professional Fees $3,000 $3,000 $3,000 66750 - Rent Expense $43,300 $1,000 $42,300 $42,300 68400 - Travel Expense $17,000 $17,000 $17,000 68600 - Utilities $7,500 $7,500 $7,500 Total $256,500 $256,500 $741,250 $741,250 $16,000 $16,000 $751,250 $751,250 $378,750 $378,750 $395,000 $395,000

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