Reference no: EM131754830

Can anyone please assist me with this below, it is urgent!

Additional Information:

Notes Receivable is a 3-month, 6% note accepted on November 1, 2015.

Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually.

Building is depreciated at 3% per year. There is no salvage value.

Equipment is depreciated at 15% per year. There is no salvage value.

XYZ discovered, on December 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.

The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.

Salaries for the last half of December, payable in January, amount to $5,500.

XYZ estimates that of the Accounts Receivable, 5% will not be collectable.

Required:

Prepare in journal form, any required correcting entries.
Prepare in journal form, all end-of-the-period adjusting entries.
Prepare a December adjusted trial balance.
Prepare a classified balance sheet for the year ended December 31, 2015.
Prepare in journal form, the closing entries for the year ended December 31, 2015.