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1. The accounts and their balances in the ledger of Viaduct Co. on December 31, 20xx, are as follows
Cash
18,000
Sales
815,000
Accounts Receivable
82,500
Sales Returns and Allowances
11,900
Merchandise Inventory
165,000
Sales Discounts
7,100
Prepaid Insurance
9,700
Cost of Merchandise Sold
476,200
Store Supplies
4,250
Sales Salaries Expense
76,400
Office Supplies
2,100
Advertising Expense
25,000
Store Equipment
157,000
Depreciation Expense - Store Equip.
0
Acc. Depreciation - Store Equipment
40,300
Store Supplies Expense
Office Equipment
50,000
Misc. Selling Expense
1,600
Acc. Depreciation - Office Equipment
17,200
Office Salaries Expense
34,000
Accounts Payable
66,700
Rent Expense
16,000
Salaries Payable
Rent Revenue
Unearned Rent
1,200
Insurance Expense
Notes Payable (Final Pymt due 2016)
105,000
Depreciation Expense - Office Equip.
Capital Stock
Office Supplies Expense
Retained Earnings
84,600
Misc. Administrative Expense
1,650
Dividends
30,000
Interest Expense
11,600
Income Summary
The data needed for year-end adjustments on December 31 is as follows:
Physical Inventory on 12/31
157,500
Insurance expired during year
4,000
Store Supplies on hand 12/31
1,100
Office Supplies on hand 12/31
600
Store Equip Depreciation for year
4,500
Office Equip Depreciation for year
2,800
Sales Salaries payable 12/31
2,850
Office Salaries payable 12/31
800
Unearned rent on 12/31
Instructions:
1. Prepare a work sheet for the fiscal year ending December 31, 2006. List all accounts in order given.
2. Journalize the adjusting entries.
3. Journalize the closing entries.
Financial Statement Analysis and Preparation
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