Lundberg Company had the following trial balance columns on its spreadsheet: The trial balance of Lundberg Company is shown in its spreadsheet. Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory $3,100 (b) Estimate of this year's sales that will be returned next year 590 (c) Cost of goods expected to be returned 260 (d) Interest receivable 80 (e) Interest payable 620 (f) Estimate of uncollectible accounts, based on an aging of accounts receivable 2,400 (g) Office supplies consumed 2,900 (h) Factory supplies consumed 3,300 (i) Factory building depreciation 5,000 (j) Factory equipment depreciation 4,000 (k) Overapplied factory overhead 1,470 (l) Provision for corporate income taxes 6,100 (m) Physical counts of the inventories agreed with the amounts in the books.     Additional information needed to prepare the financial statements is as follows: Beginning inventories:      Finished goods, January 1 $19,000    Work in process, January 1 7,200    Materials inventory, January 1 9,500 Materials purchases for the year 51,410 Direct labor 60,000 Actual factory overhead 90,920 Indirect materials charged to production 3,300 Required: 1. Prepare a 6-column spreadsheet. Enter factory overhead and cost of goods sold amounts in the order presented. Lundberg Company End-of-Period Spreadsheet For Year Ended December 31, 20-- Account Title Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 30,300.00               Government Notes 5,000.00               Interest Receivable                 Accounts Receivable 34,000.00               Allow. for Doubtful Accounts   540.00             Finished Goods Inventory 24,000.00               Work in Process Inventory 10,000.00               Materials Inventory 8,500.00               Estimated Returns Inventory 60.00               Office Supplies 3,100.00               Factory Supplies 3,800.00               Land 100,000.00               Factory Building 120,000.00               Accum. Depr.-Factory Build.   10,000.00             Factory Equipment 40,000.00               Accum. Depr.-Factory Equip.   5,000.00             Accounts Payable   13,800.00             Customer Refunds Payable   110.00             Income Tax Payable                 Interest Payable                 Bonds Payable   80,000.00             Capital Stock   50,000.00             Paid-In Capital in Excess of Par   30,000.00             Retained Earnings   93,800.00             Cash Dividends 30,000.00               Sales   410,740.00             Sales Returns and Allowances 6,100.00               Interest Revenue   200.00             Factory Overhead 78,630.00 89,300.00                                                                   Cost of Goods Sold 190,600.00                                 Wages Expense 70,000.00               Office Supplies Expense                 Bad Debt Expense                 Utilities Expense-Office 4,400.00               Interest Expense 7,000.00               Income Tax Expense 18,000.00                 783,490.00 783,490.00

Prepare the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. On December 31, 20X1, the Income Statement columns of the worksheet for Jim’s Music Emporium contained the following information. Income Statement Columns Debit Credit Income Summary $ 38,000 $ 41,300 Sales   251,500 Sales Returns and Allowances 3,600   Sales Discounts 2,600   Interest Income   140 Purchases 133,800   Freight In 1,900   Purchases Returns and Allowances   1,700 Purchases Discounts   1,470 Rent Expense 8,200   Utilities Expense 2,870   Telephone Expense 1,480   Salaries Expense 65,500   Payroll Taxes Expense 5,210   Supplies Expense 1,640   Depreciation Expense 2,200   Interest Expense 280   Totals $ 267,280 $ 296,110 Assume further that the owner of the firm is Jim Landis and that the Jim Landis, Drawing account had a balance of $25,900 on December 31, 20X1.

Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Accounts Payable is $2,800 The starting balance of Cash is $8,400 The starting balance of Debt is $3,400 The starting balance of Inventory is $4,200 1. Pay $6 owed to a supplier 2. Buy $17 worth of manufacturing supplies on credit 3. Borrow $55 from a bank What is the final amount in Debt? Note: No unit adjustments are necessary.

Morrison Company Balance Sheet January 1 Assets Cash $ 40,950 Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) $ 17,800 6,600 31,800 56, 200 3,350 124,000 $ 224,500 Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings $ 7,100 217,400 Total liabilities and stockholders' equity $ 224,500 During January the company completed the following transactions: a. Purchased raw materials on account, $75,200. b. Raw materials used in production, $91,500 ($80,200 was direct materials and $11,300 was indirect materials). c. Paid $202.100 of salaries and wages in cash ($108,800 was direct labor, $41,700 was indirect labor, and $51,600 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $43,350. e. Depreciation recorded on property, plant, and equipment, $63,600 (70% related to manufacturing equipment and 30% related to…