The following additional information is available at June 30, 2022: (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Store Supplies on hand at June 30, 2022 amounted to $98,400. Insurance of $115,500 was paid on May 1, 2022, for 7-months to November 2022 Rent was prepaid on April 1, 2022, for 5-months to August 2022. (xi) The furniture and fixtures have an estimated useful life of 5 years and is being depreciated on the straight-line method down to a residual value of $10,000. The motor truck was acquired on March 31, 2022, and is being depreciated over 10 years on the double-declining balance method of depreciation, down to a residue of $15,000 Salaries earned by employees not yet paid amounted to $48,000 at June 30, 2022. Accrued interest expense as of June 30, 2022, $45,000. On June 30, 2022, $99,000 of the previously unearned sales revenue had been earned. The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $70,000. After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,100,000 worth of inventory on hand at June 30,2022 Other data: The business is expected to make principal payments totalling $250,000 towards the loan during the fiscal year to June 30,2023

Prepare the necessary adjusting journal entries on June 30, 2022. Prepare the Adjusted Trial balance at June 30, 2022. Prepare the company’s multiple-step income statement for the period ending June 30, 2022 Prepare the company’s statement of owner’s equity at June 30, 2022 Prepare the company’s classified balance sheet at June 30, 2022

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Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2024. Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expense No Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 2 $ 504,000 80,300 6,600 11,250 8,900 Date 277,200 13,850 3,800 39,500 23,000 General Journal. December 31, 2024 Sales revenue Interest revenue Gain on sale of investments Buildings Answer is not complete. December 31, 2024 Sales revenue Interest revenue Gain on sale of investments *000 *** Debit 504,000 Credit

Instruction a) Journalize the closing entries at December 31, 2019 b) Post the closing entries to "“Income Summary" and "Capital" by using "T" accounts

Using the adjusted trial balance below, prepare a multiple-step income statement and a statement of owner's of equity for the year ended June 30, 2020.                        Adjusted trail balance Accounts unadjusted Adjustments Adjusted   DR CR DR CR DR CR cash 127000   127000 Account receivable 151000   151000 Allowance for bad debts                             12500                            7000                                19500 Merchandise inventory 187500                            1500 186000 Store supplies 58000                          33000 25000 Prepaid insurance 72000                           24000 48000 Prepaid rent 56000                             42000 14000 furniture 800000   800000 Accumulated depreciation on furniture                           256000                              64000                              320000 computer equipment 450000   450000 Accumulated depreciation on computer…

Journalize reversing entries on October 1, 2020, if applicable journalize closing entries on September 30,2020 Prepare the company’s post-closing trial balance as at September 30, 2020

Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (68, due April 1, 2025) Common Stock Retained Earnings. Totals Debit $27,000 50,000 21,900 65,000 24,500 3. Prepare an adjusted trial balance as of January 31, 2024. $188,400 Credit $6,100 3,400 30,400 69,000 54,000 25,500 $188,400 During January 2024, the following transactions occur: January 2 Sold gift cards totaling $11,800. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $166,000. ACME uses the perpetual inventory system. January 15 Firework sales for the first half of the month total $154,000. All of these sales are on account. The cost of the units sold in…

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 3 Account Titles Cash Accounts Receivable Supplies Land 12 Equipment Accumulated Depreciation 52 $ 6 Sof tware 22 Accumulated Amortization 8. Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock 67 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Armortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $94 $94 Transactions and events during 2018 (summarized In thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future bullding site: pald cash, $9. c. Issued additional shares of common stock on April 3 for $32. d.…

Using the Adjusted trial balance, generate the statements requested by MNB, i.e. A Multiple-step income statement & a Statement of owner’s equity for the year ended June 30, 2020