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Baltimore Glass Company

There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of the screen

Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries.

Baltimore Glass Company

Trial Balance

December 31, 2015

Acct.

No. Account Title Debit Credit

101 Cash 88,450

110 Accounts Receivable 195,613

120 Merchandise Inventory 256,250

125 Supplies on Hand 3,252

130 Prepaid Insurance 3,500

131 Prepaid Rent 7,500

150 Equipment 175,285

160 Accumulated Depreciation 24,260

202 Accounts Payable 72,555

210 Wages Payable –

301 Capital Stock 220,000

302 Retained Earnings, January 1 211,144

401 Sales 998,250

405 Sales Returns and Allowances 5,145

410 Interest Income 1,500

500 Purchases 560,880

501 Purchases Discounts 4,080

502 Purchases Returns and Allowances 1,200

505 Freight In 4,580

520 Advertising Expense 1,000

530 Sales Salaries Expense 88,600

532 Supplies Expense –

540 Office Salaries Expense 124,500

550 Utilities Expense 8,594

555 Insurance Expense –

560 Professional Fees Expense 3,000

570 Depreciation Expense –

580 Interest Expense 6,840

1,532,989 1,532,989

Adjusting items:

1. The remaining prepaid insurance at year end is $3,000

2. A physical inventory shows supplies on hand of $2,000 at year end

3. The prepaid rent of $7,500 covers January 2015 rent

4. Depreciation on equipment is $12,000 for the year

5. At year end sales salaries of $3,000 were earned but unpaid

6. At year end office salaries of $4,000 were earned but unpaid

7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet.

8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used.

Do the following requirements below. Create proper headings for each statement.

1. Record adjusting journal entries from information above. It is possible that an item may not require an entry

2. Prepare an adjusted trial balance including the adjusting entries made

3. Prepare a classified income statement. Supplies is a sales expense. January 1 inventory was $219,115.

4. Prepare a statement of retained earnings

5. Prepare a classified balance sheet

6. Prepare closing journal entries

Account # Account Title debit credit

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Baltimore Glass Company

Trial Balance

42369

Acct.

No. Account Title Debit Credit

101 Cash

110 Accounts Receivable

120 Merchandise Inventory

125 Supplies on Hand

130 Prepaid Insurance

131 Prepaid Rent

150 Equipment

160 Accumulated Depreciation

202 Accounts Payable

210 Wages Payable

301 Capital Stock

302 Retained Earnings, January 1

401 Sales

405 Sales Returns and Allowances

410 Interest Income

500 Purchases

501 Purchases Discounts

502 Purchases Returns and Allowances

505 Freight In

520 Advertising Expense

530 Sales Salaries Expense

532 Supplies Expense

540 Office Salaries Expense

550 Utilities Expense

555 Insurance Expense

560 Professional Fees Expense

570 Depreciation Expense

580 Interest Expense

0 0

Baltimore Glass Company

Income Statement

For the Year Ended 12/31/2015

Note on utilities, insurance, professional fees – I did not indicate where these expenses belonged so you may have put some in selling expense also.

Note on depreciation – I did note indicate where this went so some of it could have gone to selling expense or even to cost of goods sold

You would have needed more information to determine that

Note on interest – you could have combined as I did or shown them as separate items.

Baltimore Glass Company

Statement of Retained Earnings

For the Year Ended 12/31/2014

You could have skipped the line for dividends and had just three lines on the statement since it was zero.

Baltimore Glass Company

Balance Sheet

42369

Closing Entries zero out income statement accounts for new year

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