accounting

Project Description:

the following trial balance was taken from the books of xyz corporation on december 31, 2013.
account debit credit
cash $ 9,000
accounts receivable 40,000
notes receivable 10,000
inventory 44,000
prepaid insurance 4,800
equipment 110,000
accumulated depreciation--equip. 15,000
accounts payable 12,600
common stock 44,000
retained earnings 75,000
sales revenue 260,000
cost of goods sold 126,000
salaries and wages expense 50,000
rent expense 12,800 ___
totals $406,600 $406,600
at year end, the following items have not yet been recorded.
a. insurance expired during the year, $2,400.
b. depreciation on equipment, 10 year life, sl, no salvage value.
c. interest at 6% is receivable on the note for one full year.
d. accrued salaries and wages at december 31, $5,800.

instructions

(a) prepare the necessary adjusting entries.
(b) prepare an income statement and balance sheet
(c) prepare the necessary closing entries.
Skills Required:
Project Stats:

Price Type: Negotiable

Completed
Total Proposals: 12
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