1) Create ledger accounts for the items in the following adjusting journal entries and post the...
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1) Create ledger accounts for the items in the following adjusting journal entries and post the entries to the ledger accounts. (Points: 40) a. Feed Inventory Purchased for use 570 Change in Purchased Feed Inventories b. Crop Inventory raised for sale Change in Crop Inventory c. Feeder Livestock Inventory Purchased for resale Change in Purchased Feeder Livestock Inventory d. Prepaid Expenses Change in Prepaid Insurance e. Depreciation Expense Accumulated Depreciation f. Change in Accounts Payable Accounts Payable g. Breeding Livestock Losses due to changes in general Base values of Breeding Livestock h. Change in Taxes Payable Non-Current Deferred Taxes 10,000 9,050 1,000 31,000 600 2,100 3,600 570 10,000 9,050 1,000 31,000 600 2,100 3,600 2) Using the unadjusted trial balance below and the ledger accounts from the previous exercise, prepare and adjusted trial balance. (Points: 40) Unadjusted Trial Balance Steve and Chris Farmer November 31, 2021 Accounts 1000 Cash 1500 Breeding Livestock 1600 Machinery and Equipment 1650 Office Equipment and Furniture 1700 Perennial Crops 1800 Land, Buildings and Improvements 1910 Leased Assets 2100 Taxes Payable 2310 Notes Payable due within one year 2400 Real Notes Payable-Non-current 2600 Obligations on Leased Assets 3100 Retained Capital 3110 Owner Withdrawals 3120 Non-Farm Income 3130 Other Capital Contributions/Gifts/Inheritances 4000 Cash Crop Sales 4100 Cash Sales of Market Livestock 4500 Gains (Losses) from sale of Culled Breeding Livestock 5000 Feeder Livestock 5020 Purchased Feed 6100 Wage Expense 6110 Payroll Tax Expense 6310 Truck and Machinery Hire 6520 Herbicides, Pesticides 6630 Livestock Supplies, Tools and Equipment 6700 Insurance 6710 Real Estate and Personal Property Taxes 8100 Interest Expense 8200 Gains (Losses) on sales of Farm Capital Assets 9100 Income Tax Expense Totals $ Debits 203.80 73,500.00 65,000.00 1,000.00 45,000.00 470,000.00 100,000.00 150.00 250.00 1,500.00 1,000.00 1,200.00 129.20 150.00 500.00 75.00 Credits 2,160.00 50,000.00 120,000.00 76,018.00 104,540.00 100.00 350,000.00 12,600.00 50,900.00 1,200.00 1,300.00 1,200.00 800.00 2,160.00 $ 766,318.00 $766,318.00 1) Create ledger accounts for the items in the following adjusting journal entries and post the entries to the ledger accounts. (Points: 40) a. Feed Inventory Purchased for use 570 Change in Purchased Feed Inventories b. Crop Inventory raised for sale Change in Crop Inventory c. Feeder Livestock Inventory Purchased for resale Change in Purchased Feeder Livestock Inventory d. Prepaid Expenses Change in Prepaid Insurance e. Depreciation Expense Accumulated Depreciation f. Change in Accounts Payable Accounts Payable g. Breeding Livestock Losses due to changes in general Base values of Breeding Livestock h. Change in Taxes Payable Non-Current Deferred Taxes 10,000 9,050 1,000 31,000 600 2,100 3,600 570 10,000 9,050 1,000 31,000 600 2,100 3,600 2) Using the unadjusted trial balance below and the ledger accounts from the previous exercise, prepare and adjusted trial balance. (Points: 40) Unadjusted Trial Balance Steve and Chris Farmer November 31, 2021 Accounts 1000 Cash 1500 Breeding Livestock 1600 Machinery and Equipment 1650 Office Equipment and Furniture 1700 Perennial Crops 1800 Land, Buildings and Improvements 1910 Leased Assets 2100 Taxes Payable 2310 Notes Payable due within one year 2400 Real Notes Payable-Non-current 2600 Obligations on Leased Assets 3100 Retained Capital 3110 Owner Withdrawals 3120 Non-Farm Income 3130 Other Capital Contributions/Gifts/Inheritances 4000 Cash Crop Sales 4100 Cash Sales of Market Livestock 4500 Gains (Losses) from sale of Culled Breeding Livestock 5000 Feeder Livestock 5020 Purchased Feed 6100 Wage Expense 6110 Payroll Tax Expense 6310 Truck and Machinery Hire 6520 Herbicides, Pesticides 6630 Livestock Supplies, Tools and Equipment 6700 Insurance 6710 Real Estate and Personal Property Taxes 8100 Interest Expense 8200 Gains (Losses) on sales of Farm Capital Assets 9100 Income Tax Expense Totals $ Debits 203.80 73,500.00 65,000.00 1,000.00 45,000.00 470,000.00 100,000.00 150.00 250.00 1,500.00 1,000.00 1,200.00 129.20 150.00 500.00 75.00 Credits 2,160.00 50,000.00 120,000.00 76,018.00 104,540.00 100.00 350,000.00 12,600.00 50,900.00 1,200.00 1,300.00 1,200.00 800.00 2,160.00 $ 766,318.00 $766,318.00
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Ledger Accounts Account Name Debit Credit Feed Inventory 570 570 Crop Inventory 10000 10000 Feeder L... View the full answer
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