Anything Which can be done will help. General Ledger A B and C

10. Issued 1,250 shares of $100 par, 7% preferred stock for $200,000 cash. 11. Purchased equipment on July 1, 2018, for $225,000 cash. 12. Purchased 800 shares of Jamukha Corp. common stock from a disgruntled shareholder for $44 per share. 13. Recorded salaries and payroll taxes. Employee's gross salaries were $90,000. FICA tax was withheld at a rate of 7.65%. Federal income taxes (FIT) of $7,000 were withheld, and state income taxes (SIT) of $4,500 were withheld. The federal unemployment tax (FUTA) rate was 1%, and the state unemployment tax (SUTA) rate was 3.25%. No cash has been paid yet, so record all the amounts due in the appropriate payable accounts. 14. The paychecks and payroll taxes from entry #13 were paid. Adjusting Journal Entries: 15. Straight-line depreciation with an 14 year useful life and no salvage value is used for equipment purchased in previous years. The equipment purchased on July 1, 2018 (#11) is depreciated using double-declining balance with a useful life of 25 years and a $30,000 salvage value. (Hint: The equipment was purchased midway through the year.) 16. Accrue bond interest payable and amortize bond discount/premium. Jamukha Corp. uses effective interest amortization. (Hint: The bond was issued midway through the year.) 17. The prepaid insurance relates to a policy purchased on December 31, 2017. This insurance expires at a rate of $225 per month. Record as a general expense. 18. Jamukha estimates that 5.5% of accounts receivable are uncollectible. 19. Jamukha Corp. is an S-corporation and is not subject to income tax. REQUIRED: Print out the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. I suggest that you use a pencil. a. Enter the transactions numbered 1-14 in the general journal provided on the following pages. b. Post the journal entries to the ledger accounts for items 1-14. Look at the cash account for an example of how to use the running balance ledger. I have completed the first two lines of it for you. It is a good idea to keep track of whether your balance column is a debit or a credit, particularly for contra accounts. c. Prepare an unadjusted trial balance at December 31, 2018 and enter on the worksheet. d. Worksheet requirement: Using your unadjusted trial balance (c) above and the data for adjusting entries (#15-19), prepare a 12-column worksheet similar to the worksheet for Sierra Corporation in Chapter 4 and the prior extra credit assignments. You will not receive any credit if the worksheet is incomplete. To save time, you are not required to formally journalize or post your adjusting entries (you can just enter them on the worksheet). You are not required to record closing entries. Prepare a formal statement of cash flows using the T-account approach. Templates for the statement and the T-account worksheet are attached. (You are not required to formally present the other statements- just complete them on the worksheet.) General Ledger: Requirement (b) continued ACCOUNTS PAYABLE Beginning CR 66,750 BALANCE 66,750 CR SALARIES PAYABLE CR BALANCE SALES TAX PAYABLE BALANCE FICA PAYABLE CR BALANCE FIT PAYABLE CR BALANCE SIT PAYABLE DR CR BALANCE FUTA PAYABLE DR CR BALANCE SUTA PAYABLE DR CR BALANCE UNEARNED REVENUE CR BALANCE BONDS PAYABLE BALANCE TCR PREMIUM ON BONDS PAYABLE BALANCE General Ledger: Requirement (b) continued COMMON STOCK ($1 PAR) Beginning CR 10,000 BALANCE 10,000 CR PREFERRED STOCK (S100 PAR) BALANCE PAID-IN CAPITAL IN EXCESS OF PAR- COMMON STOCK Beginning 190,000 BALANCE 190,000 CR PAID-IN CAPITAL IN EXCESS OF PAR - PREFERRED STOCK CR BALANCE TREASURY STOCK CR BALANCE RETAINED EARNINGS Beginning CR 134,115 BALANCE 134,115 CR SALES REVENUE CR BALANCE H COST OF GOODS SOLD DR CR BALANCE H GENERAL EXPENSES BALANCE H SALARIES EXPENSE BALANCE H PAYROLL TAX EXPENSE BALANCE H LOSS ON DISPOSAL DR CR BALANCE Jamukha Corporation Worksheet: Requirement (c), (d) For the Year Ended December 31, 2018 Unadjusted Adjusted Income Retained Balance Trial Balance Adjustments Trial Balance Statement arnings State med Sheet DR CRDR CRDR CRDR CRDRCRDR CR Account Title Totals Net loss Totals Ending retained earnings Totals Jamukha Corporation Statement of Cash Flows: Requirement (e) For the Year Ended December 31, 2018 CASH FROM OPERATING ACTIVITIES: Increases Decreases Net Cash From Operating Activities CASH FROM INVESTNG ACTIVITIES: Net Cash From Investing Activities CASH FROM FINANCING ACTIVITIES: Net Cash From Financing Activities NET INCREASE IN CASH Cash at beginning of year Cash at end of year 10. Issued 1,250 shares of $100 par, 7% preferred stock for $200,000 cash. 11. Purchased equipment on July 1, 2018, for $225,000 cash. 12. Purchased 800 shares of Jamukha Corp. common stock from a disgruntled shareholder for $44 per share. 13. Recorded salaries and payroll taxes. Employee's gross salaries were $90,000. FICA tax was withheld at a rate of 7.65%. Federal income taxes (FIT) of $7,000 were withheld, and state income taxes (SIT) of $4,500 were withheld. The federal unemployment tax (FUTA) rate was 1%, and the state unemployment tax (SUTA) rate was 3.25%. No cash has been paid yet, so record all the amounts due in the appropriate payable accounts. 14. The paychecks and payroll taxes from entry #13 were paid. Adjusting Journal Entries: 15. Straight-line depreciation with an 14 year useful life and no salvage value is used for equipment purchased in previous years. The equipment purchased on July 1, 2018 (#11) is depreciated using double-declining balance with a useful life of 25 years and a $30,000 salvage value. (Hint: The equipment was purchased midway through the year.) 16. Accrue bond interest payable and amortize bond discount/premium. Jamukha Corp. uses effective interest amortization. (Hint: The bond was issued midway through the year.) 17. The prepaid insurance relates to a policy purchased on December 31, 2017. This insurance expires at a rate of $225 per month. Record as a general expense. 18. Jamukha estimates that 5.5% of accounts receivable are uncollectible. 19. Jamukha Corp. is an S-corporation and is not subject to income tax. REQUIRED: Print out the solution pages for the general journal, ledger, and worksheet that follow and enter the following transactions. I suggest that you use a pencil. a. Enter the transactions numbered 1-14 in the general journal provided on the following pages. b. Post the journal entries to the ledger accounts for items 1-14. Look at the cash account for an example of how to use the running balance ledger. I have completed the first two lines of it for you. It is a good idea to keep track of whether your balance column is a debit or a credit, particularly for contra accounts. c. Prepare an unadjusted trial balance at December 31, 2018 and enter on the worksheet. d. Worksheet requirement: Using your unadjusted trial balance (c) above and the data for adjusting entries (#15-19), prepare a 12-column worksheet similar to the worksheet for Sierra Corporation in Chapter 4 and the prior extra credit assignments. You will not receive any credit if the worksheet is incomplete. To save time, you are not required to formally journalize or post your adjusting entries (you can just enter them on the worksheet). You are not required to record closing entries. Prepare a formal statement of cash flows using the T-account approach. Templates for the statement and the T-account worksheet are attached. (You are not required to formally present the other statements- just complete them on the worksheet.) General Ledger: Requirement (b) continued ACCOUNTS PAYABLE Beginning CR 66,750 BALANCE 66,750 CR SALARIES PAYABLE CR BALANCE SALES TAX PAYABLE BALANCE FICA PAYABLE CR BALANCE FIT PAYABLE CR BALANCE SIT PAYABLE DR CR BALANCE FUTA PAYABLE DR CR BALANCE SUTA PAYABLE DR CR BALANCE UNEARNED REVENUE CR BALANCE BONDS PAYABLE BALANCE TCR PREMIUM ON BONDS PAYABLE BALANCE General Ledger: Requirement (b) continued COMMON STOCK ($1 PAR) Beginning CR 10,000 BALANCE 10,000 CR PREFERRED STOCK (S100 PAR) BALANCE PAID-IN CAPITAL IN EXCESS OF PAR- COMMON STOCK Beginning 190,000 BALANCE 190,000 CR PAID-IN CAPITAL IN EXCESS OF PAR - PREFERRED STOCK CR BALANCE TREASURY STOCK CR BALANCE RETAINED EARNINGS Beginning CR 134,115 BALANCE 134,115 CR SALES REVENUE CR BALANCE H COST OF GOODS SOLD DR CR BALANCE H GENERAL EXPENSES BALANCE H SALARIES EXPENSE BALANCE H PAYROLL TAX EXPENSE BALANCE H LOSS ON DISPOSAL DR CR BALANCE Jamukha Corporation Worksheet: Requirement (c), (d) For the Year Ended December 31, 2018 Unadjusted Adjusted Income Retained Balance Trial Balance Adjustments Trial Balance Statement arnings State med Sheet DR CRDR CRDR CRDR CRDRCRDR CR Account Title Totals Net loss Totals Ending retained earnings Totals Jamukha Corporation Statement of Cash Flows: Requirement (e) For the Year Ended December 31, 2018 CASH FROM OPERATING ACTIVITIES: Increases Decreases Net Cash From Operating Activities CASH FROM INVESTNG ACTIVITIES: Net Cash From Investing Activities CASH FROM FINANCING ACTIVITIES: Net Cash From Financing Activities NET INCREASE IN CASH Cash at beginning of year Cash at end of year