Comprehensive Problem 7 (Part Level Submission) On December 1, 2017, Fullerton Company had the following account balances Debit Credit Cash $18,200 Accumulated DepreciationEquipment $3,000 Notes Receivable 2,200 Accounts Payable 6,100 Accounts Receivable 7,500 Common Stock 50,000 Inventory 16,000 Retained Earnings 14,400 Prepaid Insurance 1,600 $73,500 Equipment 28,000 $73,500 During December, the company completed the following transactions Dec 7 Received $3,600 cash from customers in payment of account (no discount allowed) 12 Purchased merchandise on account from Vance Co $12,000, terms 1 10, n 30 17 Sold merchandise on account $16,000, terms 2 10, n 30 The cost of the merchandise sold was $10,000 19 Paid salaries $2,200 22 Paid Vance Co in full, less discount 26 Received collections in full, less discounts, from customers billed on December 17 31 Received $2,700 cash from customers in payment of account (no discount allowed) Adjustment data 1 Depreciation $200 per month 2 Insurance expired $400 (a) Your answer is correct Journalize the December transactions (Assume a perpetual inventory system ) (Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem ) Date Account Titles and Explanation Debit Credit Dec 7Dec 12Dec 17Dec 19Dec 22Dec 26Dec 31 Dec 7Dec 12Dec 17Dec 19Dec 22Dec 26Dec 31 Dec 7Dec 12Dec 17Dec 19Dec 22Dec 26Dec 31 (To record sales) Dec 7Dec 12Dec 17Dec 19Dec 22Dec 26Dec 31 (To record cost of goods sold) Dec 7Dec 12Dec 17Dec 19Dec 22Dec 26Dec 31 Dec 7Dec 12Dec 17Dec 19Dec 22Dec 26Dec 31 Dec 26 Dec 7Dec 12Dec 17Dec 19Dec 22Dec 26Dec 31 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts 3 of 5 used (b) Your answer is correct Enter the December 1 balances in the ledger T accounts and post the December transactions (Post entries in the order of journal entries presented in the previous part ) Cash 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Notes Receivable 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Accounts Receivable 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Inventory 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Prepaid Insurance 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Equipment 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Accumulated DepreciationEquipment 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Accounts Payable 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Common Stock 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Retained Earnings 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Sales Revenue 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Sales Discounts 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Cost of Goods Sold 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Salaries and Wages Expense 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts 5 of 5 used (c) Your answer is correct The statement from Jackson County Bank on December 31 showed a balance of $26,130 A comparison of the bank statement with the Cash account revealed the following facts 1 The bank collected a note receivable of $2,200 for Fullerton Company on December 15 2 The December 31 receipts were deposited in a night deposit vault on December 31 These deposits were recorded by the bank in January 3 Checks outstanding on December 31 totaled $1,210 4 On December 31, the bank statement showed an NSF charge of $680 for a check received by the company from L Bryan, a customer, on account Prepare a bank reconciliation as of December 31 based on the available information ( Hint The cash balance per books is $26,100 This can be proven by finding the balance in the Cash account from parts (a) and (b) ) (List items that increase cash balance first Reconcile cash balance per bank first ) FULLERTON COMPANY Bank Reconciliation December 31, 2017 Outstanding checksAdjusted cash balance per booksCash balance per bank statementDeposits in transitAdjusted cash balance per bankCash balance per booksNSF checkCollection of note receivable $ AddLess Adjusted cash balance per booksOutstanding checksNSF checkCash balance per bank statementDeposits in transitCash balance per booksAdjusted cash balance per bankCollection of note receivable AddLess NSF checkCash balance per booksDeposits in transitOutstanding checksAdjusted cash balance per booksAdjusted cash balance per bankCollection of note receivableCash balance per bank statement NSF checkCash balance per booksOutstanding checksAdjusted cash balance per booksAdjusted cash balance per bankCash balance per bank statementCollection of note receivableDeposits in transit $ Adjusted cash balance per bankOutstanding checksCollection of note receivableCash balance per bank statementCash balance per booksNSF checkDeposits in transitAdjusted cash balance per books $ AddLess Collection of note receivableAdjusted cash balance per booksOutstanding checksAdjusted cash balance per bankCash balance per booksDeposits in transitNSF checkCash balance per bank statement AddLess Cash balance per booksDeposits in transitOutstanding checksAdjusted cash balance per bankCollection of note receivableAdjusted cash balance per booksCash balance per bank statementNSF check Cash balance per bank statementCollection of note receivableDeposits in transitCash balance per booksNSF checkAdjusted cash balance per booksOutstanding checksAdjusted cash balance per bank $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts 2 of 5 used (d) Your answer is correct Journalize the adjusting entries resulting from the bank reconciliation and adjustment data (Credit account titles are automatically indented when amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit Dec 31 (To record collection of notes receivable) Dec 31 (To record NSF charge) Dec 31 (To adjust depreciation) Dec 31 (To adjust insurance) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts 5 of 5 used (e) Post the adjusting entries to the ledger T accounts (Post entries in the order of journal entries presented in the previous part ) Cash 12 1 Bal 18,200 12 19 2,200 12 7 3,600 12 22 11,880 12 26 15,680 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 31 2,700 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Notes Receivable 12 1 Bal 2,200 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Accounts Receivable 12 1 Bal 7,500 12 7 3,600 12 17 16,000 12 26 16,000 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 31 2,700 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Inventory 12 1 Bal 16,000 12 17 10,000 12 12 12,000 12 22 120 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Prepaid Insurance 12 1 Bal 1,600 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Equipment 12 1 Bal 28,000 Accumulated DepreciationEquipment 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 3,000 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Accounts Payable 12 22 12,000 12 1 Bal 6,100 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 12 12,000 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Common Stock 12 1 Bal 50,000 Retained Earnings 12 1 Bal 14,400 Sales Revenue 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 17 16,000 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Sales Discounts 12 26 320 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Cost of Goods Sold 12 17 10,000 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Depreciation Expense 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Salaries and Wages Expense 12 19 2,200 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal Insurance Expense 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal 12 1 Bal 12 712 1212 1712 1912 2212 2612 3112 31 Bal f) prepare an adjustment balance g)prepare an income statement for December and a classified balance sheet at december31

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Question: Comprehensive Problem 7 (Part Level Submission) On December 1, 2017, Fullerton Company had the following account balances. Debit Credit Cash $18,200 Accumulated DepreciationEquipment $3,000 Notes

Comprehensive Problem 7 (Part Level Submission)

On December 1, 2017, Fullerton Company had the following account balances.

	Debit		Credit
Cash	$18,200	Accumulated DepreciationEquipment	$3,000
Notes Receivable	2,200	Accounts Payable	6,100
Accounts Receivable	7,500	Common Stock	50,000
Inventory	16,000	Retained Earnings	14,400
Prepaid Insurance	1,600		$73,500
Equipment	28,000
	$73,500

During December, the company completed the following transactions.

Dec. 7		Received $3,600 cash from customers in payment of account (no discount allowed).
12		Purchased merchandise on account from Vance Co. $12,000, terms 1/10, n/30.
17		Sold merchandise on account $16,000, terms 2/10, n/30. The cost of the merchandise sold was $10,000.
19		Paid salaries $2,200.
22		Paid Vance Co. in full, less discount.
26		Received collections in full, less discounts, from customers billed on December 17.
31		Received $2,700 cash from customers in payment of account (no discount allowed).

Adjustment data:

1.		Depreciation $200 per month.
2.		Insurance expired $400.

(a)


	Your answer is correct.

Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

	(To record sales)
Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

	(To record cost of goods sold)
Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31


Dec. 26


Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

SHOW LIST OF ACCOUNTS

SHOW SOLUTION

LINK TO TEXT

Attempts: 3 of 5 used

(b)


	Your answer is correct.

Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented in the previous part.)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Attempts: 5 of 5 used

(c)


	Your answer is correct.

The statement from Jackson County Bank on December 31 showed a balance of $26,130. A comparison of the bank statement with the Cash account revealed the following facts.

1.		The bank collected a note receivable of $2,200 for Fullerton Company on December 15.
2.		The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January.
3.		Checks outstanding on December 31 totaled $1,210.
4.		On December 31, the bank statement showed an NSF charge of $680 for a check received by the company from L. Bryan, a customer, on account.

Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $26,100. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase cash balance first. Reconcile cash balance per bank first.)

FULLERTON COMPANY Bank Reconciliation December 31, 2017
Outstanding checksAdjusted cash balance per booksCash balance per bank statementDeposits in transitAdjusted cash balance per bankCash balance per booksNSF checkCollection of note receivable		$
AddLess : Adjusted cash balance per booksOutstanding checksNSF checkCash balance per bank statementDeposits in transitCash balance per booksAdjusted cash balance per bankCollection of note receivable

AddLess : NSF checkCash balance per booksDeposits in transitOutstanding checksAdjusted cash balance per booksAdjusted cash balance per bankCollection of note receivableCash balance per bank statement
NSF checkCash balance per booksOutstanding checksAdjusted cash balance per booksAdjusted cash balance per bankCash balance per bank statementCollection of note receivableDeposits in transit		$

Adjusted cash balance per bankOutstanding checksCollection of note receivableCash balance per bank statementCash balance per booksNSF checkDeposits in transitAdjusted cash balance per books		$
AddLess : Collection of note receivableAdjusted cash balance per booksOutstanding checksAdjusted cash balance per bankCash balance per booksDeposits in transitNSF checkCash balance per bank statement

AddLess : Cash balance per booksDeposits in transitOutstanding checksAdjusted cash balance per bankCollection of note receivableAdjusted cash balance per booksCash balance per bank statementNSF check
Cash balance per bank statementCollection of note receivableDeposits in transitCash balance per booksNSF checkAdjusted cash balance per booksOutstanding checksAdjusted cash balance per bank		$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Attempts: 2 of 5 used

(d)


	Your answer is correct.

Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31

	(To record collection of notes receivable)
Dec. 31

	(To record NSF charge)
Dec. 31

	(To adjust depreciation)
Dec. 31

	(To adjust insurance)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Attempts: 5 of 5 used

(e)

Post the adjusting entries to the ledger T-accounts. (Post entries in the order of journal entries presented in the previous part.)

Cash
12/1 Bal.	18,200	12/19	2,200
12/7	3,600	12/22	11,880
12/26	15,680	12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/31	2,700	12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Notes Receivable
12/1 Bal.	2,200	12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Accounts Receivable
12/1 Bal.	7,500	12/7	3,600
12/17	16,000	12/26	16,000
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/31	2,700
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Inventory
12/1 Bal.	16,000	12/17	10,000
12/12	12,000	12/22	120
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Prepaid Insurance
12/1 Bal.	1,600	12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Equipment
12/1 Bal.	28,000
Accumulated DepreciationEquipment
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.	3,000
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Accounts Payable
12/22	12,000	12/1 Bal.	6,100
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/12	12,000
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Common Stock
		12/1 Bal.	50,000
Retained Earnings
		12/1 Bal.	14,400
Sales Revenue
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/17	16,000
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Sales Discounts
12/26	320	12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Cost of Goods Sold
12/17	10,000	12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Depreciation Expense
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Salaries and Wages Expense
12/19	2,200	12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
Insurance Expense
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.
12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.		12/1 Bal.12/712/1212/1712/1912/2212/2612/3112/31 Bal.

f) prepare an adjustment balance

g)prepare an income statement for December and a classified balance sheet at december31

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