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2. Frepore Statemect of Owner's Equty. Sample Question: Complex Category Pool Corporation is the wortd's largest wholesale distributor of swimming pool supplies and equipment & services. It sells these products to swimming pool repair and service businesses like Penny's Pool Service \& Supply Inc, swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses like Penny's. Its trial balance for the last year ended December 31, 2019 is presented below: The following transactions occurted during the financial year 2020: a. A retail pool customer pays his outstanding balance of $8,500 to Pool Corporation. b. Supplies purchased in Cash amounting $560. c. Pool Corporation purchases Product inventory in Cash amounting to $25.200. d. Paid wages in cash amounting to $11,300. e. Pool Corporation purchased equipment worth $25,000 and paid immediately. t. Pool Corporation paid $2,400 cash for the premium on a 12th month insurance policy beginning from December 2020 . 9. Pool Corporation paid $200 towards general repairs in cash. h. Pool Corporation paid $3.600 cash towards Utilities. i. Pool Corporation paid $280 towards transportation for one of the equipment as per the sale agreement. f. Pool Corporation purchased Product inventory for $23,000 Cash. k. Pool Corporation owed $900 wages to the office receptionist and three assistants for working the last two days in December 2020 . The employees will be paid in January 2021. LOn October 1, 2020, Pool Corporation recelved $24,000 from customers who prepaid pool cleaning service for one year beginning on November 1, 2020 m. Pool Corporation received a $670 utility bia for December utility usage. It will be paid in January 2021. n. Pool Cocporation borrowed $30,000 from a local bank on May 1.2020, signing a note with a 6 percent interest rate. The note and interest are due on May 1, 2021. 0. On December 31, 2020, Pool Corporation cleaned and winterized a customer's pool for $11,300, but the service was not yet recorded on December 31 . p. On August 1,2020, Pool Corporation purchased a fwo-year insurance policy for $3,000, with coverage beginning on that date. q. During 2020, Pool Corporation purchased supplies costing $20,000 from various suppliers for cash. f. Pool Corporation estimated that depreciation on its buildings and equipment was $9,400 for the year. \$. At December 31, 2020, \$1,400 of interest on investments was earned that will be recelved in 2021 . t. Rent for December due to be paid in January 2020 of $1,700. u. Sold $19,000 of goods and recelved the amount on the same day. . Record the expired insurance purchased (trans, f ) for the month of December. w. Sales worth $49,000 made to Pennys Pool Service \& Supply Inc, on Credit. x. Pool Corporation recelved utilities bill for $530 for December. Paid in cash when received. y. Property tax paid $3,000 during the year. 2. Received partial payment from Penny's Pool Service & Supply Inc amounting to $24,500 for the purchase made this yeat, (tras. "w') a1. Pool Corporation purchased equipment worth $5.000 on credit basis. b2. Pool Corporation recelved the remaining balance amount due towards the recent sale made to Penny's Pool Service \& Supply inc. (trans " w ") c3. Paid for the equipment purchased, (tran, At) d4. On December 31, 2020. Pool Corpocation had $22.000 of pool cleaning supplies on hand. Record the necessary adjusting entry. e5. Property tax due and payable worth $15,000. e6. Recognize revenue earned (transaction L ) e7. Record interest accrued on bank loan (Transaction N) Required: 1. Post the required entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account ield.) Inirnal antru unelehaat wote: crter qeors perore crears. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{ Acoscinte Rocativatis } \\ \hline & 600.000 & & & & 800 & & \\ \hline 3 & 1.500 & 500 & E & 5 & x & & 8 \\ \hline E & 24000 & & E & E & x & 26500 & 8 \\ \hline & 20006 & 11xx & 61 & - & & 24500 & 52 \\ \hline 2 & 5.006 & 25000 & 8 & & & & \\ \hline t. & 24,500 & 2.406 & & Ext an. & 8000 & & \\ \hline \multirow[t]{10}{*}{5} & 24500 & 2x & 8 & & & & \\ \hline & & 1000 & & & & & \\ \hline & & & & & & & \\ \hline & & 2000 & E & & & & \\ \hline & & 1000 & E & & & & \\ \hline & & 20+00 & 6 & & & & \\ \hline & & 5x & 2 & & & & \\ \hline & & 3.000 & & & & & \\ \hline & & 900 & 2 & & & & \\ \hline & & & & & & & \\ \hline \multirow[t]{3}{*}{ End eat } & & & & & & & \\ \hline & & & & \multirow{2}{*}{\multicolumn{4}{|c|}{ Shoples }} \\ \hline & \multicolumn{3}{|c|}{ Imantest furteigale } & & & & \\ \hline Besy ox & & & & Beyx. & \multicolumn{2}{|l|}{3000} & \\ \hline \multirow[t]{3}{*}{E} & 1426 & & & E & 30 & 22580 & 84 \\ \hline & & & & F & 2000 & & \\ \hline & & & & 5 & & & \\ \hline \multirow[t]{3}{*}{ End ea: } & 2.456 & & & Sedax. & 22000 & & \\ \hline & & & & & & & \\ \hline & \multicolumn{3}{|c|}{ Prosut intintory } & \multicolumn{4}{|c|}{ Phopad insoranet } \\ \hline & 128.000 & & & lng= & 20.00 & & \\ \hline \multirow[t]{3}{*}{3} & 25.200 & & & e & 2200 & 6 & 60 \\ \hline & 22000 & & & E & 1000 & 200 & \\ \hline & & & & f & & & \\ \hline End wal. & 170200 & & & Even. & & & \\ \hline & & & & & & & \\ \hline & Esupe & & & & tornoscum & wh, net & \\ \hline Seag bal & 542000 & & & seg5 & 2000 & & \\ \hline 8 & 8.000 & & & & & & \\ \hline at. & 5.000 & & & F & & & \\ \hline & & & & & & & \\ \hline & 173.005 & & & Set mas. & 2006 & & \\ \hline & & & & & & & \\ \hline & Acosurits & & & & & & \\ \hline & & 24000 & & Seg= & & & \\ \hline 3 & 50005 & 1000 & et. & & & 1200 & 6 \\ \hline & & & & & & & \\ \hline & & & & t & & & \\ \hline Ine zal & & 38000 & & Int = & & +200 & \\ \hline & & & & & & & \\ \hline & fient F & & & & & & \\ \hline Sos eac. & & & & Segka. & & 7000 & \\ \hline & & & & & & 2x & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline End bal & & & & fine tax & & 7000 & \\ \hline & & & & & & & \\ \hline & & & & & Preeste Ta & & \\ \hline Bes bol. & & & & & & 12000 & \\ \hline & & 60 & = & & & 8000 & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline End oal & & & & & & 27,000 & \\ \hline & & & & & & & \\ \hline & Shent Tim in & not. & & & & & \\ \hline & & & & ligcat & & 30.008 & \\ \hline & & & 5 & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} Post the closing entries. (If no entry is requlred for o trensaction/event, select "No journel entry requlred" In the flrst account leld.) Journal entry worksheet Note: Enter debits before credits. 4. Prepare income suabment. 2. Frepore Statemect of Owner's Equty. Sample Question: Complex Category Pool Corporation is the wortd's largest wholesale distributor of swimming pool supplies and equipment & services. It sells these products to swimming pool repair and service businesses like Penny's Pool Service \& Supply Inc, swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses like Penny's. Its trial balance for the last year ended December 31, 2019 is presented below: The following transactions occurted during the financial year 2020: a. A retail pool customer pays his outstanding balance of $8,500 to Pool Corporation. b. Supplies purchased in Cash amounting $560. c. Pool Corporation purchases Product inventory in Cash amounting to $25.200. d. Paid wages in cash amounting to $11,300. e. Pool Corporation purchased equipment worth $25,000 and paid immediately. t. Pool Corporation paid $2,400 cash for the premium on a 12th month insurance policy beginning from December 2020 . 9. Pool Corporation paid $200 towards general repairs in cash. h. Pool Corporation paid $3.600 cash towards Utilities. i. Pool Corporation paid $280 towards transportation for one of the equipment as per the sale agreement. f. Pool Corporation purchased Product inventory for $23,000 Cash. k. Pool Corporation owed $900 wages to the office receptionist and three assistants for working the last two days in December 2020 . The employees will be paid in January 2021. LOn October 1, 2020, Pool Corporation recelved $24,000 from customers who prepaid pool cleaning service for one year beginning on November 1, 2020 m. Pool Corporation received a $670 utility bia for December utility usage. It will be paid in January 2021. n. Pool Cocporation borrowed $30,000 from a local bank on May 1.2020, signing a note with a 6 percent interest rate. The note and interest are due on May 1, 2021. 0. On December 31, 2020, Pool Corporation cleaned and winterized a customer's pool for $11,300, but the service was not yet recorded on December 31 . p. On August 1,2020, Pool Corporation purchased a fwo-year insurance policy for $3,000, with coverage beginning on that date. q. During 2020, Pool Corporation purchased supplies costing $20,000 from various suppliers for cash. f. Pool Corporation estimated that depreciation on its buildings and equipment was $9,400 for the year. \$. At December 31, 2020, \$1,400 of interest on investments was earned that will be recelved in 2021 . t. Rent for December due to be paid in January 2020 of $1,700. u. Sold $19,000 of goods and recelved the amount on the same day. . Record the expired insurance purchased (trans, f ) for the month of December. w. Sales worth $49,000 made to Pennys Pool Service \& Supply Inc, on Credit. x. Pool Corporation recelved utilities bill for $530 for December. Paid in cash when received. y. Property tax paid $3,000 during the year. 2. Received partial payment from Penny's Pool Service & Supply Inc amounting to $24,500 for the purchase made this yeat, (tras. "w') a1. Pool Corporation purchased equipment worth $5.000 on credit basis. b2. Pool Corporation recelved the remaining balance amount due towards the recent sale made to Penny's Pool Service \& Supply inc. (trans " w ") c3. Paid for the equipment purchased, (tran, At) d4. On December 31, 2020. Pool Corpocation had $22.000 of pool cleaning supplies on hand. Record the necessary adjusting entry. e5. Property tax due and payable worth $15,000. e6. Recognize revenue earned (transaction L ) e7. Record interest accrued on bank loan (Transaction N) Required: 1. Post the required entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account ield.) Inirnal antru unelehaat wote: crter qeors perore crears. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{ Acoscinte Rocativatis } \\ \hline & 600.000 & & & & 800 & & \\ \hline 3 & 1.500 & 500 & E & 5 & x & & 8 \\ \hline E & 24000 & & E & E & x & 26500 & 8 \\ \hline & 20006 & 11xx & 61 & - & & 24500 & 52 \\ \hline 2 & 5.006 & 25000 & 8 & & & & \\ \hline t. & 24,500 & 2.406 & & Ext an. & 8000 & & \\ \hline \multirow[t]{10}{*}{5} & 24500 & 2x & 8 & & & & \\ \hline & & 1000 & & & & & \\ \hline & & & & & & & \\ \hline & & 2000 & E & & & & \\ \hline & & 1000 & E & & & & \\ \hline & & 20+00 & 6 & & & & \\ \hline & & 5x & 2 & & & & \\ \hline & & 3.000 & & & & & \\ \hline & & 900 & 2 & & & & \\ \hline & & & & & & & \\ \hline \multirow[t]{3}{*}{ End eat } & & & & & & & \\ \hline & & & & \multirow{2}{*}{\multicolumn{4}{|c|}{ Shoples }} \\ \hline & \multicolumn{3}{|c|}{ Imantest furteigale } & & & & \\ \hline Besy ox & & & & Beyx. & \multicolumn{2}{|l|}{3000} & \\ \hline \multirow[t]{3}{*}{E} & 1426 & & & E & 30 & 22580 & 84 \\ \hline & & & & F & 2000 & & \\ \hline & & & & 5 & & & \\ \hline \multirow[t]{3}{*}{ End ea: } & 2.456 & & & Sedax. & 22000 & & \\ \hline & & & & & & & \\ \hline & \multicolumn{3}{|c|}{ Prosut intintory } & \multicolumn{4}{|c|}{ Phopad insoranet } \\ \hline & 128.000 & & & lng= & 20.00 & & \\ \hline \multirow[t]{3}{*}{3} & 25.200 & & & e & 2200 & 6 & 60 \\ \hline & 22000 & & & E & 1000 & 200 & \\ \hline & & & & f & & & \\ \hline End wal. & 170200 & & & Even. & & & \\ \hline & & & & & & & \\ \hline & Esupe & & & & tornoscum & wh, net & \\ \hline Seag bal & 542000 & & & seg5 & 2000 & & \\ \hline 8 & 8.000 & & & & & & \\ \hline at. & 5.000 & & & F & & & \\ \hline & & & & & & & \\ \hline & 173.005 & & & Set mas. & 2006 & & \\ \hline & & & & & & & \\ \hline & Acosurits & & & & & & \\ \hline & & 24000 & & Seg= & & & \\ \hline 3 & 50005 & 1000 & et. & & & 1200 & 6 \\ \hline & & & & & & & \\ \hline & & & & t & & & \\ \hline Ine zal & & 38000 & & Int = & & +200 & \\ \hline & & & & & & & \\ \hline & fient F & & & & & & \\ \hline Sos eac. & & & & Segka. & & 7000 & \\ \hline & & & & & & 2x & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline End bal & & & & fine tax & & 7000 & \\ \hline & & & & & & & \\ \hline & & & & & Preeste Ta & & \\ \hline Bes bol. & & & & & & 12000 & \\ \hline & & 60 & = & & & 8000 & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline End oal & & & & & & 27,000 & \\ \hline & & & & & & & \\ \hline & Shent Tim in & not. & & & & & \\ \hline & & & & ligcat & & 30.008 & \\ \hline & & & 5 & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} Post the closing entries. (If no entry is requlred for o trensaction/event, select "No journel entry requlred" In the flrst account leld.) Journal entry worksheet Note: Enter debits before credits. 4. Prepare income suabment