Due date: October ${10}^{th}$

ACC$211$ Financial Statements Problem

Acme provides services $to$ both individuals and business. $In$ order $to$ prepare a realistic trial balance, the

events described below are aggregations $of$ many individual event$\frac{s}{t}$ransactions during the year.

$a.$ Common stock was issued for $$42,000on$ January $1,2023.$

$b.$ During the year, ACME paid office rent $of$ $$18,000.$

$c.$ Utilities expenses incurred and paid were $$5,320.$

$d.$ Bought $an18-$month business protection insurance policy for $$2,700on$ January $1,2023.$

$e.$ Wages $of$ $$58,800$ were earned $by$ employees and paid during the year.

$f.$ During the year, ACME provided services:

$a.On$ credit $$138,300$

$b.$ For Cash $$21,650$

$g.$ ACME purchased $$59,110of$ supplies $on$ credit.

$h.$ ACME paid dividends $in$ the amount $of$ $$5,500.$

$i.$ ACME collected accounts receivable $in$ the amount $of$ $$111,400.$

$j.$ Paid creditors $$49,500$ for supplies purchased during the year.

$k.$ The supplies left $in$ the supply closet totaled $$5,650.$

I. Services performed late $in$ December, but not yet recorded totaled $$3,375.$

Required:

Prepare journal entries.

$2.$ Post journal entries $to$ the appropriate $T-$accounts.

$3.$ Prepare any necessary adjusting journal entries and post $to$ the appropriate $T-$accounts.

Prepare $an$ adjusted trial balance $at$ December $31,2023.$ Assume that all beginning balances $at$

January $1,2023$ are zero.

Prepare a single step income statement.

Prepare a statement $of$ retained earnings.

Prepare a classified balance sheet.

Prepare all closing journal entries.