Final Review

$($Financial Statement Practice Problem$)$

Peppermint Design Co$.$

Post$-$Closing Trial Balance

December $31,2018$

$\backslash$table$[[$Cash$,$Debit,Credit$],[$Accounts Receivable,,$],[$Allowance for DA$,,2,000],[$Supplies$,12,000,],[$Building$,45,000,],[$Accum$.$ Dep, Building,,$$12,000],[$Land$,100,000,],[$Accounts Payable,,$5,000],[$Unearned Fee Revenue,,$38,000],[$Capital Stock,,$78,000],[$Retained Earnings,,$107,000],[$Total$,$$$242,000,$$$242\mathrm{.}000]]$

Puring $2019,$ the company had the following transactions:

A$.$ Received $$90,000$ for design services provided.

B$.$ Paid $$3,600$ for property taxes from July $1,2019$ to June $30,2020.$

C$.$ Purchased supplies for $$6,000$ on account

D$.$ Paid salaries of $$15,000$

E$.$ Received $$5,000$ from customer on account

F$.$ Paid utilities of $$8,000$

G$.$ Purchased a piece of equipment for $$10,000,$ signing a note for the total amount.

H$.$ Paid dividend of $$5,000$

equired:

Prepare journal entries for the $2019$ transactions

Post the journal entries to the ledger $($t$-$accounts$)$

Prepare an unadjusted trial balance as of December $31,2019$

Complete the adjusting entries below:

a$.$ Supplies on hand, $$11,000$

b$.$ Unearned Fees at the end of the period, $$22,000$

c$.$ Depreciation of Building, $$8,000$

d$.$ Salaries accrued but unpaid, $$4,000$

e$.$ Wrote off $$2,000$ customers on account

Prepare an Income Statement, Balance Sheet, Statement of Stockholders' Equity $($or Retained Earnings$)$ for the year ending December $31,2019.$

Prepare closing entries

Prepare Post$-$Closing Trial Balance