I need help with numbers 1-7 from this problem. THERE IS NO TRIAL BALNCE, JUST A GENERAL LEDGER AND TEN COLUMN WORKSHEET Robinson Corporation is a wholesale plumbing supply distributor. Transactions through November 30 have already been posted to the General Ledger accounts. January 1, 2018 balances appear in the general ledger accounts as well as the November 30, 2018 balances for those accounts whose balances have changed.

*Robinson Corporation maintains a perpetual inventory system.

*All sales on account are subject to terms of 2/10, n/30. Discounts are taken and granted only when the terms are met.

*The cost of all inventory sold in December was 80% of the sales price.

Transactions for the month of December are as follows:

Dec

3

Received a check from Swanson Brothers Construction in full payment of invoice dated November 26. The invoice amount was $24,050.

3

Sold sewer and drainage pipe to Beverlys Building Products on account for $13,150.

3

Purchased copper tubing and fittings from Edwards Plumbing Supplies Inc. on account for $24,320, terms n/60.

3

Issued check for $26,400 to Oxenford Copperworks in settlement of the balance owed on account, no discount taken.

3

Issued check for $810 to Standard Oil Co. in payment of gas, oil, and truck repair.

6

Sold cast pipe to Trudy's Plumbing on account for $29,300

6

Received a check in the amount of $27,800 form Coconino Contractors, Inc. in full payment of invoice dated October 20

6

Purchased bathroom fixtures from Phoenix Plastics, on account for $52,700, terms 1/10, n/30

12

Received a check from Trudy's Plumbing in payment of invoice from December 6.

13

Issued check for $399 in payment of November telephone bill

14

Issued check to Phoenix Plastics, Inc in payment of invoice from December 6

20

Purchased supplies in the amount of $1,360. (Note: Debit the asset account)

24

A half-acre parcel of land adjacent to the building is acquired in exchange for 600 share of common stock. The land has a fair value of $54,000 and will be used immediately.

26

Board of directors declared a total dividend of $8,740 payable on January 14 to stockholders of record on December 26

27

An invoice in the amount of $2,650 is received from a lawyer for legal services involved in the acquisition of the land purchased on Dec. 24

31

Sold a piece of equipment for $2,500 cash. The original cost was $7,000, a life of 10 years, and accumulated depreciation recorded through 12/31/17 of $4,550. The straight-line method is used. (Note: the company follows the practice of recording a half year's depreciation in the year of acquisition and a half year in the year of disposal.) First, bring the depreciation expense up to date, then record the sale

31

Cash sales for December totalled $52,272

Instructions:

1

Make the appropriate journal entries in the General Journal for the above December transactions.

2

Post the journal entries to the General Ledger with proper account number references made in the General Journal.

3

Begin preparation of the ten-column worksheet by transferring unadjusted December 31 balances to the first two columns of the worksheet.

4

From the following information prepare adjusting entries in the general journal and enter them in the "Adjustments" columns of the worksheet (round all calculations to the nearest dollar).

a)

The allowance for doubtful accounts should be 5% of gross accounts receivable

b)

An inventory count of supplies revealed $830 of supplies on hand at year-end

c)

Prepaid insurance of $5,820 has expired by year-end

d)

Interest has accrued at 7% on the long-term note payable since July 1, 2018

e)

Depreciation expense on the buildings for the year was $18,920. Depreciation expense on the equipment (excluding the item sold on Dec. 31) was $18,475.

f)

The debt investment is held-to-maturity 5-year bond with an $86,000 face value and 10% stated interest rate. Interest is received on the first of each year. The bond was initially issued on 1/1/18. The bond was purchased for $79,800 and provides a 12% return. Prepare the necessary year-end entry to record interest revenue and discount amortization using the effective interest method.

g)

The equity investments consists of a 30% stock ownership of ABC Corporation in which Robinson has significant influence. ABC Corporation reported $100,000 in net income for 2018. Record the proper adjustment to the equity investment account.

5

Complete the worksheet using the illustration on page 122 of the text as a guide (Illustration 3C-1)

6

Post the adjusting journal entries to the General Ledger accounts

7

Prepare closing entries in the General Journal and post to the General Ledger accounts.