1. Journalize and post normal monthly transactions shown below

2.Prepare trial balance on the Trial Balance Worksheet

3.Journalize and post adjusting entries shown at the top of page 2.

4. Next, do an adjusted trial balance. trial balance.

5.Generate financial statements for 2018 including multistep income statement, statement of retained earnings, comparative classified balance sheets for 2017 and 2018, and statement of cash flows for 2018.Pay close attention to headers and format as they will contribute to your grade on this project.

6.Journalize and post the closing entries.

7.Prepare post-closing trial balance.

Normal Journal Entries for the month of December:

Date Transaction

Dec 1 Issued 50,000 shares of Common Stock for $12 per shares

Dec 1 Paid December rent $6,000.

Dec 1 Issued $100,000 bonds at face with an interest rate of 12% due in 5 years.

Dec 3 Purchased $500,000 of inventory terms 2/10 net 30

Dec 5 Sold land at cost $25,000

Dec 8 Sold equipment with original cost of $40,000 and accumulated depreciation of $25,000 for $12,000.

Dec 9 Purchased equipment for $60,000 cash.

Dec 10 Sold inventory on account for $450,000 with a cost of $225,000 1/10 net 30

Dec 11 Paid for merchandise inventory purchased December 3.

Dec 15 Paid utilities $1,200.

Dec 18 Wrote off uncollectible accounts $24,000.

Dec 19 Received payment in full for sale from December 10.

Dec 31 Declared and paid cash dividend of $0.50 per share.

Dec 31 Paid wages and salaries of $7,500.

Adjusting Entries:

1.Accrue interest on bonds issued on December 1.

2.Depreciation expense for the month is $909 for building and $509 for equipment.

3.Accrue sales of $25,000 with a cost of goods of $10,000.

4.Prepaid insurance of $800 expired in December.

5.Unearned revenue of $9,000 with a cost of $6,000 was earned during December.

6.Patent amortization for the month $500.

7.Allowance for bad debt is 5 percent of accounts receivable balance rounded to the nearest dollar.

Comprehensive Problem Acme, Inc. Nail-ember IlBTl-illllllnmne Yell- null-011 Trial Bil-nee 1111 CR 200,500 Aocmmts Receivable Allowance for Bad Debts Aocumulsted Depreciatinn- Building Aocumulsted Depreciatinn- Equipment Amortization Expense Building as Dividends 314,500 30,0 113,130 70,000 40,0 45,600 402,000 121,350 ('0 cl" E g E 0 E 107,230 24,000 41,700 301,000 12 5,000 126,000 5,300 Goodwill Patents Merchandise In'I.-'I.-.ntor}..r Lou-Termlnvestments '--aid1nsurance AocntmtsPs ble BondsP hle 220,000 233,950 10,000 Interest P's ble Common Stock ($5153: Paid-in Cs-ital in Excess of Pa: 1|It'sJue 840,000 50,000 295,730 3410,1110 50,000 295,230 Sales 299,900 Sales Discounts 8,000