Make the year end, 12-31-15, general journal adjustments for Macomb Mold Company.

Company only prepares adjustments and financial statements once a year on 12-31.

Here is this information to make the adjustments:

1 Supplies acct. balance is now 1,840 but an inventory shows on hand.............. 1,600.00

2 On 8-1-15 we were paid 5,000 up front for a job we will finish sometime in 2016.

On 12-31-15 this job is 20% completed. The orig. collection was credited to unearned rev.

3 For the year, Depreciation on Machinery is 4,350 and on Office Furniture 1,080

4 At 12-31-15 40% of a 22,000 service was completed but can not be invoiced until March, 2016.

5 During the year the company borrowed money from a bank.

Interest will be paid 2-15-16 but accrued int @ 12-31-15 is ................................ 492.00

6 Company wages are 12,000 a week, paid weekly on Monday for the previous week worked.

Assume Dec 31, 2015 falls on a ............................................................................... Monday

7 On 7-1-15 Company paid for a one yr. liab. insurance policy where coverage begins 7-1-15.

Paid and Debited to the acct. Prepaid Insurance ............................................. 2,440.00

Journalize transactions for XYZ Enterprises for Oct. for the current year

Oct. was the first month of business for this sole proprietorship company

ng> Post all of the journal entries to T accts.

Determine T acct.. balances and then prepare an Oct. 31 Trial Balance

Prepare the 3 fin. statements, Income Statemet, Statement of Owner's Equity, and Balance Sheet.

Event # Description of Transaction amount

1 Ben Hamilton, owner, invested money into this business 15,700.00

2 Business bought supplies on Account 1,510.00

3 Business bought Office Furniture. Paid Cash. 4,525.00

4 Business performed a service on account for a customer 2,552.00

5 Business performed a service for a customer. Customer immediately paid 740.00

6 Business paid employee for work performed this month 870.00

7 Owner was paid by his company 1,500.00

8 Customer of trans. 4 pays business half of what they owe. 1,276.00

9 Business paid October's rent 1,120.00

10 Ben Hamilton lends his brother money. Money was not the company's 300.00