Directions on top of paper will give thumbs up for any help thanks !! C2 Financi

Question

Directions on top of paper will give thumbs up for any help thanks !! C2 Financial Statements Problem The following is the year-end Trial Balance of Sunshine Corporation in Alphabetical order. This is also its Prepare the following statements after adjusting the Trial Balance for items below: (1) Incoeme Statemen (3) Statement of Cash Flows Direct Method, (4) Balance Sheet. first year of operations (2) Sater of ope (2) Statement of of Retained Eamings Sumshine Corporation Adjusted Trial Balance as of December 31,2014 115,000 Accounts Payable Accounts Receivable 100,000 350,000 65,000 400,000 Available for Sale Securities a Market Trading Securities @ Market (Market Cost) Bonds Payable, 8% 5 year to maturity 600,000 Cash 535,000 Capital Lease Liability Common Stock $10 par 90,000 150,000 6,750,000O 30,000 Cost of Goods Sold Current Portion of Long Term Debs Depreciation Expense Discount on Bonds Payable Gain on Sale of Trading Securities Interest Expense Inventory (at FIFO Paid-In Capital in Excess of Par, Common Stock Plant Property&Equipment; Preferred Stock. S 100 par, 6% non-particigting 350,000 60,000 25,000 40,000 440,000 450,000 3500,000 3,500,000 Preferte onerty Insurance 3,000,000 - Prepaid Property Insurance 140,0000 Sales 11.650.0 3,650,000 0,000 Treasury Stock dcost Unearned Commission Revenue Unrealized Holding Gun'(Loss)-0C1 Utilities Expense 30,000 15,000 425,000 6,505,000 16,505,000 The following entries were not included in the books during the year. Please prepare journal entries and adjust the Trial Balance accordingly.

Explanation / Answer

Adjusting entries are journal entries that are made on the last day of the accounting period that bring the balances of specific accounts up to date and make sure that all account balances conform to the principles of the accrual basis accounting method.

particulars debit credit rent 50000 accounts payable 50000 insurance expenses 22750 prepaid expenses 22750 salary expenses 245000 salary payable 245000

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