Comprehensive problem on the back of text book Comprehensive Problem The Account

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Comprehensive problem on the back of text book

Comprehensive Problem The Accounting Cycle for a Merchandiser, Including Inventory Valuation Wild Wheels, Inc.. wholesales a line of custom mountain bikes. Wild Wheels' inventory, as of November 30, 2012, consisted of 20 mountain bikes costing $550 each. Wild Wheels' trial balance as of November 30 appears as follows: Wild Wheels. Inc. Trial Balance November 30, 2012 During the month of December 2012 Wild Wheels, Inc., had the following transactions: Using the transactions previously listed, prepare a perpetual inventory record for Wild Wheels, Inc.. for the month of December. Wild Wheels. Inc., uses the FIFO inventory costing method. Open four-column general ledger accounts and enter the balances from the November 30 trial balance. Record each transaction in the general journal. Explanations are not required. Post the journal entries to the general ledger, creating new ledger accounts as necessary. Omit posting references. Calculate the new account balances. Prepare an unadjusted trial balance as of December 31, 2012. Journalize and post the adjusting journal entries based on the following information, creating new ledger accounts as necessary: Depreciation expense on office equipment. $1,650. Supplies on hand, $125. Accrued salary expense for the office receptionist, $675. Prepare an adjusted trial balance as of December 31, 2012. Use the adjusted trial balance to prepare Wild Wheels, Inc.'s multi-step income statement and statement of retained earnings for the year ending December 31, 2012. Also, prepare the balance sheet at December 31. 2012. Journalize and post the closing entries. Prepare a post-closing trial balance at December 31, 2012.

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Comprehensive problem on the back of text book Comprehensive Problem The Account

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