. Alpha Dog formed a corporation on January 2, 2017 to provide construction serv
ID: 2561997 • Letter: #
Question
. Alpha Dog formed a corporation on January 2, 2017 to provide construction services in the town of Elven, Rivendell, ME. The following is the December 31th Unadjusted Trial Balance.
Alpha Dog Corporation
Unadjusted Trial Balance
12/31/16
Accounts
Debit
Credit
Cash
$532,000
Accounts Receivable
172,000
Supplies
85,000
Prepaid Insurance
36,000
Equipment
2,400,000
Accounts Payable
$32,000
Unearned Revenue
100,000
Note Payable (Long Term)
1,420,000
Capital Stock
1,075,000
Revenue
1,397,000
Wages Expense
497,000
Fuel Expense
62,000
Rent Expense
180,000
Interest Expense
60,000
_________
Total
$4,024,000
$4,024,000
The following information is provided regarding end of the FY required adjusting entries.
Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000.Alpha Dog used the double declining balance method for depreciation.
Supplies on hand at year end are $30,000.
On 1/1/2017 interest on $58,000 and a principle payment of $20,000 must be made to the bank.
The insurance policy is for 12 months and was purchased on March 1.
Unbilled services that have been provided customers at year end is $35,000.Billings will be processed the first week of January.
Use this information to compute the adjustments and then prepare the end of the fiscal year general journal closing entries (without explanation). Note: students are to only present the closing entries. This will require that the student work on the side to determine the adjustments that were made to the unadjusted trial balance before they will be able to prepare the closing entries. Do not present any calculations or other information in the answer sheet except for the required closing entries.
General Journal:
Date
Accounts
Debit
Credit
12/31/16
12/31/16
12/31/16
I need an answer exactly with 3 dates in the General Journal!
Alpha Dog Corporation
Unadjusted Trial Balance
12/31/16
Accounts
Debit
Credit
Cash
$532,000
Accounts Receivable
172,000
Supplies
85,000
Prepaid Insurance
36,000
Equipment
2,400,000
Accounts Payable
$32,000
Unearned Revenue
100,000
Note Payable (Long Term)
1,420,000
Capital Stock
1,075,000
Revenue
1,397,000
Wages Expense
497,000
Fuel Expense
62,000
Rent Expense
180,000
Interest Expense
60,000
_________
Total
$4,024,000
$4,024,000
Explanation / Answer
Closing Entries :
General Journal :
Date Account Titles Debit Credit $ $ 12/31/16 Revenue 1,432,000 Income Summary 1,432,000 12/31/16 Income Summary 1,502,000 Wages Expense 497,000 Fuel Expense 62,000 Rent Expense 180,000 Insurance Expense 30,000 Supplies Expense 55,000 Depreciation Expense 560,000 Interest Expense 118,000 12/31/16 Retained Earnings 70,000 Income Summary 70,000Related Questions
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