ACCOUNTING EXAM - Omit all general journal entry explanations Be sure to include correct dollar signs commas underlines and double-underlines where

ACCOUNTING EXAM - Omit all general journal entry...

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Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines where required.Question 1(40 points)XYZ Company's December 31, 2015, trial balance is as follows:XYZ CompanyTrial BalanceDecember 31, 2015AccountDebitCreditCash43,500 $Accounts Receivable53,500Allowance for Doubtful Accounts1,500Notes Receivable30,000Merchandise Inventory55,000Land20,000Building150,000Accumulated Depreciation, Building15,000 $Equipment50,000Accumulated Depreciation, Equipment21,000Goodwill26,000Accounts Payable25,000Long-Term Notes Payable75,000Common Stock, $10 par, 2,000 shares authorizedand outstanding20,000Retained Earnings147,000Sales Revenue700,000Salaries Expense150,000Utilities Expense3,500Cost of Goods Sold350,000Administrative Expenses55,000Sales Expenses15,000_______
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Totals$1,003,000$1,003,000XYZ is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.Additional Information:aNotes Receivable is a 3-month, 6% note accepted on November 1, 2015.bLong-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually.cBuilding is depreciated at 3% per year. There is no salvage value.dEquipment is depreciated at 15% per year. There is no salvage value.eXYZ discovered, on December 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit toAccounts Receivable and a credit to Sales Revenue.fThe year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.gSalaries for the last half of December, payable in January, amount to $5,500.hXYZ estimates that of the Accounts Receivable, 5% will not be collectable.Required:aPrepare in journal form, any required correcting entries.bPrepare in journal form, all end-of-the-period adjusting entries.cPrepare a December adjusted trial balance.dPrepare a classified balance sheet for the year ended December 31, 2015.ePrepare in journal form, the closing entries for the year ended December 31, 2015.Question 1 options:
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Skip Toolbars for .More Insert actions.FormatParagraphAddressPreformattedH1 - Heading 1H2 - Heading 2H3 - Heading 3H4 - Heading 4H5 - Heading 5H6 - Heading 6Show All ComponentsSaveQuestion 2(8 points)XYZ Company uses the periodic method and had the following inventory events duringJanuary:
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DateUnitsPurchasedUnitCostDateUnitsSoldUnit SalesPriceJan. 1150$7.00Jan. 2100$10.00Jan. 52257.20Jan. 712510.00Jan. 101007.50Jan. 127512.00Jan. 151507.80Jan. 1720012.50Jan. 202007.95Jan. 2415015.00Jan. 251508.00Jan. 30758.20Note:The January 1 amounts were the beginning inventory and unit value.(Round all total dollar values to the nearest dollar. Round all unit values to the nearestpenny.)Required:aCalculate the cost of goods available for sale.
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