Tugas kelompok Intermediate Accounting

The accounts and their balances in the Ledger of Int. Co. on December 31, 2016 are as
follows ( in$. ) :

Cash 55.810
Accounts Receivable 114.500
Allowance for doubtful account 250
Notes Receivable 90.000
Merchandise Inventory 200.000
Prepaid Insurance 6.000
Supplies 7.300
Equipment 105.200
Accumulated Depr. Equipment 41.250
Accounts Payable 66.700
Unearned Rent 3.600
Notes Payable 120.000
Int., Capital 201.850
Int., Drawing 20.000
Sales 1.165.000
Sales Return & Allowances 16.400
Sales Discount 8.600
Purchases 792.500
Freight In 7.270
Salaries and Wages Expense 95.000
Wages Expense 18.320
Advertising Expense 24.300
Miscellaneous selling Expense 1.500
Rent Expense 23.700
Misc. Adm. Expense 1.450
Interest expense 10.800

The data needed for year-end adjustments on December 31, 2016 are as follow:
1) The Bank Statement indicated a balance of $26.320. Comparing the bank
statement and the accompanying canceled checks ang memorandums with the
records revealed the following reconciling items:
a) A deposit of $17.200 representing receipts of December 31, had been
made too late to appear on the bank statement.
b) A check for $9.640 had been incorrectly recorded by Int. Co. as $6.490. A
check was for payment of an obligation to BAG Co. for purchase of
equipment on account.
c) Checks outstanding totaled $8.650.
d) A check for $12.900 from CAT Co. was returned by the bank because of
insufficienf funds.
e) Bank service charges for December amounted to $3.000.
 f) A deposit of $9.870 had been incorrectly recorded by the bank as $7.980.
2) Received a $ 90.000, 90-day, 12% note dated November 1, 2016 from SOS Co.
on account.
3) Uncollectible account expense is estimated at 4% of net sales.
4) The units of an item available for sale during the year were as follows:
Beginning inventory 400 units @$500
Purchase I 600 units @$550
Purchase II 500 units @$600
Purchase III 250 units @$650

There are 420 units of the item in physical inventory at December 31. The FIFO
method is used under a periodic inventory system.
5) Prepaid insurance account represent a September 1, 2016 prepayment of
insurance for 12 months.
6) Supplies on hand on December 31 were $3.300.
7) Int. Co. Purchased an Equipment on April 1, 2013. The equipment is estimated to
have a residual value of $15,200 after a useful life of 6 years. The company uses
the straight line method of depreciation.
8) The unearned rent account balance at December 31 is $3.600, representing the
receipt of an advance payment on December 1, 2016 of 12months rent from
tenants.
9) Unpaid wages accured on December 31 were $11.350.

Instructions:
a) Journalize the adjusting entries required at December 31, 2016.
b) Enter the trial balance on ten-column work sheet and complete the work sheet.
Add account as needed.
c) Prepair an Income statement, a statement of changes in equity and a statement
of financial position.
d) On the basis of the data in work sheet, journalize the closing entries.
e) Journalizing the reversing entries as needed.