CUSTOMER CHOICE WHOLESALE COMPANY - Adjustments - adj. T/B, Financial staements

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CUSTOMER CHOICE WHOLESALE COMPANY
Trial Balance
December 31, 2014
 DebitCredit
Cash83524 
Accounts Receivable100016 
Inventory186200 
Land244720 
Buildings532000 
Accumulated Depreciation—Buildings 159600
Equipment222110 
Accumulated Depreciation—Equipment 107730
Notes Payable 145502
Accounts Payable 46550
Common Stock 425600
Retained Earnings 178752
Dividends26600 
Sales Revenue 2452786
Sales Discounts15960 
Cost of Goods Sold1888334 
Salaries and Wages Expense136458 
Utilities Expense30324 
Maintenance and Repairs Expense23674 
Advertising Expense13832 
Insurance Expense12768 
 35165203516520
   
1. Depreciation is $21,280 on buildings and $18,620 on equipment. (Both are operating expenses.)
2. Interest of $11,970 is due and unpaid on notes payable at December 31.
3. Income tax due and unpaid at December 31 is $63,840.

Journalize the adjusting entries. 

Prepare T- Accounts

Prepare Adjusted Trial balance

Prepare Income statement, Statement of retained earnings and Balance sheet

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