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a)
Date Debit Credit Date Debit Credit 1 1-May 22800 1 2400 22800 2400
2 1-Jul Cash 3500 2250 2 4500 Equipment 5000 4500 Gain on Diposal of Plants Assets 750
3 31-Dec 9000 3 11880 9000 11880
Cost of goods sold 6300 Inventory 6300 4 2800 2800
4 12/31/2024 3500 3500 5 990 990 5 1-Apr 660 660 6 5200 5200 6 31-Dec 2400 2400 7 2000 2000 7 31-Dec 4500 4500
8 31-Dec 11880 2700 11880
9 31-Dec 2800 2800
10 31-Dec 990 990
Accumulated Depreciation - Building
Depreciation Expense Accumulated Depreciation - Equipment
Depreciation Expense
Adjusting entries J Account Titles and Explanation Insurance Expense Prepaid Insurance
Depreciation Expense
Prepare journal entries for the transactions listed above and adjusting entries
Bad Dept Expenses Allowance for Doubtful Accounts
Interest Receivable Interest Revenue
GENERAL JOURNAL J
Account Titles and Explanation Equipment Cash
Insurance Expense Prepaid Insurance
Accumulated Depreciation
Accounts Receivable Revenue
Accumulated Depreciation-Equipment
Amortiztion Expenses Patents
Depreciation Expense Accumulated Depreciation-Buildings
Depreciation Expense Accumulated Depreciation-Equipment
Depreciation Expense
Accumulated Depreciation - Equipment
Interest Expense Interest Payable
Rent Revenue
Amortization Expense Accumulated Amortization - Patent
Salaries and Wages Expenses Salaries and Wages Payable
Unearned Rent Revenue
11 31-Dec 5200 5200
b) Adjusted trial balance
Debit Credit Cash (^11500) Account Receivable 49480 Note Receivable 11000 Interest Receivable 660 Inventory 33520 Prepaid Insurance (^1560) Land 22000 Buildings (^165000) Equipment 83800 Patents 8910 Allowance for Doubtful Accounts (^4050)
Accumulated Depreciation - Buildings 59500 Accumulated Depreciation - Equipment 41080 Account Payable 30030 Salaries and Wages Payable 5200 Unearned Rent Revenue 4600 Notes Payable (due April 30,2023) 12100 Interest Payable (^2700) Notes Payable (due in 2028) 33000 Owner’s Capital 124960 Owner’s Drawings 13200 Sales Revenue 995500 Interest Revenue (^660) Rent Revenue 2000 Gain on Disposal of Plant Assets 750 Bad Dept Expenses 3500 Cost of Goods Sold 699300 Depreciation Expense 19180 Insurance Expenses 2400 Interest Expenses 2700 Other Operating Expenses 67980 Amortization Expense 990 Salaries and Wages Expenses 126200 Total 1322880 1316130
Revenue Owner's Capital (January 1, 2022) 124960 Sales revenue 995500 Add: Net Income 76000 Rent revenue 2000 Less:^ Drawings 13200 62800 Gain on Disposal of Plant Assets 750 Owner's Capital (December 31,2022) 187760 Total revenue and gain 998250
Expense Cost of goods sold 699300 Bad Debt Expense 3500 Depreciation Expense 19180 Insurance Expense 2400 Interest Expense 2700 Other Operating Expense 67980 Amortization Expense 990 Salaries and Wages Expenses 126200
Total operating expenses 922250 Net Income 76000
Salaries and Wages Payable
Unearned Rent Revenue Rent Revenue
Interest Expense Interest Payable
Salaries and Wages Expenses
c) Prepare a 2022 multiple-step income statement and a 2022 owner's equity
Income Statement For the Year Ended December 31,
Owner's Equity Statement For the Year Ended December 31,
Assets
d) Prepare a December 31, 2022, classified balance sheet
OCEANVIEW CORPORATION
Balance sheets 31-Dec-
Current Assets
