Income Summary Account Assignment

4. An officer of Ramirez Corn. purchased a new home computer for personal use with company money, charging miscellaneous expenses. 5. A machine, that cost $40,000, is reported at its current market value of $45,000, Problem -2 Adjusting and closing entries. (30 points)

The following trial balance was taken from the books of Fisk Corporation on December 31, 2014 Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation–Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12.800 $406.600 Totals $406.600 20w At year-end, the following items have not yet been recorded. a. Insurance expired during the year, $2,000. b. Estimated bad debts, 1% of gross sales. c. Depreciation on equipment, 10% per year on original cost. d. Interest at 5% is receivable on the note for one full year. *e. Rent paid in advance at December 31, $5,400 (originally charged to expense). f. Accrued salaries and wages at December 31, $5,800. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare adjusted trial balance (c) Prepare closing entries to income summary account. .

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