Comprehensive Problem (Chapters 1 to 3)
The following information is given for Aphria Farming Services Inc. for the year ended December 31, 2018. The account balances (all of which had their normal balance of debit or credit) at the beginning of 2018 (January 1, 2018) were as follows:
Cash $ 2,200
Accounts Payable $ 23,700
Accounts Receivable $ 4,400
Income Tax Payable $ 15,100
Prepaid Supplies (Feed and Straw) $ 27,800
Interest Payable $ 2,700
Land (cost) $ 167,000
Wages Payable $ 14,200
Buildings (cost) $ 115,000
Notes Payable (due in 2022) $ 60,000
Accumulated Depreciation (Buildings ) $ 36,000
Common Shares $ 150,000
Equipment $ 57,000
Retained Earnings, 12/31/2017 $ 55,200
Accumulated Depreciation (Equipment) $ 16,500
During the year ended December 31, 2018, the following transactions occurred:
Year End (December 31, 2018) Data
The following data is available for preparation of adjusting journal entries at December 31, 2018:
. Supplies (feed and straw) in the amount of $30,400 remained unused at year-end.
. Annual depreciation on the buildings is $5,000.
. Annual depreciation on the equipment is $4,500.
. Wages of $4,000 were unrecorded and unpaid at year-end.
. Interest for six months at 7.5% per year on the note is unpaid and unrecorded at year-end.
. Income taxes of $16,500 were unpaid and unrecorded at year-end.
1.Post the beginning balances at January 1, 2018 to T accounts. Prepare required journal entries for all transactions a to k and post the journal entries to the relevant T accounts. Add any new T accounts you need.
2.Prepare all required adjusting journal entries at December 31, 2018 and post the adjusting journal entries to the T accounts. Add any new T accounts you need..
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