Using the transactions attached and the Unadjusted trial balance please create a Statement of Retained Earnings. TransactionDebitCredit1 Parking fees250.00Bank250.00To record parking fees paid monthly2 Insurance$ 4,200.00Prepaid Insurance$ 4,200.00To record insurance for year 2020Prepaid Insurance$ 2,800.00Bank$ 2,800.00To record insurance paid for next six monthsInsurance$ 1400.00$ 1.400.00Prepaid InsuranceTo record insurance expense for January 2021 to March 20213 DepreciationMachineryTo record depreciation on machinery885.00885.00Depreciation$ 3,600.00Bakery FixturesTo record depreciation on bakery fixtures for previous yearand current year$ 3,600.00$ 5,900.004 MachineryRepairs and MaintenanceTo record machinery charged to Repairs and Maintenance$ 5,900.00$ 9,000.00Bakery FixturesRepairs and MaintenanceTo record machinery charged to Repairs and Maintenance for fridge$ 9,000.005 InventoryCost of Goods Sold#### #To record inventory at lower cost6 Employee Expense$ 54,000.00$ 54,000.00Wages ExpenseTo record outstanding salary expense7 Bank$ 1,000.00Revenue$ 1,000.00To record amount reeived in November 2020 for May 20218 Bad Debt Expense$ 6,165.00AFDA$ 6,165.00To record afda for non-corporate receivablesBad Debt Expense$ 3,836.00AFDA$ 3,836.00To record afda for corporate receivables over 90 daysBad Debt Expense$ 1439.00AFDA$ 1,439.00To record afda for corporate receivables over 120 days Unadjusted Trial Balance, December 31, 2020Account nameDebit CAD$Credit CADSCash423,177Accounts receivable137,000Prepaid insuranceInventoryMachineryAccumulated depreciation – Machinery5,400149,00053,00025,864Furniture and Fixtures123,000Accumulated depreciation - Furniture and FixturesComputer equipmentAccounts payableDividends payableContributed capitalRetained earnings30,7504,65045,00010,00075,000140,386Revenue2,630,000Purchases606,800Salaries and wages expenseAdvertising expense1,281,91316,000Repairs and maintenanceRent expense18,37096,000Laundry expenseUtilities expenseAdministrative expense18,25014,44010,000$2,957,000$2,957,000

Name: Using the transactions attached and the Unadjusted trial balance pleas
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Description: Using the transactions attached and the Unadjusted trial balance please create a Statement of Retained Earnings. TransactionDebitCredit1 Parking fees250.00Bank250.00To record parking fees paid monthly2 Insurance$ 4,200.00Prepaid Insurance$ 4,200.00To

Formula: Ending Retained earnings = Beginning Retained earnings + Net Income - Dividends paid.…

Answered: Using the transactions attached and the…

Business

Accounting

Using the transactions attached and the Unadjusted trial balance please create a Statement of Retained Earnings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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