(Answered) Question - accounts of pioneer heating corporation at the

Accounting

Question - Accounts of Pioneer Heating Corporation at the end of the first year of operations showed the following balances. In addition, prepaid operating expenses are 4000, and accrued sales commissions payable are $5900. Investment revenue receivable is $1000. Depreciation for the year on buildings is $4500 and on machinery, $5000. Federal and state income taxes for the year are estimated at $18100.

Debit Credit

Cash $39000

Inventory $50000

Investment $50000

Land $70000

Buildings $180000

Machinery $100000

Accounts payable $65000

Common Stock $320000

Additional paid-in capital $40000

Sales $590000

Cost of goods Sold $230000

Sales Commissions $200000

General Operating Expenses $101000

Investment Revenue $5000

Totals $1020000 $1020000

1. Prepare the necessary entries to adjust and close the books.

2. Prepare a post-closing trial balance.

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