Engineering homework help

Engineering homework help. TREVOR CORPORATIONBalance SheetDecember 31, 2013Cash$? 30,000Accounts payable$? 13,750Inventory30,750Interest payable2,500Prepaid insurance5,600Bonds payable50,000Equipment38,000Common stock25,000$104,350Retained earnings13,100$104,350During 2014, the following transactions occurred.1. Trevor paid $2,500 interest on the bonds on January 1, 2014.2. Trevor purchased $241,100 of inventory on account.3. Trevor sold for $480,000 cash inventory which cost $265,000. Trevor also collected $28,800 sales taxes.4. Trevor paid $230,000 on accounts payable.5. Trevor paid $2,500 interest on the bonds on July 1, 2014.6. The prepaid insurance ($5,600) expired on July 31.7. On August 1, Trevor paid $10,200 for insurance coverage from August 1, 2014, through July 31, 2015.8. Trevor paid $17,000 sales taxes to the state.9. Paid other operating expenses, $91,000.10. Redeemed the bonds on December 31, 2014, by paying $48,000 plus $2,500 interest.11. Issued $90,000 of 8% bonds on December 31, 2014, at 103. The bonds pay interest every June 30 and December 31.Adjustment data:1. Recorded the insurance expired from item 7.2. The equipment was acquired on December 31, 2013, and will be depreciated on a straight-line basis over 5 years with a $3,000 salvage value.3. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)Instructions(You may want to set up T-accounts to determine ending balances.)1. Prepare journal entries for the transactions listed above and adjusting entries.2. Prepare an adjusted trial balance at December 31, 2014.Totals$687,695

Engineering homework help