art 5: Optional work sheet nter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data. Merchandise inventory on May 31 $585,200 Insurance expired during the year 12,000 Store supplies on hand on May 31 4,000 Depreciation for the current year 14,000

art 5: Optional work sheet nter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data. Merchandise inventory on May 31 $585,200 Insurance expired during the year 12,000 Store supplies on hand on May 31 4,000 Depreciation for the current year 14,000

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 10SPB

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Adjustment for Supplies On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Supplies fill in the blank d9cf920a902df9c_2 fill in the blank d9cf920a902df9c_4 Bal. fill in the blank d9cf920a902df9c_5 (Income Statement)Supplies Expense Adj. fill in the blank d9cf920a902df9c_6 Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20--Dec. 31 fill in the blank 408d0d04ffc0fd3_2 fill in the blank 408d0d04ffc0fd3_3 1 2 fill in the blank 408d0d04ffc0fd3_5 fill in the blank 408d0d04ffc0fd3_6 2
Journalize Adjusting Entries for a Merchandising Business The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--. Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 45,000.00 (b) 50,000.00 (a) 45,000.00 Supplies 10,000.00 (d) 7,000.00 Building 60,000.00 Accum. Depr.—Building 15,000.00 (e) 5,000.00 Wages Payable (f) 1,200.00 Unearned Membership Fees 3,000.00 (c) 2,000.00 Income Summary (a) 45,000.00 (b) 50,000.00 Membership Fees 20,000.00 (c) 2,000.00 Wages Expense 37,000.00 (f) 1,200.00 Supplies Expense (d) 7,000.00 Depr. Expense—Building (e) 5,000.00 110,200.00 110,200.00 Journalize the adjustments in a general journal. Page: 1 ROW NUMBER DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT ROW…
Journalize Adjusting Entries for a Merchandising Business The following partial spreadsheet is taken from the books of Vinnie’s Vegetable Market, for the year ended December 31, 20--. Vinnie’s Vegetable MarketEnd-of-Period Spreadsheet (Partial)For Year Ended December 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 47,000.00 (b) 49,000.00 (a) 47,000.00 Supplies 11,000.00 (d) 7,500.00 Building 48,000.00 Accum. Depr.—Building 12,000.00 (e) 4,000.00 Wages Payable (f) 1,200.00 Unearned Membership Fees 4,000.00 (c) 3,000.00 Income Summary (a) 47,000.00 (b) 49,000.00 Membership Fees 18,000.00 (c) 3,000.00 Wages Expense 36,000.00 (f) 1,200.00 Supplies Expense (d) 7,500.00 Depr. Expense—Building (e) 4,000.00 111,700.00 111,700.00 Journalize the adjustments in a general journal.
Closing Entries The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and GadgetsEnd-of-Period SpreadsheetFor Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 18,000.00 18,000.00 Accounts Receivable 12,500.00 12,500.00 Merchandise Inventory 67,600.00 (b) 76,400.00 (a) 67,600.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,880.00 (d) 2,880.00 3,880.00 Supplies 7,200.00 (f) 4,220.00 2,980.00 Prepaid Insurance 4,850.00 (g) 1,440.00 3,410.00 Land 117,000.00 117,000.00 Building 224,000.00 224,000.00 Accum. Depr.—Building 89,600.00 (h) 11,200.00 100,800.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds…
MASTERY PROBLEMJohn Neff owns and operates Waikiki Surf Shop. A year-end trial balance is providedon page 563. Year-end adjustment data for the Waikiki Surf Shop are shown below.(a and b) A physical count shows merchandise inventory costing $45,000 on handas of December 31, 20-- Neff uses the periodic inventory system.(c) Supplies remaining at the end of the year, $600.(d) Unexpired insurance on December 31, $900.(e) Depreciation expense on the building for 20--, $6,000.(f) Depreciation expense on the store equipment for 20--, $4,500.(g) Wages earned but not paid as of December 31, $675.(h) Unearned boat rental revenue as of December 31, $3,000.REQUIRED1. Prepare a year-end work sheet. 2. Journal the adjusting entries.
Reversing Entries Gimbel's Gifts and GadgetsEnd-of-Period SpreadsheetFor Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 (g) 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.—Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.—Store Equipment 32,000.00 (i) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (j) 2,800.00…
SERVICE COMPANY WORKSHEET P1WORK LEARNING OBJECTIVES * Prepare a worksheet for a proprietorship service firm. * Prepare financial statements from a worksheet. * Compare expense levels to national averages. * Alter the worksheet to include an additional adjusting entry. * Create a chart showing the amount of all expenses. PROBLEM DATA The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is below: Wikki Cleaners Trial Balance December 31, 2012 Cash $13,200 Cleaning Supplies 22,000 Prepaid Insurance 5,400 Equipment 206,000 Accumulated Depreciation $…
We prepared the statements for Quarter 1 (Q1) in class. Prepare the statements for Q2(April 1 –June30). Show your work on the next page. XYZ Company PRO FORMA Quarterly Income Statements Q1 Q2 Sales $165,000 Cost of goods sold 115,500 Gross profit 49,500 Operating expenses 138,000 Depreciation expense 131,250 Income before interest &taxes (219,750) Interest expense 25,000 Income before taxes (244,750) Income tax (expense)/recovery 122,375 Net Income $(122,375) PRO FORMA Quarterly Balance…
Using the adjustments included update the worksheet with the new information. I hope this enough information to complete it. Adjustments: • Supplies-Office - ending supplies count is 1,500. • Supplies-Store - ending supplies count is $1,000 • Prepaid-Insurance used during the period was $4,500 A physical merchandise inventory count was taken on Dec. 31st and the ending inventory was $70,000. • Uncollectible accounts is estimated to be 2% of the total sales on account (Account Receivable) for the period. The office equipment depreciated by $5,000 and store equipment depreciated by $6,000
Please answer Requirements 7 & 8 Purchasing Supplies and the Monthly Supplies Adjusting EntryOn July 1, 2021, Martha Jones started Martha’s Auto Repair Shop, Inc. On that same day, Marthapurchased the following supplies for use in the repair shop:Item Unit ofMeasureQuantityPurchasedPrice perUnitExtendedTotal CostShop Towels Rolls 120 $4 $480Degreasing Fluid Quarts 75 $9 $675Gasket Sealer Tubes 40 $6 $240Total $1,395On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies wouldinitially be recorded in the Supplies asset account.At the end of July, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 80Degreasing Fluid Quarts 65Gasket Sealer Tubes 32At the end of August, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 55Degreasing Fluid Quarts 48Gasket Sealer Tubes 22The following is a…
Check my workCheck My Work button is now enabled2 Item3 Item 3 Part 1 of 3 10 points Item Skipped Required information M7-11 to 13 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 220 units at $6 on January 1, (2) 490 units at $7 on January 8, and (3) 790 units at $8 on January 29. M7-11 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO [LO 7-3] Assume 950 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $276. A physical count of the supplies inventory shows that $106 of supplies remain. Question Content Area Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) Balance Sheet Supplies TB = adj= balance= Income Sheet Supplies Expense Adj= Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 Supplies Expense 2 Supplies