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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows:

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Here are the data for the adjustments.

a–b. Merchandise Inventory at December 31, $54,845.00.

c. Store supplies inventory (on hand), $488.50.

d. Insurance expired, $680.

e. Salaries accrued, $692.

f. Depreciation of store equipment, $3,760.

Required

Complete the work sheet after entering the account names and balances onto the work sheet.

To determine

Record the adjustments, income statement and balance sheet in order to complete the worksheet.

Explanation

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity...

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