menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: a–b. Merchandise Inventory at December 31, $104,565. c. Wages accrued at December 31, $934. d. Supplies inventory (on hand) at December 31, $755. e. Depreciation of store equipment, $4,982. f. Depreciation of office equipment, $1,531. g. Insurance expired during the year, $935. h. Rent earned, $2,450. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.

BuyFindarrow_forward

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
Chapter 11, Problem 2PB
Textbook Problem
13 views

The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows:

Chapter 11, Problem 2PB, The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal

Data for the adjustments are as follows:

a–b. Merchandise Inventory at December 31, $104,565.

c. Wages accrued at December 31, $934.

d. Supplies inventory (on hand) at December 31, $755.

e. Depreciation of store equipment, $4,982.

f. Depreciation of office equipment, $1,531.

g. Insurance expired during the year, $935.

h. Rent earned, $2,450.

Required

  1. 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL.
  2. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.

1.

To determine

Prepare worksheet for P Furniture as of December 31 from the given ledger balance.

Explanation of Solution

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.

Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger...

2.

To determine

Journalize the adjusting entries.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 11 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
add
Ch. 11 - On a work sheet, where will the amount of the...Ch. 11 - Explain what is meant by unearned revenue. Why it...Ch. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Assume that a college receives 84,000 for one...Ch. 11 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - A portion of the work sheet of Sadies Flowers for...Ch. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - A portion of the work sheet of Habib Company for...Ch. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - You have a friend who is a seamstress specializing...Ch. 11 - On November 1, an exterior painting company...Ch. 11 - The owner of a motorcycle shop allows his two sons...Ch. 11 - What could happen if a business spent the cash it...Ch. 11 - Two months (July and August) have passed since Ms....

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
What are the main objectives of performance appraisal?

Foundations of Business (MindTap Course List)

Explain how absolute advantage and comparative advantage differ.

Principles of Microeconomics (MindTap Course List)

Discuss the similarities and differences between the discounted dividend and corporate valuation models.

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the purpose of depletion?

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