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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

Here are the accounts in the ledger of Misha’s Jewel Box, with the balances as of December 31, the end of its fiscal year.

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Here are the data for the adjustments. Assume that Misha’s Jewel Box uses the perpetual inventory system.

a. Merchandise Inventory at December 31, $124,630.

b. Insurance expired during the year, $1,294.

c. Depreciation of building, $3,300.

d. Depreciation of store equipment, $6,470.

e. Salaries accrued at December 31, $2,470.

f. Store supplies inventory (on hand) at December 31, $1,959.

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 63.

1.

To determine

Prepare worksheet for M Jewel Box as of December 31 from the given ledger account.

Explanation

Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular form with two column, debit and credit. It checks the mathematical accuracy of the ledger postings and helps preparing the final accounts.

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...

2.

To determine

Journalize the adjusting entry.

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