College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570



College Accounting (Book Only): A ...

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

A portion of Johnson’s Farm Supply work sheet for the year ended December 31 follows:



  1. 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in the general journal, page 19.
  2. 2. Determine the net income for the year.
  3. 3. What is the amount of the ending capital?


To determine

Record the adjustments columns in general journal.


General journal is a record of financial transaction. The transactions are recorded in the journal prior to posting them to the accounts in the general ledger.

Journalize the entries in general journal.

General journalPage: 19
DateDescriptionPost ref.Debit ($)Credit($)
Dec.31Income summary74,852
(a)      Merchandise inventory74,852
(b)31Merchandise inventory75,262
      Income summary75,262
(c)31Depreciation expense, Equipment19,275
     Accumulated depreciation, Equipment19,275
(d)31Insurance expense3,600
     Prepaid expense3,600
(e)31Salaries expense1,195...


To determine

Calculate the net income for the year.


To determine

Calculate the ending capital amount.

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

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Give three examples of unearned revenue.

College Accounting, Chapters 1-27

Why is productivity important?

Principles of Microeconomics (MindTap Course List)

What is COSO?

Accounting Information Systems

Suppose a firm estimates its WACC to be 10%. Should the WACC be used to evaluate all of its potential projects,...

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

Explain the difference between a blank endorsement and a restrictive endorsement.

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