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The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: a–b. Merchandise inventory, June 30, $54,600. c. Insurance expired for the year, $475. d. Depreciation for the year, $4,380. e. Accrued wages on June 30, $1,492. f. Supplies on hand at the end of the year, $100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owner’s equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, $14,066

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 12, Problem 4PA
Textbook Problem

The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year.

Chapter 12, Problem 4PA, The following accounts appear in the ledger of Celso and Company as of June 30, the end of this , example  1

Chapter 12, Problem 4PA, The following accounts appear in the ledger of Celso and Company as of June 30, the end of this , example  2

The data needed for the adjustments on June 30 are as follows:

  a–b.    Merchandise inventory, June 30, $54,600.

  c.    Insurance expired for the year, $475.

  d.    Depreciation for the year, $4,380.

  e.    Accrued wages on June 30, $1,492.

  f.    Supplies on hand at the end of the year, $100.

Required

  1. 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL.
  2. 2. Prepare an income statement.
  3. 3. Prepare a statement of owner’s equity. No additional investments were made during the year.
  4. 4. Prepare a balance sheet.
  5. 5. Journalize the adjusting entries.
  6. 6. Journalize the closing entries.
  7. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry.

Check Figure

Net income, $14,066

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Chapter 12 Solutions

College Accounting (Book Only): A Career Approach
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