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The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: a–b. Merchandise inventory, January 31, $55,750. c. Insurance expired for the year, $1,285. d. Depreciation for the year, $5,482. e. Accrued wages on January 31, $1,556. f. Supplies used during the year $1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owner’s equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, $1,737

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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 4PB
Textbook Problem

The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year.

Chapter 12, Problem 4PB, The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal , example  1

Chapter 12, Problem 4PB, The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal , example  2

The data needed for adjustments on January 31 are as follows:

  a–b.    Merchandise inventory, January 31, $55,750.

  c.    Insurance expired for the year, $1,285.

  d.    Depreciation for the year, $5,482.

  e.    Accrued wages on January 31, $1,556.

  f.    Supplies used during the year $1,503.

Required

  1. 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger.
  2. 2. Prepare an income statement.
  3. 3. Prepare a statement of owner’s equity. No additional investments were made during the year. Ignore this step if using CLGL.
  4. 4. Prepare a balance sheet.
  5. 5. Journalize the adjusting entries.
  6. 6. Journalize the closing entries.

Check Figure

Net loss, $1,737

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