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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

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

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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

1.

To determine

Indicate the given adjustments and complete the worksheet for Company S for the year ended January 31, 20--.

Explanation

Worksheet: Worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements. Worksheet is a central place where trial balance, adjustments, adjusted trial balance, income statement, and balance sheet are presented...

2.

To determine

Prepare an income statement for Company S for the year ended January 31, 20--.

3.

To determine

Prepare a statement of owners’ equity for Company S for the year ended January 31, 20--.

4.

To determine

Prepare a balance sheet for Company S, based on the account balances from work sheet, and capital of the owner from the statement of owners’ equity prepared in Part (3).

5.

To determine

Prepare adjusting journal entries for Company S.

6.

To determine

Prepare closing entries for Company S.

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