COMPLETION OF A WORK SHEET SHOWING A NET LOSS The
(a and b) Merchandise inventory costing $22,000 is on hand as of December 31, 20--. (The periodic inventory system is used.)
(c)Â Â Â Â Supplies remaining at the end of the year, $2,400.
(d)Â Â Â Â Unexpired insurance on December 31, $1,750.
(e)Â Â Â Â
(f)Â Â Â Â Depreciation expense on the store equipment for 20--, $3,600.
(g)Â Â Â Â Unearned storage revenue as of December 31, $1,950.
(h)Â Â Â Â Wages earned but not paid as of December 31, $750.
REQUIRED
- 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter.
- 2. Complete the work sheet.
- 3. Enter the adjustments in the general journal.
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College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
- The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.arrow_forwardCOMPLETION OF A WORK SHEET SHOWING A NET INCOME The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young k shown on page 550. Year-end adjustment information is as follows: (a and b)Merchandise inventory costing 35,000 is on hand as of December .31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year, 3,300. (d)Unexpired insurance on December 31, S3,800. (e)Depreciation expense on the building foe 20--, 2,500. (f)Depreciation expense on the store equipment for 20--, 3,500. (g)Unearned rent revenue as of December 31, 4,00. (h)Wages earned but not paid as of December 31, 800. 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments m a general journal.arrow_forwardThe 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: ab.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 owners 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, 1,737arrow_forward
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