Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns.
Adjustment Information
June 30
Supplies on hand
$188.00
Value of prepaid insurance
540.00
WORK SHEET
For Month Ended June 30, 20--
ACCOUNT TITLE
TRIAL BALANCE
ADJUSTMENTS
INCOME STATEMENT
BALANCE SHEET
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
1
Cash
8,715.00
1
2
Petty Cash
75.00
2
3
Accounts Receivable-Raymond O’Neil
642.00
3
4
Supplies
518.00
4
5
Prepaid Insurance
675.00
5
6
Accounts Payable-Western Supply
268.00
6
7
Akbar…
Prepare a worksheet for Brown’s Plumbing and Heating.
Write the heading for the worksheet for the fiscal period ending December 31, 20xx.
Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you.
Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year.
Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year.
Prove the Adjustments columns.
Extend all balance sheet account balances.
Extend all income statement account balances.
Calculate and record the net income or loss.
Total and rule the Income Statement and Balance Sheet columns.
At the end of the current month, Gil Frank prepared a trial balance for College App Services. The credit side of the trial balance exceeds the debit side by a significant amount. Gil has decided to add the difference to the balance of the miscellaneous expense account in order to complete the preparation of the current month's financial statements by a 5 o'clock deadline. Gil will look for the difference next week when he has more time.
Discuss whether Gil is behaving in a professional manner in your opinion.
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- WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jasmine Kahs Auto Detailing is shown below. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns. JOURNALIZING ADJUSTING ENTRIES From the Adjustments columns in Exercise 5-9B, journalize the four adjusting entries as of June 30, in proper general journal format.arrow_forwardWORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.arrow_forwardWORKING BACKWARD FROM THE INCOME STATEMENT AND BALANCE SHEET COLUMNS OF THE WORK SHEET TO DETERMINE ADJUSTED TRIAL BALANCE AND ADJUSTING ENTRIES The partial work sheet shown on page 561 is taken from the books of Diamond Music Store, a business owned by Ned Diamond, for the year ended December 31, 20--. REQUIRED 1. Analyze the work sheet and determine the adjusted trial balance and the adjusting entries by working backward from the Income Statement and Balance Sheet columns. 2. Journalize the adjusting entries in a general journal. 3. Prepare the cost of goods sold section of the income statement for Diamond Music Store.arrow_forward
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