Question

Below, I have attached pictures of this particular assignment and its questions. I have tried to finish this assignment, but I am stuck and do not know how to finish it. The journal entries are not as difficult, but I would appreciate help with those as well because it would save me a lot of time. This assignment is due on 1/23/19 by 9:00AM EST. Thank you!

(LO1/2/3/4) COMPLETION OF A WORK SHEET SHOWING A NET LOSS The trial balance for otal:$72,650 45,760 Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Year-end adjustment information is as follows: (a and b) Merchandise inventory costing $22,000 is on hand as of December 31, 20. (The periodic inventory system is used.) (c) Supplies remaining at the end of the year, $2,400. (d) Unexpired insurance on December 31, $1,750 (e) Depreciation expense on the building for 20-, $4,000. (6) Depreciation expense on the store equipment for 20-, $3,600. (g) Unearned storage revenue as of December 31, $1,950. (h) Wages earned but not paid as of December 31, $750. Cascade Bicyde Shop Trial Balance December 31, 20 IST SALANC HALAN Cash 23 0 0 0 00 15 0 00 00 311000 00 20 0 00 4 6 00 00 Accounts Recevable Merchandise Inventory Prepaid Insurance Land 28 0 0000 53 000 00 Building Accumulated Deprediation Building 17 000 00 Store Equipment 27 000 00 Accumulated Depreciation-Store Equipment 9 000 0 3 8 00 00 Accounts Payable Wages Payable Sales Tax Payable 305 0 00 5 600 00 42 000 00 165 7 6 000 Unearned Storage Revenue Mortgage Payable D. Lamond, Capital D. Lamond, Drawing Income Summary Sales Sales Returns and Alliowances Storage Revenue Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Wages Expene Advertising Expense Supplies Expense Phone Expense Ucilities Expense Insurance Expense Depreciation Expense- Building Depreciation Expense-Store Equipment Miscellaneous Expense 33 0 0 0 00 510 0 0 00 240 0 00 21 0 00 00 13 00 00 19:001 00 18 0 0 00 5 000 00 $ 7 00 00 22 00 00 9 6 0 0 00 300 4 1 0 00 300 41 0 00 (continued)

Answer 1

1. & 2.

Cascade Bicycle Shop
Worksheet
For the Year Ended December 31, 20--
Account Title	Trial Balance		Adjustments				Adjusted Trial Balance		Income Statement		Balance Sheet
	Debit	Credit		Debit		Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	23000						23000				23000
Accounts receivable	15000						15000				15000
Merchandise inventory	31000		b.	22000	a.	31000	22000				22000
Supplies	7200				c.	4800	2400				2400
Prepaid insurance	4600				d.	2850	1750				1750
Land	28000						28000				28000
Building	53000						53000				53000
Accumulated depr.-building		17000			e.	4000		21000				21000
Store equipment	27000						27000				27000
Accumulated depr.-store equip.		9000			f.	3600		12600				12600
Accounts payable		3800						3800				3800
Wages payable					h.	750		750				750
Sales tax payable		3050						3050				3050
Unearned storage revenue		5600	g.	3650				1950				1950
Mortgage payable		42000						42000				42000
D. Lamond, capital		165760						165760				165760
D. Lamond, drawing	33000						33000				33000
Income summary			a.	31000	b.	22000	9000				9000
Sales		51000						51000		51000
Sales returns and allowances	2400						2400		2400
Storage revenue					g.	3650		3650		3650
Purchases	21000						21000		21000
Purchase returns and allowances		1300						1300		1300
Purchases discounts		1900						1900		1900
Freight-in	1800						1800		1800
Wages expense	35000		h.	750			35750		35750
Advertising expense	5700						5700		5700
Supplies expense			c.	4800			4800		4800
Phone expense	2200						2200		2200
Utilities expense	9600						9600		9600
Insurance expense			d.	2850			2850		2850
Depreciation expense-building			e.	4000			4000		4000
Depreciation exp.-store equip.			f.	3600			3600		3600
Miscellaneous expense	910						910		910
Totals	300410	300410		72650		72650	308760	308760	94610	57850	214150	250910
Net Loss										36760	36760
Totals									94610	94610	250910	250910

3.

General Journal
Date	Description	Post Ref.	Debit	Credit
20xx
Dec-31	Income summary		31000
	Merchandise inventory			31000
31	Merchandise inventory		22000
	Income summary			22000
31	Supplies expense		4800
	Supplies			4800
31	Insurance expense		2850
	Prepaid insurance			2850
31	Depreciation expense-building		4000
	Accumulated depr.-building			4000
31	Depreciation exp.-store equip.		3600
	Accumulated depr.-store equip.			3600
31	Unearned storage revenue		3650
	Storage revenue			3650
31	Wages expense		750
	Wages payable			750