Question

12A-4. From the partial worksheet for Jamie's Supplies in Figure 12A.35, do the following: 1. Complete the worksheet. 2. Prepare the income statement, statement of owner's equity, and classified bal- ance sheet. (Note: The amount of the mortgage due the first year is $830.) 3. Journalize the adjusting and closing entries.

that is the complete question

1 Complete worksheet

2 Prepare income statement, statement of owners equity, classified balance sheet (Note: the amount the mortgage due the first year is $830)

3 Journalize the adjusting and closing entries

Answer 1

Jamie's Supplies Worksheet For the Year ended December 31, 2018 Trial Balance Adjustments Adjusted Account Titles Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Cash 2400 2400 Accounts Receivable 3400 3400 Merc. Inventory 11300 10400 11300 10400 Prepaid Insurance 1880 560 1320 Equipment 2900 2900 Accum. Depre - Equip. 1020 400 1420 Accounts Payable 5110 5110 Unearned Training Fees 2090 270 1820 Mortgage Payable 1230 1230 P.Jamie, Capital 10600 10600 P.Jamie, Withdrawals 4280 4280 Income Summary 11300 10400 900 Sales 96370 96370 Sales Returns and Allowances 3180 3180 Sales Discount 2600 2600 Purchases 63200 63200 Purchase Returns and Allow. 13500 13500 Purchase Discounts 3230 3230 Freight in 2710 2710 Advertising Expense 11300 11300 Rent Expense 10200 10200 Salaries Expense 13800 13800 Totals 133150 133150 270 270 Training Fees Earned Depreciation Expense - Equip. Insurance Expense Totals 400 560 22930 400 560 133550 22930 133550

Adjusting Enteries Date Particulars 31.12.2017 Income Summary a/c To Inventory (Inventory adjusted) Dr. Debit in $ Credit in $ 11300 11300 Dr. 10400 31.12.201X Inventory a/c To Income Summary (Inventory adjusted) 10400 270 31.12.201x Unearned Training Fees a/c Dr. To Training Fees Earned (Training fees earned) 270 400 31.12.2012 Depreciation Expense a/c Dr. To Accum. Depre - Equip. (To record depreciation) 400 560 31.12.201x Insurance Expense a/c Dr. To Prepaid Insurance (Insurance expensed) 560 Closing Enteries Date Particulars 31.12.201x Income Summary a/c Dr. To Sales Returns and Allowances To Sales Discount To Purchases To Freight in To Advertising Expense To Rent Expense To Salaries Expense To Depreciation Expense - Equip. To Insurance Expense (Expense accounts closed) Debit in $ Credit in $ 107950 3180 2600 63200 2710 11300 10200 13800 400 560 31.12.201x Sales a/c Dr. Purchase Returns and Allow. a/c Dr. Purchase Discounts a/c Training Fees Earned a/c Dr. To Income Summary (Revenue accounts closed) 96370 13500 3230 270 Dr. 113370 Dr. 5420 31.12.2012 Income Summary a/c TO P.Jamie, Capital (Profits Transferred 5420 Dr. 4280 31.12.2012 P.Jamie, Capital a/c TO P.Jamie, Withdrawals (Drawings charged to Capital) 4280

Income Statement For the Year ended December 31, 2017 Sales Sales Returns and Allowances Sales Discount Net Sales 96370 -3180 -2600 90590 Cost Of goods sold : Beginning Inventory Purchases Purchase Returns and Allow. Purchase Discounts Freight in Ending Inventory Gross Profit 11300 63200 -13500 -3230 2710 - 10400 50080 40510 Operating Expense: Advertising Expense Rent Expense Salaries Expense Depreciation Expense - Equip. Insurance Expense Operatimg Income Non Operating Items: Training Fees Earned Net Income 11300 10200 13800 400 560 36260 4250 270 4520 Statement of Owner's Equity For the Year ended December 31, 201X P.Jamie, Capital 10600 Net Income 4520 15120 P.Jamie, Withdrawals -4280 10840

Amounts in $ Amounts in $ 5110 1820 6930 Balance sheet As at 31.12.2017 Assets Amounts in $ Amounts in $ Liabilities Current Assets Current Liabilities Cash 2400 Accounts Payable Accounts Receivable 3400 Unearned Training Fees Merc. Inventory 10400 Prepaid Insurance 1320 17520 Non Current Liabilities Mortgage Payable Non Current Assets Equipment 2900 Owner's Equity Accum. Depre - Equip -1420 1480 P.Jamie, Capital Totals 19000 Total Liabilities & Equity 1230 10840 19000