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The unadjusted balances in the general ledger of Roo's Company as of December 31, 2018 before...

The unadjusted balances in the general ledger of Roo's Company as of December 31, 2018 before adjustment, are as follows:
Cash $ 6,750 Capital stock $ 6,850
Supplies $ 3,900 Dividends $ 3,425
Prepaid Insurance $ 8,400 Service Revenue $ 56,300
Equipment $ 41,750 Salary Expense $ 24,300
Retained Earnings $ 22,925 Rent Expense $ 6,000
Accumulated Depreciation $ 9,950 Miscellaneous Expense $ 1,500

Adjustment data are as follows:
a.

Physical counts that the ending value of supplies on hand on Dec 31, 2018 is $1,200
b.

Insurance expired for the year is $6,400
c.

Depreciation on equipment for December 2018 is $1,750
d.

Accrued salary at the year end is $2,200

On the tabs indicated in this Excel file complete the following:
Tab A

On the basis of the tab A, journalize the adjusting journal entries as of December 31, 2018
Tab B

Prepare an End-of-Period Spreadsheet for Roo's Company.
Tab C

On the basis of the work sheet in tab B, present in proper form: (1) income statement, (2) statement of retained earnings

(no additional investments were made), and (3) CLASSIFIED balance sheet. All in Tab C.
Tab D

Generated closing journal entries in Tab D.
business   accounting   
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Answer #1

AnsA Adjusting Entries Sr.No. Date Particulars Debit Credit a 31-Dec-18 Supplies Expense $2,700 $2,700 Supplies To record supplies Expense) b31-Dec-18 Insurance Expense $6,400 Prepaid Insurance $6,400 To record insurance expense c31-Dec-18 Depreciation Expense $1,750 Accumulated Depreciation To record Depreciation on Equipment) $1,750 31-Dec-18 Salary Expense $2,200 Salaries Payable To record salaries expense accrual) $2,200 Working Supplies Expense 1 Supplies before adjusting entries $3,900 Less: Closing as on 31/12/2018 Supplies Expense $2,700Ans B Roos Unadjusted Trial Balance Adjusted Trail Balance December 31, 2018 Credit Entry Adjustment December 31, 2018 Particulars Cash Supplies Prepaid Insurance Equipment Retained Earning:s Accumulated Depreciation Capital Stock Dividends Service Revenue Salary Expense Rent Expense Miscellaneous Expense Depreciation Expense Salaries Payable Supplies Expense Insurance Expense Debit Credit Debit Credit Debit $6,750 $1,200 $2,000 $41,750 S3,900 $8,400 $41,750 $2,700 $6,400 $22,925 $9,950 $6,850 $22,925 $11,700 $6,850 $1,750 S3,425 50 $3,425 $56,300 $56,300 $24,300 $6,000 $2,200 $26,500 $6,000 $1,500 $1,750 $1,750 $2,200 $2,200 $2,700 $6,400 $13,050 $2,700 $6,400 $99,975 $96,025 $96,025 $13,050 $99,975 Ans C1 Roos Company Income Statement For the year ended 31st December 2018 Particulars Service Revenue Less: Operating Expense Amount Amount $56,300 Salary Expense Depreciation Expense Insurance Expense Rent Expense Miscellaneous Expense $26,500 $1,750 $6,400 $6,000 $1,500 $2,700 Total Operating Expense Net Income 544,850 $11,450

ns D Closing Entries Date Debit Credit 31-Dec-18 Service Revenue $56,300 Income Summary $56,300 To close Revenue Account 31-Dec-18 Income Summary $44,850 Salary Expense Rent Expense Miscellaneous Expense Depreciation Expense Supplies Expense Insurance Expense To close all expense $26,500 $6,000 $1,500 $1,750 $2,700 $6,400 31-Dec-18 Income Summary $11,450 $11,450 Retained Earnings To close the Income Summary Account 31-Dec-18 Retained Earnings $3,425 Dividend $3,425 To close the dividend account

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