Question

DUE DATE: Tuesday, December 03, 2019. Use ONLY PENCIL or computer to do the special homework. The trial balance for December 31, 20.- has been entered below on the partial work sheet for Camping Supply Center Required: 1. Complete the Adjustments columns using the following year-end adjustments information. Identify each adjustment with its corresponding letter. a./b. Based on a physical count, it was determined that merchandise inventory costing $21,700 is on hand as of December 31, 20- c. Supplies remaining at the end of the year, $6,300. d. Unexpired insurance on hand at the end of the year, $2,200. e. Depreciation expense on the store equipment, $2,500. f. Depreciation expense on the building, $2,700. g. Unearned Rental Revenue as of December 31, $3,200. h. Wages earned but not yet paid, $660. 2. Complete the Adjusted Trial Balance, Income Statement and Balance Sheet columns of the work sheet. Journalize the adjusting entries. Journalize the closing entries. 3. 4.

Answer 1

Given here are the Un adjusted TB, adjusting Entries with reference, Adjusted TB, Income Statement and Balance Sheet:

*** please note that reference column are numbered based on the alphabet assigned for each adjusting entries.

Journal Entries:

Adjustments Debit Credit Ref *** INCOME STATEMENT Debit Credit Unadjusted Trial Balance Debit Credit 38,400 10,200 30,720 8,520 5,760 25,560 8,520 60,000 12,000 54,000 6,720 9,020 a/b 2,220C 3,560 d 2,500 e Adjusted Trial Balance Debit Credit / 38,400 10,200 21,700 6,300 2,200 25,560 11,020 60,000 14,700 54,000 6,720 660 5,040 86,400 3,200 109,800 28,560 BALANCE SHEET Debit Credit 38,400 10,200 21,700 6,300 2,200 25,560 11,020 60,000 14,700 54,000 6,720 660 5,040 86,400 3,200 109,800 28,560 2,700 f. Account title Cash Accounts Receivable Merchandise Inventory Supplies Prepaid insurance Store Equipment Accumulated Depreciation - Store Equipment Building Accumulated Depreciation - Building Land Accounts Payable Wages Payable Sales Tax Payable Mortgage Payable unearned Rental Revenue Willie Kaplin, Capital Willie Kaplin, Drawing Income Summary Sales Sales Returns & Allowances Earned Rental Revenue Purchases Purchase Returns & Allowances Cost of Goods Sold Wages Expense Telephone Expense Supplies Expense Insurance Expense Utilities Expense Depreciation - Store Equipment Depreciation - Building 660 h 5,040 86,400 7,500 109,800 4,300 28,560 118,440 118,440 118,440 2,952 2,952 2,952 4,300 g 4,300 4,300 37,920 37,920 37,920 5,064 5,064 5,064 a/b 9,020 9,020 660 45,120 2,112 2,220 3,560 9,020 45,780 2,112 2,220 3,560 9,660 2,500 2,700 45,780 2,112 2,220 3,560 9,660 2,500 2,700 9,660 2,500 2,700 359,484 359,484 24,960 24,960 365,344 365,344 127,804 237,540 Totals Net Income / (Loss) transferred to Balance Sheet Totals 118,424 9,380 127,804 246,920 (9,380) 237,540 127,804 237,540

a/b 9,020 Cost of Goods Sold Merchandise inventory (Being difference in closing inventory accounted ($30720 - $ 21700)) 9,020 2,220 Supplies Expense Supplies (Being difference in supplies accounted ($8520 - $6300)) 2,220 3,560 Insurance Expense Unexpired Insurance (being insurance expense pertains to current year accounted$5760-$2200) 3,560 2,500 Depreciation Expense Accumulated Deprecation - Store Equipment (Being Depreciation for current year accounted) 2,500 2,700 Depreciation Expense Accumulated Deprecation - Building (Being Depreciation for current year accounted) 2,700 4,300 Unearned Revenue Earned Revenue (Being revenue earned for current year accounted ($7500-$3200)) 4,300 660 Wages Expense Wages Payable (Being wages accrued not yet paid) 660