Question

1. Using the information in the Worksheet (1) tab, Aging Analysis (2) tab, and Adjustments (3) tab, prepare the adjusting journal entries for the period. Record the entries in the Adjusting Journal Entries (4) tab. (Round all numbers to the nearest dollar.) SHOW YOUR WORK FOR THE ADJUSTMENT IN THE CELL OR YOU WILL NOT RECEIVE CREDIT FOR THE ENTRY. Use formulas and link the values to the adjustment.

Adjusting Journal Entries For the Year Ended December 31,2019 Account Titles DR CR а. b. с. d. е. f. g. h. j.

Answer 1

Adjusting Journal Entries
S.l No.	Particulars	Debit	Credit	Calculation formula	Calculation result
a	Interest Expense	$16,067		principal amount*%of interest*11/12	$16,067
	Interest Payable		$16,067
b	Insurance Expense	$4,428		Insurance amount*2/6	$4,428
	To prepaid insurance		$4,428
c	Rent Expense	$13,284		Lease amount*3/5	$13,284
	To Prepaid Rent		$13,284
d	Unearned Revenue	$10,667		Unearned revenue*4/12	$10,667
	To Consulting revenue		$10,667
e	Supplies Expense	$41,858		Beginning supplies-Ending Supplies	$41,858
	Supplies		$41,858
f	Depreciation expense	$41,008		(Book value-salvage value)/Estimated useful life	$41,008
	To accumulated depreciation		$41,008
g	Interest Receivable	$993		Notes receivable* Rate*1/12	$993
	To Interest revenue		$993
h	Bad debts expense	$24,995
	To Allowance for doubtful debts		$24,995
Complete Ageing schedule
		Estimates % uncollectable	Estimates amount uncollectable
Current	$296,971	2%	$5,939
1-30 Days due	$123,738	4%	$4,950
30-90 Days due	$59,394	15%	$8,909
Over 90 Days due	$14,849	35%	$5,197
	$494,952		$24,995
i	Wages	$66,789
	To Salaries and wages payable		$66,789
J	Utilities expense	$4,841
	To Utilities payable		$4,841

Account title	Unadjusted trial balance		Adjustments		Adjusted trail balance
	Dr	Cr	Dr	Cr	Dr	Cr
Cash	$125,214				$125,214
Accounts receivable	$494,952				$494,952
Allowance for doubt ful debts		$20,861		$24,995		$45,856
Interest receivable			$993		$993
Note Receivable	$183,290				$183,290
Merchandise inventory	$361,866				$361,866
prepaid insurance	$13,284			$4,428	$8,856
prepaid rent	$22,140			$13,284	$8,856
Supplies	$56,088			$41,858	$14,230
Equipment	$517,092				$517,092
Accumulated depreciation-Equipment		$54,612		$41,008		$95,620
Accounts payable		$51,709				$51,709
Salaries and wages payable				$66,789		$66,789
Unearned revenue		$32,000	$10,667			$21,333
Interest payable				$16,067		$16,067
Utilities payable				$4,841		$4,841
Note payable (final payment due 2023		$350,550				$350,550
Common stock		$270,600				$270,600
Retained earnings		$418,200				$418,200
Dividend	$120,540				$120,540
Sales		$5,169,690				$5,169,690
Consulting revenue				$10,667		$10,667
Sales retuturns and allowances	$29,520				$29,520
Sales discount	$63,468				$63,468
Cost of goods sold	$3,520,014				$3,520,014
Salaries and wages expense	$801,468		$66,789		$868,257
Depreciation expense-equipment			$41,008		$41,008
Bad debts expense			$24,995		$24,995
Insurance expense			$4,428		$4,428
Rent expense			$13,284		$13,284
Supplies expense			$41,858		$41,858
Utilities expense	$59,286		$4,841		$64,127
Interest revenue				$993		$993
Interest expense			$16,067		$16,067
	$6,368,222	$6,368,222	$224,930	$224,930	$6,522,915	$6,522,915

Unable to do complete income statement values and balance sheet values since character restriction has been placed. I will try to paste the values in the comment section. Or please post for worksheet separate question