Question

Worksheet

Sharp Outfitters fiscal year ends on July 31. The following additional information is available:

Supplies on hand at July 31 amount to $3,380.

Insurance expense for the year is $1,680.

Depreciation for the year is $8,330.

The unearned rental fees consist of deposits received from customers in advance when reservations are made.
During the year, the amount earned of the unearned rental fees was $4,930.
The remaining deposits apply to rentals for August and September 2013

At July 31, revenue from rental services earned during July but not yet billed or received amounts to $2,580.
(Note: use Debit Fees Receivable)

Accrued wages payable total $980 for equipment handlers and guides at July 31.

Required
Sharp Outfitters' unadjusted trial balance was prepared as of July 31. Using the adjustment data given above, complete the following worksheet.

SHARP OUTFITTERS Worksheet For the Year Ended July 31, 2013
	Unadjusted Trial Balance				Adjustments				Adjusted Trial Balance				Income Statement				Balance Sheet
	Debit		Credit		Debit		Credit		Debit		Credit		Debit		Credit		Debit		Credit
Cash	$6,750				$Answer?		$Answer	?	$Answer	?	$Answer?		$Answer?		$Answer?		$Answer?		$Answer?
Supplies	15,480				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Prepaid Insurance	5,760				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Equipment	171,000				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Accumulated Depreciation			29,700		Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Accounts Payable			6,300		Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Unearned Rental Fees			15,930		Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Common Stock			54,000		Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Retained Earnings			16,200		Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Dividends	2,160				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Rental Fees Earned			140,670		Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
							Answer
Wage Expense	50,040				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Rent Expense	5,940				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Advertising Expense	4,140				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Travel Expense	1,530				Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Supplies Expense					Answer?		Answer?		Answer	?	Answer	?	Answer?		Answer?		Answer?		Answer?
Insurance Expense					Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Depreciation Expense					Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Fees Receivable					Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Wages Payable					Answer		Answer		Answer		Answer		Answer		Answer		Answer		Answer
Totals	$262,800		$262,800		$Answer		$Answer		$Answer		$Answer		$Answer		$Answer		$Answer		$Answer
Net Income													$Answer		$Answer		$Answer		$Answer
Totals													$Answer?		$Answer?		$Answer?		$Answer?

Answer 1

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Event	Account	Debit	Credit
1	Supplies Expenses	$   12,100		15480-3380
1	Supplies		$   12,100
2	Insurance Expense	$      1,680
2	Prepaid Insurance		$      1,680
3	Depreciation Expense	$      8,330
3	Accumulated Depreciation		$      8,330
4	Unearned Rental Fee	$      4,930
4	Rental Fees earned		$      4,930
5	Rental Fees Receivable	$      2,580
5	Rental Fees earned		$      2,580
6	Wages Expenses	$         980
6	Wages Payable		$         980

Worksheet
For the Year Ended July 31, 2013
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$           6,750				$      6,750				$      6,750
Supplies	$         15,480			$ 12,100	$      3,380				$      3,380
Prepaid Insurance	$           5,760			$    1,680	$      4,080				$      4,080
Equipment	$      171,000				$ 171,000				$ 171,000
Accumulated Depreciation		$         29,700		$    8,330		$   38,030				$   38,030
Accounts Payable		$           6,300				$      6,300				$      6,300
Unearned Rental Fees		$         15,930	$    4,930			$   11,000				$   11,000
Common Stock		$         54,000				$   54,000				$   54,000
Retained Earnings		$         16,200				$   16,200				$   16,200
Dividends	$           2,160				$      2,160				$      2,160
Rental Fees Earned		$      140,670		$    7,510		$ 148,180		$148,180
Wage Expense	$         50,040		$        980		$   51,020		$   51,020
Rent Expense	$           5,940				$      5,940		$      5,940
Advertising Expense	$           4,140				$      4,140		$      4,140
Travel Expense	$           1,530				$      1,530		$      1,530
Supplies Expense			$ 12,100		$   12,100		$   12,100
Insurance Expense			$    1,680		$      1,680		$      1,680
Depreciation Expense			$    8,330		$      8,330		$      8,330
Fees Receivable			$    2,580		$      2,580				$      2,580
Wages Payable				$        980		$         980				$         980
Totals	$      262,800	$      262,800	$ 30,600	$ 30,600	$ 274,690	$ 274,690	$   84,740	$148,180	$ 189,950	$ 126,510
Net Income							$   63,440			$   63,440
Total	$      262,800	$      262,800	$ 30,600	$ 30,600	$ 274,690	$ 274,690	$ 148,180	$148,180	$ 189,950	$ 189,950