Question

Chapter 5 Homework - Excel Search Bobby Simoni e Insert Formulas Data Review View Help Share Cabb Draw Page Layout -11 - AA E- OA- - General 2 Wrap Text Merge Center Insert Delete Format A7 O 4 BTU- $ -% Ideas Sensitiv Conditional Format as Cell Formatting Table Styles Styles Sort & Find a Filter Select Editing Font Alignment Number Cels Idees Sen. ✓ fo O P Q R S 8 с D H к M N You will also be required to use formulas for any totals and subtotals in your trial balance. The lack of formulas will result in a lower grade. The Rohrback Company has the following trial balance at the end of Year Four, before adjusting entries are preapred. During the year, all cash transactions were recorded, but no other journal entries were made. The Rohrbach Company Trial Balance December 31, Year Four Other Information: 1 Utilities were not paid for or recorded for the months of November and December at a total of $2,000. Debit Credit 33,400 2 On July 1, Year Four, insurance for the next eighteen months was obtained for $5,400 in cash. 79,000 90,000 3 On May 1 Year Four, the company paid $8,000 to rent the building for the next 12 months. 4 Employees are paid $8,000 for each month with payments seven days after the end of the month. Accounts Payable Accounts Receivable Capital stock Cash Cost of Goods Sold Dividends Paid Insurance Expense Interest Expense Interest Payable Inventory Land Notes Payable Dennis Problem Worksheet 41,000 180,000 20,000 3,800 5 The company collected $20,000 from a customer during the early part of November. The amount was recorded and was to be earned by Rohrbach over the following 5 months. 6 Interest on the note payable has accrued for the full year at 5% interest 98,000 320,000 130,000 7 On December 31st, Rohrbach Company counted the supplies and found that $800 remain on the shelves. O ? Type here to search 12:12 AM 9/24/2012 E

Answer 1

1. Adjusting Entries

		Dr.$	Cr.$
1	Utilities Expense	2000
	Utilities payable		2000
2	Prepaid insurance	3600
	Insurance Expense		3600
3	Prepaid rent	2667
	Rent Expense		2667
4	Salary Expense	8000
	Salary payable		8000
5	Revenue	16000
	Unearned revenue		16000
6	Interest Expense	6500
	Interest Payable		6500
7	Supplies Expense	1400
	Supplies		1400
8	Accounts Receivable	15000
	Reveneue		15000

2. Updated Trial balance

Trial balance
	Dr.$	Cr.$
Accounts Payable		33400
Accounts Receivable	94000
Capital Stock		90000
Cash	41000
Cost of goods sold	180000
Dividends paid	20000
Insurance Expense	200
Interest Expense	6500
Interest payable		6500
Inventory	98000
Land	320000
Note payable		130000
Prepaid insurance	9000
Prepaid rent	10667
Rent Expense	3333
Retained earnings Jan 1		228000
Salary Expense	104000
Salary Payable		16000
Sales revenue		399000
Supplies	800
Supplies Expense	1400
Unearned revenue	4000
Utilities Expenses	14000
Utilities payable		4000
Loss on Sales of Truck
	906900	906900