Question

CARS I.D. ACC 200 Test 1-4 Use the attached working papers to complete the following activities: Problem 1 Instructions: 1. Complete the ten-column work sheet. Data needed to determine the necessary adjusting entries are as follows: .. Supplies inventory as of October 31 is $210. Unexpired insurance as of October 31 is $800. c. Depreciation on automobile is $250. 4. Wages earned but not paid as of October 31, $175. 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 2. On the basis of the data in the work sheet, journalize just the closing entries.

Answer 1

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Due to character limit I am attaching the image for ten column work sheet.

Adjustments Debit Credit Income Statement Debit Credit 1,000.00 1,140.00 Unadjusted Debit Credit 3,200.00 10,500.00 1,800.00 1,350.00 50,000.00 136,500.00 50,700.00 92,700.00 36,300.00 6,500.00 Adjusted Debit Credit 3,200.00 10,500.00 800.00 210.00 50,000.00 136,500.00 50,700.00 92,700.00 36,550.00 6,500.00 175.00 3,000.00 50,000.00 162,500.00 10,000.00 191,000.00 Heritage Answer A Account Titles Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Auto Accumulated Depreciation Accounts Payable Wages Payable Unearned rent Capital Stock Retained Earnings Dividends Fees Revenue Rent Revenue Salaries & Wages Expense Advertising Expense Utilities Expense Repairs expense Misc. expense Supplies Expense Depreciation Expense- Auto Insurance Expense Income Summary Total Balance Sheet Debit Credit 3,200.00 10,500.00 800.00 210.00 50,000.00 136,500.00 (50,700.00) 92,700.00 (36,550.00) 6,500.00 175.00 3,000.00 50,000.00 162,500.00 (10,000.00) 250.00 175.00 3,000.00 50,000.00 162,500.00 10,000.00 191,000.00 191,000.00 175.00 96,200.00 63,200.00 18,000.00 12,500.00 4,050.00 96,375.00 63,200.00 18,000.00 12,500.00 4,050.00 1,140.00 250.00 1,000.00 96,375.00 63,200.00 18,000.00 12,500.00 4,050.00 1,140.00 250.00 1,000.00 1,140.00 250.00 1,000.00 5,515.00 196,515.00 (5,515.00) 206,660.00 500,000.00 500,000.00 2,565.00 2,565.00 500,425.00 500,425.00 196,515.00 206,660.00

Income Statement	Amount $
Fees revenue	191,000.00
Total revenue	191,000.00
Less: Expenses
Salaries & Wages Expense	96,375.00
Advertising Expense	63,200.00
Utilities Expense	18,000.00
Repairs expense	12,500.00
Misc. expense	4,050.00
Supplies Expense	1,140.00
Depreciation Expense- Auto	250.00
Insurance Expense	1,000.00
Total Expenses	196,515.00
Net Income	(5,515.00)
Statement of Retained Earnings	Amount $
Retained Earnings- Opening Balance	162,500.00
Add: Net Income	(5,515.00)
Less: Dividends	(10,000.00)
Retained Earnings- Closing balance	146,985.00

Balance Sheet	Amount $	Amount $
Assets
Current Assets
Cash	3,200.00
Accounts Receivable	10,500.00
Prepaid Insurance	800.00
Supplies	210.00
Total Current Assets		14,710.00
Plant Property & Equipment
Land		50,000.00
Buildings	136,500.00
Accumulated Depreciation- Buildings	(50,700.00)	85,800.00
Auto	92,700.00
Accumulated Depreciation- Auto	(36,550.00)	56,150.00
Total Plant Property & Equipment		191,950.00
Total Assets		206,660.00
Liabilities & Stockholder's Equity	Amount $	Amount $
Liabilities
Current Liabilities
Accounts Payable	6,500.00
Wages Payable	175.00
Unearned rent	3,000.00
Total Current Liabilities		9,675.00
Total Liabilities		9,675.00
Stockholder's Equity
Common Stock	50,000.00
Retained Earnings	146,985.00
Total Stockholder's Equity		196,985.00
Total Liabilities & Stockholder's Equity		206,660.00
Closing Entries
Account	Debit $	Credit $
Fees Revenue	191,000.00
Income Summary		191,000.00
Income Summary	196,515.00
Salaries & Wages Expense		96,375.00
Advertising Expense		63,200.00
Utilities Expense		18,000.00
Repairs expense		12,500.00
Misc. expense		4,050.00
Supplies Expense		1,140.00
Depreciation Expense- Auto		250.00
Insurance Expense		1,000.00
Retained Earnings	5,515.00
Income Summary		5,515.00
Retained Earnings	10,000.00
Dividends		10,000.00