Question

Journalize the June 30 adjusting entries. Explainations optional (do not post) (17 points)

Adjusting entries for the month of June: Jun 30 Accrued interest on Bank Loan in the amount of $300 Jun 30 Record monthly depreciation in the amount of $2,800 Jun 30 Accrued salaries expense in the amount of $4,300 Jun 30 Used one month's worth of insurance (see June 10th's transaction) ) Jun 30 A physical count of office supplies showed $3,200 Jun 30 A physical count of inventory showed $11,050 e) Partial Worksheet from Part 1 d) Journalizing Journal Date Page 2 Credit PR Debit Account Title & Explanation Adjusting Entries 30-Jun Sports RUS Trial Balances June 30, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance DR CR DR DR CR $55,000 $12,500 $11,650 $6,700 $11,500 $106.000 CR $0 $o $0 SO SO SO Account Titles Cash Accounts Receivable Prepaid Insurance Office Supplies Merchandise Inventory Property, Plant & Equipment - Accumulated Depreciation Accounts Payable Unearned Revenue Salaries Payable Interest Payable Bank Loan Common Stock Pomatos Retained Earnings abends Dividends Service Revenue Sales Revenue ICOGS Maintenance Expense Partenance Rent Expense Telephone Expense $0 $23,000 SO $32,750 SO $4,200 $0 $0 SO SO $0 $21,000 $0 $70,000 $0 $35,500 $2,500 $o $0 $24,250 $0 $13,500 $8,750 $o $o SO $2,900 $o so $650 $o so $5,750 SO so 2.134 $o $o $300 SO $0 $0 SO $0 $224,200 $224,200 Salaries Expense Office Supplies Expense Interest Expense Insurance Expense Depreciation Expense Sub-total 17 points Total $0 $224,200 $224,200 Check figure: $0 ######## 15 Points

Check Figure $ 231,600

Answer 1

Sport R Us Worksheet For the period ending 30.6.2019 Adjusting Enteries Date Particulars 30.6.2019 Interest Expense Interest Payable (Interest accrued) Debit in $ Credit in $ 300 300 2800 30.6.2019 Depreciation Expense Accum.Depre - Equip. (To record depreciation) 2800 4300 30.6.2019 Salaries Expense Salaries Payable (Salary accrued) Unadjusted Trial Bal. Adjustments Adjusted Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 55000 55000 12500 12500 11650 200 11450 6700 3500 3200 11500 450 11050 106000 106000 23000 2800 25800 32750 32750 4200 4200 4300 4300 300 300 21000 21000 70000 70000 35500 35500 2500 2500 24250 24250 4300 200 30.6.2019 Insurance Expense Prepaid Insurance (Insurance expired) Account Title Cash Accounts Receivable Prepaid Insurance Office Supplies Merchandise Inventory Property, Plant & Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Salaries Payable Interest Payable Bank Loan Common Stock Retained Earnings Dividends Service Revenue Sales Revenue Cost of goods sold Maintenance Expense Rent Expense Telephone Expense Salaries Expense Office Supplies Expense Interest Expense Insurance Expense Depreciation Expense Totals 200 3500 30.6.2019 Office Supplies Expense Office Supplies (Supplies used) 3500 13500 13500 8750 450 9200 450 30.6.2019 Cost of goods sold Inventory (To record cost of goods sold) 450 2900 650 5750 4300 3500 300 200 0 2900 650 10050 3500 600 200 300 2800 2800 224200 224200 11550 11550 231600 231600 Net Income Totals 224200 224200 11550 11550 231600 231600