Question

general ledger of smith software

Take Home (Practice The attached worksheet contains the unadjusted trial balance that was taken from the general ledger of Smith Software Company at the end of 4/30/19 Required: 1. Complete the worksheet using the following year-end information a) Merchandise inventory taken on 4/30/19 was $24,000. b) Expired insurance amounted to $1,300. c) Accrued interest on Notes Receivable amounted to $400 d) Unexpired office rent amounted to $2,000. c) Store Supplies on hand at the end of the year totaled $900 1) Depreciation on store equipment was $3,500. g) Accrued interest on Notes Payable amounted to $300 h) Unpaid accrued sales salaries were $450. i) Unpaid Office Utilities amounted to $675 j) Unrecorded Sales were $2,000. 2. Prepare the nine adjusting entries (b thru 3) vith explanations. Use the 2-column journal paper provided on page 17&18 3. Prepare in good form an Income Statement for Smith Softvare Company for the year ending 4/30/19 Use the 4-column paper provided on pages 20&21. 5. Prepare in good form an Owner's Equity Statement for Saith Software Company for the year ending 4/30/19. Use the 4-column paper provided on page 22 6. Prepare in good form a Classified Balance Sheet for Smith Software Company on 4/30/19 Use the accounting paper provided on pages 23&24. 6. Prepare the closing entries. Use the 2-column journal paper provided on pages 25&26. 16

Answer 1

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Date/Event	Account	Debit	Credit
b	Insurance Expense	$                        1,300
	Prepaid Insurance		$                        1,300
	(To record insuranace expense)
c	Interest Receivable	$                           400
	Interest Revenue		$                           400
	(To record interest revenue)
d	Rent Expense	Total Prepaid-$2,000
	Prepaid Rent		Total Prepaid-$2,000
	(To record rent expense)
	(Unadjusted balance not given)
e	Supplies Expense	Unadjusted bal-$900
	Supplies		Unadjusted bal-$900
	(To record supplies expense)
	(Unadjusted balance not given)
f	Depreciation Expense	$                        3,500
	Accumulated Depreciation		$                        3,500
	(To record depreciation expense)
g	Interest Expense	$                           300
	Interest Payable		$                           300
	(To record interest expense)
h	Salaries Expense	$                           450
	Salaries Payable		$                           450
	(To record salaries expense)
i	Utilities Expense	$                           675
	Utilities Payable		$                           675
	(To record utilities expense)
j	Accounts Receivable	$                        2,000
	Sales Revenue		$                        2,000
	(To record sales revenue)