Following are the adjustment data for Bruno Company:
a-b. | Merchandise inventory (ending), $1,045. |
c. | Professional fees earned, $32,100. |
d. | Supplies inventory (on hand), $1,415. |
e. | Insurance expired, $750. |
f. | Depreciation of office equipment, $300. |
g. | Wages accrued, $630. |
Record these data in the Adjustments column of the following work sheet.
If an amount is zero, enter "0".
Bruno Company Worksheet |
||||||
---|---|---|---|---|---|---|
TRIAL BALANCE | ADJUSTMENTS | |||||
ACCOUNT NAME | DEBIT | CREDIT | DEBIT | CREDIT | ||
Cash | 32,725 | |||||
Accounts Receivable | 960 | |||||
Merchandise Inventory | 1,250 | |||||
Supplies | 1,525 | |||||
Prepaid Insurance | 930 | |||||
Office Equipment | 5,450 | |||||
Accum. Depr.-Office Equipment | ||||||
Accounts Payable | 480 | |||||
M. Bruno, Capital | 11,750 | |||||
M. Bruno, Drawing | 1,125 | |||||
Unearned Professional Fees | 34,700 | |||||
Wages Expense | 1,420 | |||||
Advertising Expense | 350 | |||||
Rent Expense | 700 | |||||
Telephone Expense | 130 | |||||
Utilities Expense | 190 | |||||
Miscellaneous Expense | 175 | |||||
Income Summary | ||||||
Professional Fees Income | ||||||
Supplies Expense | ||||||
Insurance Expense | ||||||
Depr. Expense-Office Equipment | ||||||
Wages Payable | ||||||
46,930 | 46,930 |
Carry the Income Summary account from the Adjustments columns into the Income Statement columns as two separate figures. For merchandise inventory, record the amount of the ending inventory in the Balance Sheet Debit column. For unearned revenue, record the unearned revenue account in the Balance Sheet Credit column and the revenue account in the Income Statement Credit column.
Complete the Income Statement and Balance Sheet columns of the work sheet for Bruno Company from Practice Exercise 3.
If an amount is zero, enter "0".
Bruno Company Worksheet |
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---|---|---|---|---|---|---|---|---|
TRIAL BALANCE | ADJUSTMENTS | INCOME STATEMENT | BALANCE SHEET | |||||
ACCOUNT NAME | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT |
Cash | 32,725 | |||||||
Accounts Receivable | 960 | |||||||
Merchandise Inventory | 1,250 | |||||||
Supplies | 1,525 | |||||||
Prepaid Insurance | 930 | |||||||
Office Equipment | 5,450 | |||||||
Accum. Depr.-Office Equipment | ||||||||
Accounts Payable | 480 | |||||||
M. Bruno, Capital | 11,750 | |||||||
M. Bruno, Drawing | 1,125 | |||||||
Unearned Professional Fees | 34,700 | |||||||
Wages Expense | 1,420 | |||||||
Advertising Expense | 350 | |||||||
Rent Expense | 700 | |||||||
Telephone Expense | 130 | |||||||
Utilities Expense | 190 | |||||||
Miscellaneous Expense | 175 | |||||||
Income Summary | ||||||||
Professional Fees Income | ||||||||
Supplies Expense | ||||||||
Insurance Expense | ||||||||
Depr. Expense-Office Equipment | ||||||||
Wages Payable | ||||||||
46,930 | 46,930 | |||||||
Net Income | ||||||||
Take the adjusting entries recorded in the journal directly from the Adjustments columns of the work sheet.
Prepare the year-end adjusting entries from the Adjustments column of Bruno Company's work sheet from Practice Exercise 3.
GENERAL JOURNAL | PAGE 1 | |||
---|---|---|---|---|
DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
(a) | Income Summary | |||
Merchandise Inventory | ||||
(b) | Merchandise Inventory | |||
Income Summary | ||||
(c) | Unearned Professional Fees | |||
Professional Fees Income | ||||
(d) | Supplies Expense | |||
Supplies | ||||
(e) | Insurance Expense | |||
Prepaid Insurance | ||||
(f) | Depreciation Expense, Office Equipment | |||
Accumulated Depreciation, Office Equipment | ||||
(g) | Wages Expense | |||
Wages Payable |
Worksheet is as prepared below:
Bruno Company | ||||||||
Worksheet | ||||||||
TRIAL BALANCE | ADJUSTMENTS | INCOME STATEMENT | BALANCE SHEET | |||||
ACCOUNT NAME | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT |
Cash | 32,725 | 32,725 | ||||||
Accounts Receivable | 960 | 960 | ||||||
Merchandise Inventory | 1,250 | 205 | 1,045 | |||||
Supplies | 1,525 | 110 | 1,415 | |||||
Prepaid Insurance | 930 | 180 | 750 | |||||
Office Equipment | 5,450 | 5,450 | ||||||
Accum. Depr.-Office Equipment | 300 | 300 | ||||||
Accounts Payable | 480 | 480 | ||||||
M. Bruno, Capital | 11,750 | 11750 | ||||||
M. Bruno, Drawing | 1,125 | 1,125 | ||||||
Unearned Professional Fees | 34,700 | 32,100 | 2,600 | |||||
Wages Expense | 1,420 | 630 | 2,050 | |||||
Advertising Expense | 350 | 350 | ||||||
Rent Expense | 700 | 700 | ||||||
Telephone Expense | 130 | 130 | ||||||
Utilities Expense | 190 | 190 | ||||||
Miscellaneous Expense | 175 | 175 | ||||||
Income Summary | 205 | 205 | ||||||
Professional Fees Income | 32,100 | 32,100 | ||||||
Supplies Expense | 110 | 110 | ||||||
Insurance Expense | 180 | 180 | ||||||
Depr. Expense-Office Equipment | 300 | 300 | ||||||
Wages Payable | 630 | 630 | ||||||
46,930 | 46,930 | 33,525 | 33,525 | 4,390 | 32,100 | |||
Net Income | 27,710 | 27,710 | ||||||
Total | 43470 | 43470 |
Journal entries:
GENERAL JOURNAL | PAGE 1 | |||
DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
(a) | Income Summary | 205 | ||
Merchandise Inventory | 205 | |||
(b) | Merchandise Inventory | 205 | ||
Income Summary | 205 | |||
(c) | Unearned Professional Fees | 32,100 | ||
Professional Fees Income | 32,100 | |||
(d) | Supplies Expense | 110 | ||
Supplies | 110 | |||
(e) | Insurance Expense | 750 | ||
Prepaid Insurance | 750 | |||
(f) | Depreciation Expense, Office Equipment | 300 | ||
Accumulated Depreciation, Office Equipment | 300 | |||
(g) | Wages Expense | 630 | ||
Wages Payable | 630 |
Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,0...
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