Question

The trial balance for December 31

pocal UncОЛ К. The trial balance for December 31, 20-- has been entered below on the partial work sheet for Camping Supply Center Required: 1. Complete the Adjustments columns using the following year-end adjustments information. Identify each adjustment with its corresponding letter. a./b. Based on a physical count, it was determined that merchandise inventory costing $21,700 is on hand as of December 31, 20-- c. Supplies remaining at the end of the year, $6,300. d. Unexpired insurance on hand at the end of the year, $2,200. Depreciation expense on the store equipment, $2,500. Depreciation expense on the building, $2,700. Unearned Rental Revenue as of December 31, $3,200. h. Wages earned but not yet paid, $660. Complete the Adjusted Trial Balance, Income Statement and Balance Sheet columns of the work sheet. Journalize the adjusting entries. Journalize the closing entries.

Answer 1

B C D F G KL м P a Requirement 1&2 N o - Requirement 3: 'Adjustment Entries Date Accounts Title and Explanation Debit Credit Adjustments Credit Income Statement Debit Credit Debit $ 9,020.00 Income Summary Merchandise Inventory $ 9,020.00 $ $ $ $ $ $ Trial Balance Debit Credit 38,400.00 10,200.00 30,720.00 8,520.00 5,760.00 25,560.00 $ 8,520.00 60,000.00 $ 12,000.00 54,000.00 $ 6,720.00 $ 9,020.00 $ 2,220.00 $ 3,560.00 $ 2,220.00 Suppiles Expenses Supplies $ 2,220.00 $ 2,500.00 $ 3,560.00 $ Insurance Expense Prepaid Insurance $ 3,560.00 $ 2,700.00 $ Balance sheet Debit Credit $ 38,400.00 $ 10,200.00 $ 21,700.00 $ 6,300.00 $ 2,200.00 $ 25,560.00 $ 11,020.00 $ 60,000.00 $ 14,700.00 $ 54,000.00 $ 6,720.00 $ 660.00 $ 5,040.00 $ 86,400.00 $ 3,200.00 $1,09,800.00 $ 28,560.00 $ $ 9,020.00 $ 18,400.00 $ 2,500.00 Depreciation Expense-Store Equipment Accumulated Depreciation-Store Equipmement $ 2,500.00 $ 660.00 $ 2,700.00 Depreciation Expense- Building Accumulated Depreciation- Building $ 2,700.00 Cash Accounts receivables Merchandise Inventory Supplies Prepaid Insuance Store Equipment Accumulated Depreciation-Store Equipmement Building Accumulated Depreciation- Building Land Accounts payable Wages Payable Sales Tax Payable Mortgage Payable Unearned Rental Revenue Willie Kaplin, Capital Willie Kaplin, drawings Income summary Sales Sales return and allowances Earned Rental Revenue Purchases Purchase return and allowancwes Wages Expense Telephone Expense Supplies Expense Insurance Expense Utilities Expense Depreciation Expense-Store Equipment Depreciation Expense- Building Totals $ 5,040.00 $ 86,400.00 $ 7,500.00 $ 1,09,800.00 $ 4,300.00 Adjusted Trial Balance Debit Credit $ 38,400.00 $ 10,200.00 $ 21,700.00 $ 6,300.00 $ 2,200.00 $ 25,560.00 $ 11,020.00 $ 60,000.00 $ 14,700.00 $ 54,000.00 $ 6,720.00 $ 660.00 $ 5,040.00 $ 86,400.00 $ 3,200.00 $ 1,09,800.00 $ 28,560.00 $ $ 9,020.00 $ 1,18,440.00 $ 2,952.00 $ 4,300.00 $ 37,920.00 $ 5,064.00 $ 45,780.00 $ 2,112.00 $ 2,220.00 $ 3,560.00 $ 9,660.00 $ 2,500.00 $ 2,700.00 $3,65,344.00 $3,65,344.00 Net INCOME $ 4,300.00 Unearned Rental Revenue Earned Rental Revenue $ 28,560.00 $ 4,300.00 $ 9,020.00 $ 1,18,440.00 $ 660.00 Wages Expense Wages Payable $ 2,952.00 $ 660.00 $ 4,300.00 $ 37,920.00 $ 5,064.00 $ 660.00 $ $ 45,120.00 2,112.00 $ 2,220.00 $ 3,560.00 $ 1,18,440.00 $ 2,952.00 $ 4,300.00 $ 37,920.00 $ $ 5,064.00 $ 45,780.00 $ 2,112.00 $ 2,220.00 $ 3,560.00 $ 9,660.00 $ 2,500.00 $ 2,700.00 $ 1,09,404.00 $1,27,804.00 $ 18,400.00 $ 1,27,804.00 $1,27,804.00 $ 9,660.00 $ 2,500.00 $ 2,700.00 $ 24,960.00 $ 3,59,484.00 $ 3,59,484.00 $ 24,960.00 $2,55,940.00 $ 2,55,940.00