Below is an incomplete year-end worksheet which you will have to complete 1 Make
ID: 2350216 • Letter: B
Question
Below is an incomplete year-end worksheet which you will have to complete 1 Make the necessary adjustments, given the information items a through g. 2 Once the worksheet is completed make the gen. journal closing entries. Trial Balance ----Adjustments---- Adjusted Trial Balance Inc. Statement Balance Sheet Debit Credit adj. ref. Debit Credit Debit Credit Debit Credit Debit Credit Cash 11500 Accounts receivable 16300 Supplies 750 Prepaid Insurance 975 Prepaid Rent 7350 Equipment 42000 Accum. Depreciation, Equip. 16200 Accounts Payable 8525 Salary Payable Unearned Service revenue 865 Betty, Jones, Capital 48250 Betty, Jones, Withdrawals 35201 Service Revenue 97480 a and f Depreciation Expense Supplies Exp. Salary Expense 52444 Utilities Exp. 4800 Insurance Exp. Rent Exp. Totals 171320 171320 0 0 0 0 0 0 0 0 Profit/Loss Totals 0 0 0 0 a. $250 of the Unearned serv. Rev. account balance has now been earned b. A year-end inventory reveals there is now 650 supplies on hand c. The office we rent has been in use all 12 months this past year and the monthly rental rate has been 525 per month for many years. d. The equipment is estimated to last 5 years. All the equipment was bought a few years ago. e. At year end we owe our employees $625 in accrued compensation. f. $1,200 of revenue has been earned but not yet recorded nor collected. g. Our current insurance policy will expire after 6 months into next year. Insurance Costs us 75 per month. Below is an incomplete year-end worksheet which you will have to complete 1 Make the necessary adjustments, given the information items a through g. 2 Once the worksheet is completed make the gen. journal closing entries. Trial Balance ----Adjustments---- Adjusted Trial Balance Inc. Statement Balance Sheet Debit Credit adj. ref. Debit Credit Debit Credit Debit Credit Debit Credit Cash 11500 Accounts receivable 16300 Supplies 750 Prepaid Insurance 975 Prepaid Rent 7350 Equipment 42000 Accum. Depreciation, Equip. 16200 Accounts Payable 8525 Salary Payable Unearned Service revenue 865 Betty, Jones, Capital 48250 Betty, Jones, Withdrawals 35201 Service Revenue 97480 a and f Depreciation Expense Supplies Exp. Salary Expense 52444 Utilities Exp. 4800 Insurance Exp. Rent Exp. Totals 171320 171320 0 0 0 0 0 0 0 0 Profit/Loss Totals 0 0 0 0 a. $250 of the Unearned serv. Rev. account balance has now been earned b. A year-end inventory reveals there is now 650 supplies on hand c. The office we rent has been in use all 12 months this past year and the monthly rental rate has been 525 per month for many years. d. The equipment is estimated to last 5 years. All the equipment was bought a few years ago. e. At year end we owe our employees $625 in accrued compensation. f. $1,200 of revenue has been earned but not yet recorded nor collected. g. Our current insurance policy will expire after 6 months into next year. Insurance Costs us 75 per month.Explanation / Answer
TB
ADJ
debit
credit
debit
credit
Cash
11,500
AR
16,300
f
1200
Supplies
750
b
100
Prepaid Ins
975
e
525
Prepaid rent
7350
c
6300
equip
42,000
Accum. Drp, Equip
16,200
d
8400
AP
8525
Salary payable
e
625
Unearned service revenue
865
a
250
Betty Jones, capital
48,250
Betty Jones, withdrawals
35,201
Service revenue
97,480
a and f
1450
Depreciation expense
d
8400
Supplies expense
b
100
Salary expense
52,444
d
625
Utilities expense
4800
Insuranc exp
e
525
rent exp
c
6300
totals
171,320
171320
17400
17400
ATB
income statement
balance sheet
debit
credit
debit
credit
debit
credit
Cash
11,500
11,500
AR
17,500
17,500
Supplies
650
650
Prepaid Ins
450
450
Prepaid rent
1050
1050
equip
42,000
42,000
Accum. Drp, Equip
24,600
24,600
AP
8525
8525
Salary payable
625
625
Unearned service revenue
615
615
Betty Jones, capital
48,250
48,250
Betty Jones, withdrawals
35,201
35,201
Service revenue
98,930
98,930
Depreciation expense
8400
8400
Supplies expense
100
100
Salary expense
53,069
53,069
Utilities expense
4800
4800
Insuranc exp
525
525
rent exp
6300
6300
totals
181,545
181545
73194
98930
108,351
82615
net income
25736
25736
98930
98930
108,351
108351
TB
ADJ
debit
credit
debit
credit
Cash
11,500
AR
16,300
f
1200
Supplies
750
b
100
Prepaid Ins
975
e
525
Prepaid rent
7350
c
6300
equip
42,000
Accum. Drp, Equip
16,200
d
8400
AP
8525
Salary payable
e
625
Unearned service revenue
865
a
250
Betty Jones, capital
48,250
Betty Jones, withdrawals
35,201
Service revenue
97,480
a and f
1450
Depreciation expense
d
8400
Supplies expense
b
100
Salary expense
52,444
d
625
Utilities expense
4800
Insuranc exp
e
525
rent exp
c
6300
totals
171,320
171320
17400
17400
ATB
income statement
balance sheet
debit
credit
debit
credit
debit
credit
Cash
11,500
11,500
AR
17,500
17,500
Supplies
650
650
Prepaid Ins
450
450
Prepaid rent
1050
1050
equip
42,000
42,000
Accum. Drp, Equip
24,600
24,600
AP
8525
8525
Salary payable
625
625
Unearned service revenue
615
615
Betty Jones, capital
48,250
48,250
Betty Jones, withdrawals
35,201
35,201
Service revenue
98,930
98,930
Depreciation expense
8400
8400
Supplies expense
100
100
Salary expense
53,069
53,069
Utilities expense
4800
4800
Insuranc exp
525
525
rent exp
6300
6300
totals
181,545
181545
73194
98930
108,351
82615
net income
25736
25736
98930
98930
108,351
108351
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