Using the adjusting journal entries,Complete the adjusted trial balance columns,
ID: 2400772 • Letter: U
Question
Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as well using only formulas.
Grizzlies, Inc.
Grizzlies, Inc.
Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as well using only formulas.
Grizzlies, Inc.
Worksheet For the Year Ended December 31, 2017 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Income Stmt Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 36,000 Accounts Receivable 277,000 Inventory 242,500 Prepaid Insurance 11,200 Prepaid Rent 3,000 Store Supplies - Shop Supplies 7,500 Store Equipment 120,000 Accumulated Depreciation - Store Equipment 13,200 Office Equipment 32,000 Accumulated Depreciation - Office Equipment 2,550 Accounts Payable 49,000 Salaries Payable Interest Payable Utilities Payable Unearned Consulting Revenue 14,000 Unearned Rent Revenue 16,800 Note Payable 18,000 Common Stock 300,000 Retained Earnings 189,350 Dividends 12,800 Sales Revenue 1,576,150 Consulting Revenue Rent Revenue Interest Revenue Cost of Goods Sold 975,000 Sales Salaries Expense 275,000 Office Salaries Expense 150,000 Miscellaneous Administrative Expense 5,650 Miscellaneous Selling Expense 13,900 Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Store Supplies Expense 17,500 Shop Supplies Expense Rent Expense Insurance Expense Interest Expense Utilities Expense-Store Utilities Expense-Office 2,179,050 2,179,050 Net IncomeGrizzlies, Inc.
Adjusting Journal Entries For the Year Ended December 31, 2017 Item Account Title Dr. Cr. a. Interest Expense 360 Interest Payable 360 b. Rent Expense 1,200 Prepaid Rent 1,200 c. Shop Supplies Expense 3,600 Shop Supplies 3,600 d. Store Supplies Expense 12,700 Shop Supplies 12,700 e. Insurance Expense 4,200 Prepaid Insurance 4,200 f. Unearned Consulting Revenue 10,500 Consulting Revenue 10,500 g. Unearned Rent Revenue 15,400 Rent Revenue 15,400 h. Office Salaries Expense 3,240 Sales Salaries Expense 7,560 Salaries Payable 10,800 i. Depreciation Expense - Store Equipment 15,840 Accumulated Depreciation - Store Equipment 15,840 j. Depreciation Expense - Office Equipment 10,200 Accumulated Depreciation - Office Equipment 10,200 k. Utilities Expense-Office 182 Utilities Expense-Store 1,118 Utilities Payable 1,300Explanation / Answer
Answer
For the Year Ended December 31, 2017
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Income Stmt
Balance Sheet
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
$ 36,000.00
$ 36,000.00
$ 36,000.00
Accounts Receivable
$ 2,77,000.00
$ 2,77,000.00
$ 2,77,000.00
Inventory
$ 2,42,500.00
$ 2,42,500.00
$ 2,42,500.00
Prepaid Insurance
$ 11,200.00
$ 4,200.00
$ 7,000.00
$ 7,000.00
Prepaid Rent
$ 3,000.00
$ 1,200.00
$ 1,800.00
$ 1,800.00
Store Supplies
$ -
$ -
$ -
Shop Supplies
$ 7,500.00
$ 3,600.00
$ 3,900.00
$ 3,900.00
Store Equipment
$ 1,20,000.00
$ 12,700.00
$ 1,07,300.00
$ 1,07,300.00
Accumulated Depreciation - Store Equipment
$ 13,200.00
$ 15,840.00
$ 29,040.00
$ -
$ 29,040.00
Office Equipment
$ 32,000.00
$ 32,000.00
$ 32,000.00
$ -
Accumulated Depreciation - Office Equipment
$ 2,550.00
$ 10,200.00
$ 12,750.00
$ 12,750.00
Accounts Payable
$ 49,000.00
$ 49,000.00
$ 49,000.00
Salaries Payable
$ 10,800.00
$ 10,800.00
$ 10,800.00
Interest Payable
$ 360.00
$ 360.00
$ 360.00
Utilities Payable
$ 1,300.00
$ 1,300.00
$ 1,300.00
Unearned Consulting Revenue
$ 14,000.00
$ 10,500.00
$ 3,500.00
$ 3,500.00
Unearned Rent Revenue
$ 16,800.00
$ 15,400.00
$ 1,400.00
$ 1,400.00
Note Payable
$ 18,000.00
$ 18,000.00
$ 18,000.00
Common Stock
$ 3,00,000.00
$ 3,00,000.00
$ 3,00,000.00
Retained Earnings
$ 1,89,350.00
$ 1,89,350.00
$ 1,89,350.00
Dividends
$ 12,800.00
$ 12,800.00
$ 12,800.00
Sales Revenue
$ 15,76,150.00
$ 15,76,150.00
$ 15,76,150.00
Consulting Revenue
$ 10,500.00
$ 10,500.00
$ 10,500.00
Rent Revenue
$ 15,400.00
$ 15,400.00
$ 15,400.00
Interest Revenue
$ -
$ -
Cost of Goods Sold
$ 9,75,000.00
$ 9,75,000.00
$ 9,75,000.00
Sales Salaries Expense
$ 2,75,000.00
$ 7,560.00
$ 2,82,560.00
$ 2,82,560.00
Office Salaries Expense
$ 1,50,000.00
$ 3,240.00
$ 1,53,240.00
$ 1,53,240.00
Miscellaneous Administrative Expense
$ 5,650.00
$ 5,650.00
$ 5,650.00
Miscellaneous Selling Expense
$ 13,900.00
$ 13,900.00
$ 13,900.00
Depreciation Expense - Store Equipment
$ 15,840.00
$ 15,840.00
$ 15,840.00
Depreciation Expense - Office Equipment
$ 10,200.00
$ 10,200.00
$ 10,200.00
Store Supplies Expense
$ 17,500.00
$ 3,600.00
$ 21,100.00
$ 21,100.00
Shop Supplies Expense
$ 12,700.00
$ 12,700.00
$ 12,700.00
Rent Expense
$ 1,200.00
$ 1,200.00
$ 1,200.00
Insurance Expense
$ 4,200.00
$ 4,200.00
$ 4,200.00
Interest Expense
$ 360.00
$ 360.00
$ 360.00
Utilities Expense-Store
$ 1,118.00
$ 1,118.00
$ 1,118.00
Utilities Expense-Office
$ 182.00
$ 182.00
$ 182.00
TOTALS
$ 21,79,050.00
$ 21,79,050.00
$ 86,100.00
$ 86,100.00
$ 22,17,550.00
$ 22,17,550.00
$ 14,97,250.00
$ 16,02,050.00
$ 7,20,300.00
$ 6,15,500.00
Net Income
$ 1,04,800.00
$ 1,04,800.00
$ 21,79,050.00
$ 21,79,050.00
$ 86,100.00
$ 86,100.00
$ 22,17,550.00
$ 22,17,550.00
$ 16,02,050.00
$ 16,02,050.00
$ 7,20,300.00
$ 7,20,300.00
For the Year Ended December 31, 2017
Unadjusted
Adjusted
Trial Balance
Adjustments
Trial Balance
Income Stmt
Balance Sheet
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
$ 36,000.00
$ 36,000.00
$ 36,000.00
Accounts Receivable
$ 2,77,000.00
$ 2,77,000.00
$ 2,77,000.00
Inventory
$ 2,42,500.00
$ 2,42,500.00
$ 2,42,500.00
Prepaid Insurance
$ 11,200.00
$ 4,200.00
$ 7,000.00
$ 7,000.00
Prepaid Rent
$ 3,000.00
$ 1,200.00
$ 1,800.00
$ 1,800.00
Store Supplies
$ -
$ -
$ -
Shop Supplies
$ 7,500.00
$ 3,600.00
$ 3,900.00
$ 3,900.00
Store Equipment
$ 1,20,000.00
$ 12,700.00
$ 1,07,300.00
$ 1,07,300.00
Accumulated Depreciation - Store Equipment
$ 13,200.00
$ 15,840.00
$ 29,040.00
$ -
$ 29,040.00
Office Equipment
$ 32,000.00
$ 32,000.00
$ 32,000.00
$ -
Accumulated Depreciation - Office Equipment
$ 2,550.00
$ 10,200.00
$ 12,750.00
$ 12,750.00
Accounts Payable
$ 49,000.00
$ 49,000.00
$ 49,000.00
Salaries Payable
$ 10,800.00
$ 10,800.00
$ 10,800.00
Interest Payable
$ 360.00
$ 360.00
$ 360.00
Utilities Payable
$ 1,300.00
$ 1,300.00
$ 1,300.00
Unearned Consulting Revenue
$ 14,000.00
$ 10,500.00
$ 3,500.00
$ 3,500.00
Unearned Rent Revenue
$ 16,800.00
$ 15,400.00
$ 1,400.00
$ 1,400.00
Note Payable
$ 18,000.00
$ 18,000.00
$ 18,000.00
Common Stock
$ 3,00,000.00
$ 3,00,000.00
$ 3,00,000.00
Retained Earnings
$ 1,89,350.00
$ 1,89,350.00
$ 1,89,350.00
Dividends
$ 12,800.00
$ 12,800.00
$ 12,800.00
Sales Revenue
$ 15,76,150.00
$ 15,76,150.00
$ 15,76,150.00
Consulting Revenue
$ 10,500.00
$ 10,500.00
$ 10,500.00
Rent Revenue
$ 15,400.00
$ 15,400.00
$ 15,400.00
Interest Revenue
$ -
$ -
Cost of Goods Sold
$ 9,75,000.00
$ 9,75,000.00
$ 9,75,000.00
Sales Salaries Expense
$ 2,75,000.00
$ 7,560.00
$ 2,82,560.00
$ 2,82,560.00
Office Salaries Expense
$ 1,50,000.00
$ 3,240.00
$ 1,53,240.00
$ 1,53,240.00
Miscellaneous Administrative Expense
$ 5,650.00
$ 5,650.00
$ 5,650.00
Miscellaneous Selling Expense
$ 13,900.00
$ 13,900.00
$ 13,900.00
Depreciation Expense - Store Equipment
$ 15,840.00
$ 15,840.00
$ 15,840.00
Depreciation Expense - Office Equipment
$ 10,200.00
$ 10,200.00
$ 10,200.00
Store Supplies Expense
$ 17,500.00
$ 3,600.00
$ 21,100.00
$ 21,100.00
Shop Supplies Expense
$ 12,700.00
$ 12,700.00
$ 12,700.00
Rent Expense
$ 1,200.00
$ 1,200.00
$ 1,200.00
Insurance Expense
$ 4,200.00
$ 4,200.00
$ 4,200.00
Interest Expense
$ 360.00
$ 360.00
$ 360.00
Utilities Expense-Store
$ 1,118.00
$ 1,118.00
$ 1,118.00
Utilities Expense-Office
$ 182.00
$ 182.00
$ 182.00
TOTALS
$ 21,79,050.00
$ 21,79,050.00
$ 86,100.00
$ 86,100.00
$ 22,17,550.00
$ 22,17,550.00
$ 14,97,250.00
$ 16,02,050.00
$ 7,20,300.00
$ 6,15,500.00
Net Income
$ 1,04,800.00
$ 1,04,800.00
$ 21,79,050.00
$ 21,79,050.00
$ 86,100.00
$ 86,100.00
$ 22,17,550.00
$ 22,17,550.00
$ 16,02,050.00
$ 16,02,050.00
$ 7,20,300.00
$ 7,20,300.00
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