P15-10B Additional Instructions to what is stated on page 608 in the text. Read
ID: 2536219 • Letter: P
Question
P15-10B Additional Instructions to what is stated on page 608 in the text.
Read all instructions before starting your work. This assessment is worth 150 points.
Use the worksheet file as provided for Darby Kite Store as of December 31, 20X1.
Perform the Adjustments at the end of the year:
A and b): Merchandise Inventory as of December 31, 20X1 = $ 23,600.00
C) Unused supplies on hand $ 1,050.00
D) Insurance expired $ 250.00
E) Depreciation expense for the year: $ 400.00
F) Wages earned but not paid $ 360.00
G) Unearned revenues on December 31: $ 500.00
REQUIRED: (NOTE that this is slightly changed from the text book; added “prepare the Income Statement” on sheet 1 in the file)
1) Prepare the worksheet as provided in the separate file.
2) Prepare the adjusting entries in the separate file.
3) Prepare the Income Statement after making the adjustments. (SEE SHEET 1 on the file as provided)
4) Prepare the closing entries (these are NOT posted to the worksheet).
5) Prepare a post- closing trial balance and Post-closing Balance Sheet.
A B D E UV ZAAB ACAD AA Problem 15-10B Name: Enter the appropriate answers in the shaded (gray) cells An asterisk() will appear in the column to the right of an incorrect answer. Darby Kite Store Work Sheet For Year Ended December 31, 20-1 Adjustments Adjusted Trial Balance Trial Balance Debit Credit Income Statement Debit Balance Sheet Debit Account Title Debit Credit Debit Credit Credit Credit 11,700 11,200 25,000 1,200 800 5,400 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment Accum. Depr. Equipment Accounts Payable Wages Payable Sales Tax Payable Unearned Revenue W. P. Ellis, Capital W. P. Elis, Drawing Income Summary Sales Sales Returns & Allowances Purchases Purchases Returns & Allow Purchases Discounts Freight-In Wages Expense Advertising Expense Supplies Expense Telephone Expense Utilities Expense Insurance Expense Depreciation Exp. Equipment Miscellaneous Expense Interest Expense 800 7,100 250 3,000 50,000 10,500 55,490 1,450 34,500 1,100 630 360 10,880 740 1,100 2,300 320 920 118,370 118,370 Net IncomeExplanation / Answer
1.
2.
3. and 5,
4.
Darby Kite Store Work Sheet For Year Ended December 31, 20-1 Account Title Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 11700 11700 11700 Accounts receivable 11200 11200 11200 Merchandise inventory 25000 23600 25000 23600 23600 Supplies 1200 150 1050 1050 Prepaid insurance 800 250 550 550 Equipment 5400 5400 5400 Accum. Depr.-equipment 800 400 1200 1200 Accounts payable 7100 7100 7100 Wages payable 360 360 360 Sales tax payable 250 250 250 Unearned revenue 3000 2500 500 500 W. P. Elis, Capital 50000 50000 50000 W. P. Elis, Drawing 10500 10500 10500 Income summary Sales 55490 2500 57990 57990 Sales returns & allowances 1450 1450 1450 Purchases 34500 25000 23600 35900 35900 Purchase returns & allowances 1100 1100 1100 Purchases discounts 630 630 630 Freight-in 360 360 360 Wages expense 10880 360 11240 11240 Advertising expense 740 740 740 Supplies expense 150 150 150 Telephone expense 1100 1100 1100 Utilities expense 2300 2300 2300 Insurance expense 250 250 250 Depreciation exp.-equipment 400 400 400 Miscellaneous expense 320 320 320 Interest expense 920 920 920 118370 118370 52260 52260 119130 119130 55130 59720 64000 59410 Net income 4590 4590 59720 59720 64000 64000Related Questions
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