Excel File Edit View Insert Format Tools Data Window Help FS Assignmer Insert Pa

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Excel File Edit View Insert Format Tools Data Window Help FS Assignmer Insert Page Layout Formulas Data ReviewView cut Copy . Home | EP wrap Text ||11 .iAA- |-|- Calibri (Body) Paste 30 points Due Nov. 14 Your Name: 1 Financial Statement Assignment W2 2 ACCT200 3 Fall 2017 Partner's Name 6 see the next tab of this workbook for detailed instructions for this assignment. 8 bescription of Grading Criteria -t 12 Proper journal entries for transactions described on page 180. 4 Proper adjusting journal entries for two items described in it6 of instructions on next tab. 19 Worksheet completed in proper ferm, with labels and correct totals S Special formatting considerations (per i8 of Instructions on next tab) 12 14 Extra credit lper 'suggested instructions" on next tab) 3 Total points available 18 20 25 . Cover Sheet,"structions Adjusting Worksheet Journal+ 14

Explanation / Answer

SHARP OUTFITTERS Adjustment entries for the year ensing July 31 Date Account Debit Credit July.31 Supplies expense 4300 Supplies 4300 (To record supplies expense for the year) Insurance expense 1600 Prepaid insurance 1600 (To record the insurance expense for the year) Depreciation expense 9250 Accumulated depreciation 9250 (To record depreciation expense for the year) Unearned rental fees 4850 Rental fee earned 4850 (To record the unearned rental fee earned during the year) Fees Receivable 2500 Rental fee earned 2500 (To record rental fee earned but not billed yet) Wages expense 700 Wages payable 700 (To record accrued wages for equipment handlers and guides) SHARP OUTFITTERS Trial Balance as at July 31 Unadjusted Adjustments Adjusted Income statement Balance sheet Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3750 3750 3750 Supplies 8600 4300 4300 4300 Prepaid Insurance 3200 1600 1600 1600 Fees receivable 2500 2500 2500 Equipment 97000 97000 97000 Accumulated Depreciation 16500 9250 25750 25750 Accounts payable 3500 3500 3500 Wages payable 0 0 700 700 700 Unearned rental fees 8850 4850 4000 4000 Common stock 33000 33000 33000 Retained earnings 9000 9000 42200 Dividends 1200 1200 Rental fee earned 78150 7350 85500 85500 Wages expense 28800 700 29500 29500 Rent expense 3300 3300 3300 Advertising expense 2300 2300 2300 Travel expense 850 850 850 Supplies expense 4300 4300 4300 Insurance expense 1600 1600 1600 Depreciation expense 9250 9250 9250 Net Income 34400 Total 149000 149000 23200 23200 161450 161450 85500 85500 109150 109150

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