Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 3, Problem 1R
The
Adjustment information is as follows:
- a. Supplies on hand as of June 30, 2013, $450.
- b. Insurance premiums that expired during the year, $2,420.
- c.
Depreciation on equipment during the year, $1,500. - d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
- e. Salaries accrued but not paid at June 30, 2013, $1,440.
- f. Merchandise inventory on June 30, 2013, $68,864.
As the accountant for Sports Connection, you have been asked to prepare
Expert Solution & Answer
To determine
Prepare adjusting entries and financial statement by making entries in worksheet.
Explanation of Solution
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Required 1. Prepare and complete a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on these additional facts. a. The supplies available at the end of fiscal year 2019 had a cost of $7,900. b. The cost of expired insurance for the fiscal year is $10,600. c. Annual depreciation on equipment is $7,000. d. The April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded. e. The company’s employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000. g. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $300 accrued interest for April on the long-term notes payable has not yet been paid or recorded. 2. Using information…
Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows:
The data needed to determine year-end adjustments are as follows:a. Supplies on hand at January 31 are $2,850.b. Insurance premiums expired during the year are $3,150.c. Depreciation of equipment during the year is $5,250.d. Depreciation of trucks during the year is $4,000.e. Wages accrued but not paid at January 31 are $900.Instructions1. For each account listed in the unadjusted trial balance, enter the balance in theappropriate Balance column of a four-column account and place a check mark (✓) inthe Posting Reference column.2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet andcomplete the spreadsheet. Add the accounts listed in part (3) as needed.3. Journalize and post the adjusting entries, inserting balances in the accounts affected.Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors’…
Chapter 3 Solutions
Excel Applications for Accounting Principles
Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - Open P2WORK4 and click the Chart sheet tab. On the...
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