The following accounts appear in the ledger of Clark and Com¬

pany as of June 30, the end of this fiscal year:

The data needed for the adjustments on June 30 are as follows:
a-b. Merchandise inventory, June 30, $48,196

c. Store supplies inventory, June 30, $269.20

d. Insurance expired for the year, $640

e. Depreciation for the year, $6,290

f. Accrued wages on June 30, $472 Instructions 1. Prepare a work sheet for the fiscal year ended June 30.
2. Prepare an income statement.
3. Prepare a statement of owner’s equity. No additional investments were made during the year.
4. Prepare a balance sheet.
5. Journalize the adjusting entries.
6. Journalize the closing entries.
7. Journalize the reversing entry.
Instructions for General Ledger Software 1. Record the adjusting entries in the general journal and print a copy of the entries.
2. Post the general journal amounts to the general ledger.
3. Print an adjusted trial balance and the general ledger after adjustments.
4. Print the income statement, statement of owner’s equity, and balance sheet.
5. Record the closing entries in the general journal and print a copy of the entries.
6. Post the general journal amounts to the general ledger.
7. Print a post-closing trial balance.
8. Record the reversing entry in the general journal at the beginning of the next month.

Transcribed Image Text:

Cash Accounts Receivable Merchandise Inventory $ 4,349.76 14,910.00 51,480.00