A portion of Johnson's Farm Supply work sheet for the year ended December s1 follows 95,000.00 381550.00 12,46.00 27,250.00 V. Johnson, D 17Sales Drawing 325,024.00 2,500.00 10.836.40 62,185.00 11.400.00 22 Freight In 24 Rent Expense 74,852.00 75.262.00 19.275.00 3,600.00 1 2Salaries Payable 1.195.85 370.28700 4.725,60 440 In 19,275.00 Salaries Payable 1.195.e5 Required 1. Determine the entries that appeared in the Adjustments columns and prepare the gene journal entries for the adjustments in the general journal, page 19 2. Determine the net income for the year 3. What is the amount of the ending capital? 8 ts FGHI NAME Chapter 11 Problem 5 Instructions for Question #1 : There are five adjusting entries. Leave a blank line between each. It is not necessary to leave a description for each. Simply put a description at the top of the General Journal Page. PAGE 19 GENERAL JOURNAL POST REF. CREDIT DEBIT DESCRIPTION DATE 1 2020 2 Dec 31 6 10 10 Type here to search Listing the adjustment data appears to be a relatively minor task. Ina business sit uation, however, someone must take actual physicalcounts of the inventories and match them up with costs. Someonemust check insurance policies to determine th e amount ofinsurance that has expired In addition, it is important to determineth e actual supplies on hand versus those that have been used.Finally, someone must systematically write off, or depreciate, theused up portion of costs on fixed assets, such as buildings and equipment Ending merchandise inventory Course fees earned Supplies used Insurance expired Additional year's depreciation of buildin Additional year's depreciation of equipment Wages owed but not paid to employees at end of year We now record these in the Adjustments columns of the work sheet, using the same lettersto identify th e adjustments. A portion of Johnson's Farm Supply work sheet for the year ended December s1 follows 95,000.00 381550.00 12,46.00 27,250.00 V. Johnson, D 17Sales Drawing 325,024.00 2,500.00 10.836.40 62,185.00 11.400.00 22 Freight In 24 Rent Expense 74,852.00 75.262.00 19.275.00 3,600.00 1 2Salaries Payable 1.195.85 370.28700 4.725,60 440 In 19,275.00 Salaries Payable 1.195.e5 Required 1. Determine the entries that appeared in the Adjustments columns and prepare the gene journal entries for the adjustments in the general journal, page 19 2. Determine the net income for the year 3. What is the amount of the ending capital? 8 ts FGHI NAME Chapter 11 Problem 5 Instructions for Question #1 : There are five adjusting entries. Leave a blank line between each. It is not necessary to leave a description for each. Simply put a description at the top of the General Journal Page. PAGE 19 GENERAL JOURNAL POST REF. CREDIT DEBIT DESCRIPTION DATE 1 2020 2 Dec 31 6 10 10 Type here to search Listing the adjustment data appears to be a relatively minor task. Ina business sit uation, however, someone must take actual physicalcounts of the inventories and match them up with costs. Someonemust check insurance policies to determine th e amount ofinsurance that has expired In addition, it is important to determineth e actual supplies on hand versus those that have been used.Finally, someone must systematically write off, or depreciate, theused up portion of costs on fixed assets, such as buildings and equipment Ending merchandise inventory Course fees earned Supplies used Insurance expired Additional year's depreciation of buildin Additional year's depreciation of equipment Wages owed but not paid to employees at end of year We now record these in the Adjustments columns of the work sheet, using the same lettersto identify th e adjustments
