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Accounting 101-Online Fall 2016 EXAM #2 46 points total The balances in the general ledger of Mind Over Batter cake shop as of January 31,

Accounting 101-Online Fall 2016 EXAM #2
46 points total
The balances in the general ledger of Mind Over Batter cake shop as of January 31, 2015 before adjustments, are as follows:
Cash $6,750 Capital stock $6,850
Supplies $3,900 Dividends $3,425
Prepaid Insurance $8,400 Service Revenue $56,300
Equipment $41,750 Salary Expense $24,300
Retained Earnings $22,925 Rent Expense $6,000
Accumulated Depreciation $9,950 Miscellaneous Expense $1,500
Adjustment data are as follows: ending value of supplies on hand, January 31, $900; insurance expired (consumed) for January, $1,100;
depreciation on equipment for January, $1,600; salaries accrued, January 31, $1,650.
On the tabs indicated in this Excel file complete the following:
(a) Prepare a ten-column work sheet for Mind Over Batter for January.
(a) End of the period worksheet here 25 points
TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
ACCOUNT TITLE DR CR DR CR DR CR DR CR DR CR
Cash $4,250 $4,250 $4,250
TOTALS $4,250 $- $- $- $4,250 $- $- $- $4,250 $-

Hint: based off of the adjustment information on Instructions tab, you will add four (4) new accounts as a result of the adjusting entries.

(b) Journal entries 15 points
JOURNAL
Date Account Description Debit Credit
ADJUSTING ENTRIES
CLOSING ENTRIES

(b) On the basis of the work sheet in (a), journalize the adjusting journal entries and the closing entries as of January 31, 2015.

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