Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Cover 2 Cover. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Cover 2 Cover in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $9,000, estimated useful life was 6 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Ofice Equipment owned by the business: original purchase price was $51,000, estimated useful life was 10 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $117. The estimated electricity payable as at the end of the month is $434. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $590 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $200. Interest earned from short-term investments in ZNZ Bank for the month of June is $115. Office supplies totaling $2,450 are still on hand at June 30. 15 days of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. After taking a physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Compiete all columns in the worksheet. To do this, you need to use the account balances provided in the general ledger to fill out the Unadjusted Trial Balance columns. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. GENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 73,154 DR Jun 30 Total from cash receipts journal CRJ 271,454 344,608 DR Jun 30 Total from cash payments journal CPJ 115,633 228,975 DR Jun 30 Interest received from the bank GJ 598 229,573 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 212,573 DR Jun 30 Bank service charge GJ 10 212,563 DR Jun 30 Balance 212,563 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 23,000 DR Jun 30 Balance 23,000 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance 31 Balance Jun May 30 Balance Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 66,026 DR 30 Total from sales journal 30 Total from cash receipts journal Jun SJ 94,479 160,505 DR Jun CRJ 87,709 72,796 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 89,796 DR Jun 30 Balance 89,796 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 115,840 DR Jun 21 Purchase return to Polar Bear Books GJ 640 115,200 DR Jun 30 Total from sales journal SJ 44,620 70,580 DR 30 Total from purchases journal 30 Total from cash receipts journal 30 Total from cash payments journal Jun PJ 12,660 83,240 DR Jun CRJ 65,000 18,240 DR Jun CPJ 8,480 26,720 DR Jun 30 Balance 26,720 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 3,266 DR Jun 30 Balance 3,266 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 15 Prepaid rent 1,600 DR 4,800 DR 31 Balance Jun CPJ 3,200 Jun 30 Balance 4,800 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 2,500 DR Jun 30 Balance 2,500 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 1,889 CR Jun 30 Balance 1,889 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 51,000 DR Jun 30 Balance 51,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 19,792 CR Jun 30 Balance 19,792 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 73,706 CR Jun 21 Purchase return to Polar Bear Books GJ 640 73,066 CR Jun 30 Total from purchases journal PJ 12,660 85,726 CR Jun 30 Total from cash payments journal CPJ 81,526 4,200 CR Jun 30 Balance 4,200 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 2,000 CR Jun 4 Staff wages CPJ 2,000 Jun 30 Balance Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance 1,275 CR Jun 13 Paid electricity bill CPJ 1,224 51 CR Jun 30 Balance 51 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance 128 CR Jun 30 Balance 128 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Tax Payable Account No. 240 Date Description Ref. Debit Credit Balance May 31 Balance 15,775 CR Jun 30 Total from sales journal SJ 4,499 20,274 CR Jun 30 Total from cash receipts journal CRJ 6,845 27,119 CR Jun 30 Balance 27,119 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from EastPac Bank CRJ 40,000 40,000 CR Jun 30 Balance 40,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance May 31 Balance 60,000 CR Jun 30 Balance 60,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 179,821 CR Jun 30 Balance 179,821 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 89,980 89,980 CR Jun 30 Total from cash receipts journal CRJ 136,900 226,880 CR Jun 30 Balance 226,880 CR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance 31 Balance 30 Interest received from the bank May Jun GJ 598 598 CR Jun 30 Balance 598 CR Account: Cost of Goods Sold Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 44,620 44,620 DR 30 Total from cash receipts journal CRJ 65,000 109,620 DR Jun Jun 30 Balance 109,620 DR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 13,803 13,803 DR Jun 30 Balance 13,803 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Owner salary CPJ 5,400 5,400 DR Jun 30 Balance 5,400 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 10 10 DR Jun 30 Balance 10 DR Worksheet For the month ended June 30, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Acct. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 100 Cash 102 Short-term Investments 112 Interest Receivable 110 ARC - Accounts Receivable Control 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 240 Sales Tax Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 403 Interest Revenue 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Totals Net income or loss Totals Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Cover 2 Cover. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Cover 2 Cover in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $9,000, estimated useful life was 6 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Ofice Equipment owned by the business: original purchase price was $51,000, estimated useful life was 10 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $117. The estimated electricity payable as at the end of the month is $434. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $590 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $200. Interest earned from short-term investments in ZNZ Bank for the month of June is $115. Office supplies totaling $2,450 are still on hand at June 30. 15 days of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. After taking a physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Compiete all columns in the worksheet. To do this, you need to use the account balances provided in the general ledger to fill out the Unadjusted Trial Balance columns. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. GENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 73,154 DR Jun 30 Total from cash receipts journal CRJ 271,454 344,608 DR Jun 30 Total from cash payments journal CPJ 115,633 228,975 DR Jun 30 Interest received from the bank GJ 598 229,573 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 212,573 DR Jun 30 Bank service charge GJ 10 212,563 DR Jun 30 Balance 212,563 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 23,000 DR Jun 30 Balance 23,000 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance 31 Balance Jun May 30 Balance Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 66,026 DR 30 Total from sales journal 30 Total from cash receipts journal Jun SJ 94,479 160,505 DR Jun CRJ 87,709 72,796 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 89,796 DR Jun 30 Balance 89,796 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 115,840 DR Jun 21 Purchase return to Polar Bear Books GJ 640 115,200 DR Jun 30 Total from sales journal SJ 44,620 70,580 DR 30 Total from purchases journal 30 Total from cash receipts journal 30 Total from cash payments journal Jun PJ 12,660 83,240 DR Jun CRJ 65,000 18,240 DR Jun CPJ 8,480 26,720 DR Jun 30 Balance 26,720 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 3,266 DR Jun 30 Balance 3,266 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 15 Prepaid rent 1,600 DR 4,800 DR 31 Balance Jun CPJ 3,200 Jun 30 Balance 4,800 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 2,500 DR Jun 30 Balance 2,500 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 1,889 CR Jun 30 Balance 1,889 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 51,000 DR Jun 30 Balance 51,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 19,792 CR Jun 30 Balance 19,792 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 73,706 CR Jun 21 Purchase return to Polar Bear Books GJ 640 73,066 CR Jun 30 Total from purchases journal PJ 12,660 85,726 CR Jun 30 Total from cash payments journal CPJ 81,526 4,200 CR Jun 30 Balance 4,200 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 2,000 CR Jun 4 Staff wages CPJ 2,000 Jun 30 Balance Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance 1,275 CR Jun 13 Paid electricity bill CPJ 1,224 51 CR Jun 30 Balance 51 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance 128 CR Jun 30 Balance 128 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Tax Payable Account No. 240 Date Description Ref. Debit Credit Balance May 31 Balance 15,775 CR Jun 30 Total from sales journal SJ 4,499 20,274 CR Jun 30 Total from cash receipts journal CRJ 6,845 27,119 CR Jun 30 Balance 27,119 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from EastPac Bank CRJ 40,000 40,000 CR Jun 30 Balance 40,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance May 31 Balance 60,000 CR Jun 30 Balance 60,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 179,821 CR Jun 30 Balance 179,821 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 89,980 89,980 CR Jun 30 Total from cash receipts journal CRJ 136,900 226,880 CR Jun 30 Balance 226,880 CR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance 31 Balance 30 Interest received from the bank May Jun GJ 598 598 CR Jun 30 Balance 598 CR Account: Cost of Goods Sold Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 44,620 44,620 DR 30 Total from cash receipts journal CRJ 65,000 109,620 DR Jun Jun 30 Balance 109,620 DR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 13,803 13,803 DR Jun 30 Balance 13,803 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Owner salary CPJ 5,400 5,400 DR Jun 30 Balance 5,400 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 10 10 DR Jun 30 Balance 10 DR Worksheet For the month ended June 30, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Acct. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 100 Cash 102 Short-term Investments 112 Interest Receivable 110 ARC - Accounts Receivable Control 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 240 Sales Tax Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 403 Interest Revenue 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Totals Net income or loss Totals Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Cover 2 Cover. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Cover 2 Cover in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $9,000, estimated useful life was 6 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Ofice Equipment owned by the business: original purchase price was $51,000, estimated useful life was 10 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $117. The estimated electricity payable as at the end of the month is $434. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $590 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $200. Interest earned from short-term investments in ZNZ Bank for the month of June is $115. Office supplies totaling $2,450 are still on hand at June 30. 15 days of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. After taking a physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Compiete all columns in the worksheet. To do this, you need to use the account balances provided in the general ledger to fill out the Unadjusted Trial Balance columns. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. GENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 73,154 DR Jun 30 Total from cash receipts journal CRJ 271,454 344,608 DR Jun 30 Total from cash payments journal CPJ 115,633 228,975 DR Jun 30 Interest received from the bank GJ 598 229,573 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 212,573 DR Jun 30 Bank service charge GJ 10 212,563 DR Jun 30 Balance 212,563 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 23,000 DR Jun 30 Balance 23,000 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance 31 Balance Jun May 30 Balance Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 66,026 DR 30 Total from sales journal 30 Total from cash receipts journal Jun SJ 94,479 160,505 DR Jun CRJ 87,709 72,796 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 89,796 DR Jun 30 Balance 89,796 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 115,840 DR Jun 21 Purchase return to Polar Bear Books GJ 640 115,200 DR Jun 30 Total from sales journal SJ 44,620 70,580 DR 30 Total from purchases journal 30 Total from cash receipts journal 30 Total from cash payments journal Jun PJ 12,660 83,240 DR Jun CRJ 65,000 18,240 DR Jun CPJ 8,480 26,720 DR Jun 30 Balance 26,720 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 3,266 DR Jun 30 Balance 3,266 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 15 Prepaid rent 1,600 DR 4,800 DR 31 Balance Jun CPJ 3,200 Jun 30 Balance 4,800 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 2,500 DR Jun 30 Balance 2,500 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 1,889 CR Jun 30 Balance 1,889 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 51,000 DR Jun 30 Balance 51,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 19,792 CR Jun 30 Balance 19,792 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 73,706 CR Jun 21 Purchase return to Polar Bear Books GJ 640 73,066 CR Jun 30 Total from purchases journal PJ 12,660 85,726 CR Jun 30 Total from cash payments journal CPJ 81,526 4,200 CR Jun 30 Balance 4,200 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 2,000 CR Jun 4 Staff wages CPJ 2,000 Jun 30 Balance Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance 1,275 CR Jun 13 Paid electricity bill CPJ 1,224 51 CR Jun 30 Balance 51 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance 128 CR Jun 30 Balance 128 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Tax Payable Account No. 240 Date Description Ref. Debit Credit Balance May 31 Balance 15,775 CR Jun 30 Total from sales journal SJ 4,499 20,274 CR Jun 30 Total from cash receipts journal CRJ 6,845 27,119 CR Jun 30 Balance 27,119 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from EastPac Bank CRJ 40,000 40,000 CR Jun 30 Balance 40,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance May 31 Balance 60,000 CR Jun 30 Balance 60,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 179,821 CR Jun 30 Balance 179,821 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 89,980 89,980 CR Jun 30 Total from cash receipts journal CRJ 136,900 226,880 CR Jun 30 Balance 226,880 CR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance 31 Balance 30 Interest received from the bank May Jun GJ 598 598 CR Jun 30 Balance 598 CR Account: Cost of Goods Sold Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 44,620 44,620 DR 30 Total from cash receipts journal CRJ 65,000 109,620 DR Jun Jun 30 Balance 109,620 DR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 13,803 13,803 DR Jun 30 Balance 13,803 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Owner salary CPJ 5,400 5,400 DR Jun 30 Balance 5,400 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 10 10 DR Jun 30 Balance 10 DR Worksheet For the month ended June 30, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Acct. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 100 Cash 102 Short-term Investments 112 Interest Receivable 110 ARC - Accounts Receivable Control 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 240 Sales Tax Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 403 Interest Revenue 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Totals Net income or loss Totals Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Cover 2 Cover. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Cover 2 Cover in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $9,000, estimated useful life was 6 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Ofice Equipment owned by the business: original purchase price was $51,000, estimated useful life was 10 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $117. The estimated electricity payable as at the end of the month is $434. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $590 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $200. Interest earned from short-term investments in ZNZ Bank for the month of June is $115. Office supplies totaling $2,450 are still on hand at June 30. 15 days of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. After taking a physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Compiete all columns in the worksheet. To do this, you need to use the account balances provided in the general ledger to fill out the Unadjusted Trial Balance columns. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. GENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 73,154 DR Jun 30 Total from cash receipts journal CRJ 271,454 344,608 DR Jun 30 Total from cash payments journal CPJ 115,633 228,975 DR Jun 30 Interest received from the bank GJ 598 229,573 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 212,573 DR Jun 30 Bank service charge GJ 10 212,563 DR Jun 30 Balance 212,563 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 23,000 DR Jun 30 Balance 23,000 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance 31 Balance Jun May 30 Balance Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 66,026 DR 30 Total from sales journal 30 Total from cash receipts journal Jun SJ 94,479 160,505 DR Jun CRJ 87,709 72,796 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 89,796 DR Jun 30 Balance 89,796 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 115,840 DR Jun 21 Purchase return to Polar Bear Books GJ 640 115,200 DR Jun 30 Total from sales journal SJ 44,620 70,580 DR 30 Total from purchases journal 30 Total from cash receipts journal 30 Total from cash payments journal Jun PJ 12,660 83,240 DR Jun CRJ 65,000 18,240 DR Jun CPJ 8,480 26,720 DR Jun 30 Balance 26,720 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 3,266 DR Jun 30 Balance 3,266 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 15 Prepaid rent 1,600 DR 4,800 DR 31 Balance Jun CPJ 3,200 Jun 30 Balance 4,800 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 2,500 DR Jun 30 Balance 2,500 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 1,889 CR Jun 30 Balance 1,889 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 51,000 DR Jun 30 Balance 51,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 19,792 CR Jun 30 Balance 19,792 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 73,706 CR Jun 21 Purchase return to Polar Bear Books GJ 640 73,066 CR Jun 30 Total from purchases journal PJ 12,660 85,726 CR Jun 30 Total from cash payments journal CPJ 81,526 4,200 CR Jun 30 Balance 4,200 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 2,000 CR Jun 4 Staff wages CPJ 2,000 Jun 30 Balance Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance 1,275 CR Jun 13 Paid electricity bill CPJ 1,224 51 CR Jun 30 Balance 51 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance 128 CR Jun 30 Balance 128 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Tax Payable Account No. 240 Date Description Ref. Debit Credit Balance May 31 Balance 15,775 CR Jun 30 Total from sales journal SJ 4,499 20,274 CR Jun 30 Total from cash receipts journal CRJ 6,845 27,119 CR Jun 30 Balance 27,119 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from EastPac Bank CRJ 40,000 40,000 CR Jun 30 Balance 40,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance May 31 Balance 60,000 CR Jun 30 Balance 60,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 179,821 CR Jun 30 Balance 179,821 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 89,980 89,980 CR Jun 30 Total from cash receipts journal CRJ 136,900 226,880 CR Jun 30 Balance 226,880 CR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance 31 Balance 30 Interest received from the bank May Jun GJ 598 598 CR Jun 30 Balance 598 CR Account: Cost of Goods Sold Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 44,620 44,620 DR 30 Total from cash receipts journal CRJ 65,000 109,620 DR Jun Jun 30 Balance 109,620 DR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 13,803 13,803 DR Jun 30 Balance 13,803 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Owner salary CPJ 5,400 5,400 DR Jun 30 Balance 5,400 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 10 10 DR Jun 30 Balance 10 DR Worksheet For the month ended June 30, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Acct. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 100 Cash 102 Short-term Investments 112 Interest Receivable 110 ARC - Accounts Receivable Control 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 240 Sales Tax Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 403 Interest Revenue 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Totals Net income or loss Totals Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Cover 2 Cover. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Cover 2 Cover in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $9,000, estimated useful life was 6 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Ofice Equipment owned by the business: original purchase price was $51,000, estimated useful life was 10 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $117. The estimated electricity payable as at the end of the month is $434. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $590 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $200. Interest earned from short-term investments in ZNZ Bank for the month of June is $115. Office supplies totaling $2,450 are still on hand at June 30. 15 days of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. After taking a physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Compiete all columns in the worksheet. To do this, you need to use the account balances provided in the general ledger to fill out the Unadjusted Trial Balance columns. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. GENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May 31 Balance 73,154 DR Jun 30 Total from cash receipts journal CRJ 271,454 344,608 DR Jun 30 Total from cash payments journal CPJ 115,633 228,975 DR Jun 30 Interest received from the bank GJ 598 229,573 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 212,573 DR Jun 30 Bank service charge GJ 10 212,563 DR Jun 30 Balance 212,563 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 23,000 DR Jun 30 Balance 23,000 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance 31 Balance Jun May 30 Balance Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May 31 Balance 66,026 DR 30 Total from sales journal 30 Total from cash receipts journal Jun SJ 94,479 160,505 DR Jun CRJ 87,709 72,796 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 17,000 89,796 DR Jun 30 Balance 89,796 DR Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 115,840 DR Jun 21 Purchase return to Polar Bear Books GJ 640 115,200 DR Jun 30 Total from sales journal SJ 44,620 70,580 DR 30 Total from purchases journal 30 Total from cash receipts journal 30 Total from cash payments journal Jun PJ 12,660 83,240 DR Jun CRJ 65,000 18,240 DR Jun CPJ 8,480 26,720 DR Jun 30 Balance 26,720 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 3,266 DR Jun 30 Balance 3,266 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 15 Prepaid rent 1,600 DR 4,800 DR 31 Balance Jun CPJ 3,200 Jun 30 Balance 4,800 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 2,500 DR Jun 30 Balance 2,500 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 9,000 DR Jun 30 Balance 9,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance 1,889 CR Jun 30 Balance 1,889 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 51,000 DR Jun 30 Balance 51,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 19,792 CR Jun 30 Balance 19,792 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 73,706 CR Jun 21 Purchase return to Polar Bear Books GJ 640 73,066 CR Jun 30 Total from purchases journal PJ 12,660 85,726 CR Jun 30 Total from cash payments journal CPJ 81,526 4,200 CR Jun 30 Balance 4,200 CR Account: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 2,000 CR Jun 4 Staff wages CPJ 2,000 Jun 30 Balance Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance 1,275 CR Jun 13 Paid electricity bill CPJ 1,224 51 CR Jun 30 Balance 51 CR Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance 128 CR Jun 30 Balance 128 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Tax Payable Account No. 240 Date Description Ref. Debit Credit Balance May 31 Balance 15,775 CR Jun 30 Total from sales journal SJ 4,499 20,274 CR Jun 30 Total from cash receipts journal CRJ 6,845 27,119 CR Jun 30 Balance 27,119 CR Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance Jun 1 Loan from EastPac Bank CRJ 40,000 40,000 CR Jun 30 Balance 40,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance May 31 Balance 60,000 CR Jun 30 Balance 60,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 179,821 CR Jun 30 Balance 179,821 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 89,980 89,980 CR Jun 30 Total from cash receipts journal CRJ 136,900 226,880 CR Jun 30 Balance 226,880 CR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance 31 Balance 30 Interest received from the bank May Jun GJ 598 598 CR Jun 30 Balance 598 CR Account: Cost of Goods Sold Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from sales journal SJ 44,620 44,620 DR 30 Total from cash receipts journal CRJ 65,000 109,620 DR Jun Jun 30 Balance 109,620 DR Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from cash payments journal CPJ 13,803 13,803 DR Jun 30 Balance 13,803 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Owner salary CPJ 5,400 5,400 DR Jun 30 Balance 5,400 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Balance Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Bank service charge GJ 10 10 DR Jun 30 Balance 10 DR Worksheet For the month ended June 30, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Acct. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 100 Cash 102 Short-term Investments 112 Interest Receivable 110 ARC - Accounts Receivable Control 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 240 Sales Tax Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 403 Interest Revenue 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Totals Net income or loss Totals