Adjsutment inforamtion is as follows: a. Supplies on hand as of June 30 2013, $450 b. Insurance premiums that expired during the year $2420 c. Depreciation on equipment during the year $1500 d. Included in the rent expense of $30000 is $1200 that is prepaid for july 201 e. Salaries accrued but not [paid at june 30 2013, $1440 f. Merchandise inventory on june 30 2013 $68864 Requirement: 1. As the acountant for Sport Connection, you have been asked prepare adjusting entries and finacial statment to complete the acounting cycle 2. Enter the formular in the appropriate cells on the workssheet. then enter the adjusting amount in th columns E and G.Also in column D or F, insert tge letter corresponding to the adjusting entry (a-e). 3. Complete the income statement and balance sheet
P2WORK
Merchandising Company Worksheet
Sports Connection
Work Sheet
For Year Ended June 30, 2013
	Trial Balance			Adjustments			Adj. T/Balance		Income Statement		Balance Sheet
AccountTitle	Dr.	Cr.		Dr.		Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	17,150						17,150	0			17,150
Accts receivable	27,780						27,780	0			27,780
Merchandise inv.	47,964						47,964	0	47,964	68,864	68,864
Prepaid insurance	4,410						4,410	0			4,410
Store Supplies	2,370						2,370	0
Store equipment	30,000						30,000	0
Accum. deprec.		3,000					0	3,000
Accounts payable		12,420					0	12,420
M. Moser, capital		105,572					0	105,572
M. Moser, drawing	14,400						14,400	0
Sales		299,400					0	299,400
Purchases	192,900						192,900	0
Advertising exp.	7,950						7,950	0
Rent expense	30,000						30,000	0
Salaries exp.	39,840						39,840	0
Utilities exp.	5,628						5,628	0
	420,392	420,392
Income summary							0	0
Supplies expense							0	0
Insurance expense							0	0
Depreciation exp.							0	0
Prepaid rent							0	0
Salaries payable							0	0
				FORM1		FORM2	FORM3	FORM4	FORM5	FORM6	FORM7	FORM8
Net income									0	0	0	0
									0	0	0	0