Adjusting Entries For The Quarter
Petunia Patch Trial Balance June 30, 2022 Account Titles Debit Credit 7,392.22 50.00 8,375.95 333.00 21,503.00 2,856.00 1,262.65 1,144.60 12,664.00 8,427.00 38,966.00 13,305.00 7,379.00 201.67 41,883.15 Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Office Supplies Store Supplies Office Equipment ACC. Dep. Office Equipment Store Equipment Accumu. Dep. - Store Equip. Accounts Payable Sales Tax Payable Victoria Vincent, Capital Victoria Vincent, Drawing Sales Sales Discounts Purchases Purchases Discount Purchases Returns and Allowances Salaries and Wages Expense Credit Card Fee Expense Advertising Expense Cash Short and Over Rent Expense Professional Services Expense Utilities Expense Telephone Expense Bank Service Charges Miscellaneous Expense 6,144.00 137,476.00 1,228.52 90,971.00 2,308.40 2,078.00 10,738.64 438.00 1,952.00 22.51 3,000.00 1,406.05 2,505.29 643.80 82.40 44.59 Total 213,391.22 213,391.22 ========== ========== ADJUSTING ENTRIES FOR THE QUARTER Using a copy of the June 30 Trial Balance After Bank Reconciliation, and the information and financial data shown below, record the adjusting entries for the end of the quarter ended June 30, in the partial journal provided below the adjustment information. Note that: Insurance and depreciation expenses are recorded quarterly. A. A physical count of the merchandise inventory is $1,567.00 larger than the beginning balance in the Merchandise Inventory account. Debit the Merchandise Inventory account and credit the income Summary account for the increase in the balance of the Merchandise Inventory account. Acct No. Account Title Debit Credit B. The expired insurance for the quarter is $750.00. Acct No. Account Title Debit Credit C. The ending balance of the office supplies is $769.70. Acct No. Account Title Debit Credit D. The ending store supplies inventory is $834.50 Acct No. Account Title Debit Credit E. Depreciation of office equipment is $800.00 for the quarter. Acct No. Account Title Debit Credit F. Depreciation of store equipment is $1,450.00 for the quarter. Acct No. Account Title Debit Credit G. Record the adjustment for Uncollectible Accounts Expense. The ending balance of the Allowance for Doubtful Accounts should be 5% of the ending balance of the Accounts Receivable account. Acct No. Account Title Debit Credit H. Debit Salaries and Wages Expense (601) and credit Salaries and Wages Payable (209) for the unpaid wages of $224.50 for June 28 to June 30. Acct No. Account Title Debit Credit Date Account Numbers and Titles Debit Credit June Verify Documents Post Entry Check Number Credit Memo Number Invoice Number Debit Memo Number Customer or Vendor
