ADJUSTING ENTRIES Task: record using up $200 of supplies, using $100 prepaid insurance, record amortization for your vehicle of $200, record a long distance phone bill of $100 that you will pay next period. Assets Cash.......... .$ 10,000 Supplies......... 1,000 Vehicle......... 12,000 Less: Acc. Amo ....... 2,000 Acc Rec. ....... 2,000 Prep Ins........... $1,000 Liabilities Notes Pay........$ 8,000 Acc Pay .... 2,000 Unearned Revenue.......... 1,000 Salary Pay.......$_500 Owners Equity Owner Capital-Theo ....$6,250 Owner's Capital-Sophie ... $6,250 Total Owners Capital $12,500 Total Assets ... $24,000 Total Liabilities.......$ 11,500 ASSUME 13% HST Give discounts Pre-Tax August 1. You buy 100 units of Tea for $5 each on account from Tea Group according to the terms 3/15, n/60. You will sell for $15 each 2. You buy 100 units of Coffee for $4 each on account from Coffee Corp according to the terms 2/10, n/30. You will sell for $10 each. 3. When the tea arrived you noticed 10 units were damaged and received an allowance for this damage. You also had to pay a $50 shipping fee. 4. You paid $500 towards your notes payable and delivered $500 of the goods you owed. 5. You Paid your workers what you owed them from last period. 6. Theo gave $5,000 7. Sophie gave $5000 8. Mrs. White bought 20 units of tea. You gave her a 10% discount. 9. Ms. Pink purchased 30 units of coffee but you had to pay a $50 shipping fee. 10. Mr. Green bought 20 units of tea and 20 units coffee on account. 11. Ms. Pink returned $30 worth of coffee. 12. Mr. Green returned 2 units of tea and 1 unit of coffee. 13. Mr. Green paid what he owed. 14. Theo took $50 of cash for personal use 15. You paid for your tea. 16. You paid $400 towards your coffee. 17. Sophie took $50 of supplies for personal use