Bali Adjustments Dr. Cr. c a d ABC Midterm Company Work Sheet for Year Ended June 30, XXXX Trial Balance Account Title Dr. Cr. Cash 6,069 Accts receivable 33.890 Allowance for Doubtful Accounts 339 Merchandise inv. 28.000 Prepaid insurance 5,705 Store Supplies 6,400 Store equipment 25,000 Accum deprec. 5,000 Accounts payable 7.710 Note Payable 20,000 Interest Payable Mr. ABC, Capital 49.380 Mr. ABC, Drawing 27,200 Sales 185,865 Purchases 101,821 Advertising exp. 3,975 Rent expense 7,500 Salaries exp. 19,920 Utilities exp. 2,814 Interest Expense 268,294 268,294 Income summary Supplies expense Insurance expense Depreciation exp. Salaries payable Adj. T/Balance Indome Statement Cr. Dr. Cr. Dr. 6,069 0 33,890 0 0 339 28,000 0 850 4,855 0 6,185 215 0 25,000 0 5,000 0 10,000 0 7.710 0 20,000 0 0 0 49,380 27,200 0 0 185,865 101,821 0 3,975 0 7,500 0 22,920 0 2,814 0 0 0 0 0 0 0 6,185 0 850 0 5,000 0 3,000 0 3,000 15,035 276,294 276,294 0 0 b 3,000 a 6,185 850 d 5,000 b 15,035 OF 0 Net income 536,588 536,588 Complete the File: The file contains a worksheet for the ABC Midterm Company for the year ended 6/30/XX. Adjustment information for the company is as follows: Store supplies on hand as of 6/30/XX total $215.00. , Total payroll for a 5-day workweek is $5,000.00. As of 6/30/XX, there were 3 days of unaccrued wages that need to be recorded. Expired insurance as of 6/30/XX was $850.00. No depreciation has been taken to date on the store equipment this year. Depreciation of $5,000.00 needs to be recorded - The 6-month note payable was signed on the first day of April on 4/1/XX. The annual interest rate was 10%. No interest has been accrued to date. Ending inventory for the company at 6/30/XX is $24,000.00. The company uses a periodic inventory system. (It only adjusts inventory one time at the end of the year. This is the SAME ADJUSTMENT WE DID IN CLASS.) Complete the following: (Complete the Worksheet: As accountant for ABC Midterm Company, you have been asked to prepare adjustments and complete the worksheet as of and for the year ended 6/30/XX. Using the above information, complete the worksheet using the Excel program to record the adjustments and total up the columns. The adjusted trial balance columns will automatically be adjusted for you. You then need to allocate the account balances to the appropriate income statement or balance sheet columns. You should use cell references to accomplish this. (This is exactly what we did in class.) Prepare a multi-step Income Statement: On the separate worksheet or tab, prepare a multi- step income statement for the company for the year ended 6/30/XX. Use proper format
