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Can someone please check my work? Where there is an asterisk the answer is wrong. I also need an income statement, closing entires, and a

Can someone please check my work? Where there is an asterisk the answer is wrong. I also need an income statement, closing entires, and a post closing balance sheet. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Darby Kte Store Work Sheet For Year Ended December 31 Trial Balance Ad us ted Trial Bala Income Statement Debit Balance Shee Debit 11,700 11,200 23,600 Account Title 11,700 1,200 25,000 1,200 800 Debit 11,700 1.200 Accounts Recelvable Merchandise Inventory 23,800 b25,000 150 23.600 1050 Prepaid Iesurance Equipment Accum. Depr.-Equipment Aooounts Payable Wages Paya ble Sales Tax Payable Uneamed Revenue M. D. Akins, Capital M. D. Akins, Drawing Income Summary 800 7,100 1.200 7,100 360 250 5,000 1 200 7.100 250 3,000 50,000 10,500 50,000 10,500 55.490 57,990 Sales Retums & Allowances 1,450 34,500 1.450 34,500 1,450 34,500 25,000 Purchases Retums& Allow Purchases Discounts FreighM-in Wages Expense Advertising Expense Supplies Expense Phone Expense 1,100 1.100 630 360 830 0,880 740 11,240 740 150 11240 150 1,100 2.300 250 400 320 1,100 2.300 es Expense Insurance Expense Depreciation Exp.-Equipment Misce laneous Expense interest Expense 2,300 250 250 320 18.370118.370 50,720 4,000 17,730ES19 130 53,730 59,410 Net Income 59 720 Work Sheet and Journals Post-Closing Trial Balanco Income Statement GENERAL JOURNAL Date 20-1 Dec. 31 Description Adjusting Entries Debit Credit (a) Income Summary 25,000 Merchandise Inventory 25,000 Merchandise Inventory 23,600 Income Summary 23,600 Supplies Expense 150 Supplies 150 Insurance Expense 250 Prepaid Insurance Accum. Depr. Equipment Wages Payable 250 Depr. Expense Equipment Wages Expense Unearned Revenue 400 400 360 360 2,500 Sales 2,500 and 5 Debit Credit Date 20-1 Dec. 31 Description Closing Entries Sales Purchases Returns & Allowances Purchases Discounts 57,990 1,100 630 Income Summary 59.7 31 Income Summary 55,130 Sales Returns& Allowances Purchases Freight-In Wages Expense Advertising Expense Supplies Expense Telephone Expense Utilities Expense Insurance Expense Depreciation Expense-Equipment Miscellaneous Expense Interest Expense 1,450 35,900 360 11,240 740 150 1.100 2,300 250 400 320 920 31 Income Summary 4,590 M. D. Akins, Capital 4,590 31 M. D. Akins, Capital 10,500 M. D Akins, Drawing 10,500 20-2 Jan,1 Reversing Entry d Statement nanar fnr ren "irement (tho nnet.rn inn tria' halanmi ie nrnuidad in n ennarate chant in this wnrkhonk alance Income Statement+ REQUIRED: Prepare a detailed Income Statement in the space below for Darby Kite Store NOTE: preparation of the Income Statement is in addition to the requirements listed in the textbook Read all Instructions before starting your work. This assessment is worth 150 points. Use the worksheet file as provided for Darby Kite Store as of December 31, 20x1. Perform the Adjustments at the end of the year: A and b): Merchandise Inventory as of December 31, 20x1 $23,600.00 C) Unused supplies on hand $ 1,050.00 D) Insurance expired $ 250.00 E) Depreciation expense for the year: $ 400.00 F) Wages earned but not paid $ 360.00 G) Unearned revenues on December 31: $ 500.00 REQUIRED: (NOTE that this is slightly changed from the text book; added "prepare the Income Statement" on sheet 1 in the file) 1) Prepare the worksheet as provided in the separate file. 2) Prepare the adjusting entries in the separate file. 3) Prepare the Income Statement after making the adjustments. (SEE SHEET 1 on the file as provided) 4) Prepare the closing entries (these are NOT posted to the worksheet). 5) Prepare a post- closing trial balance and Post-closing Balance Sheet. 6) Prepare the reversing entries as required

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