Completion of a Work Sheet Showing a Net Income 1. Complete the Adjustments columns. 2. Complete the work sheet. 3. Enter the adjustments in a general journal. If an amount box does not require an entry, leave it blank. The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young, is shown below. Tear-enu dujustment mumatuon is as Ionows: (a and b) Merchandise inventory costing $34,978 is on hand as of December 31,20. (The periodic inventory system is used.) (c) Supplies remaining at the end of the year, $3,387. (d) Unexpired insurance on December 31,$3,791. (e) Depreciation expense on the building for 20,$2,576. (f) Depreciation expense on the store equipment for 20,$3,350. (9) Unearned rent revenue as of December 31,$4,504. (h) Wages earned but not paid as of December 31,$841. Adjustments Columns and Work Sheet 1. Complete the Adjustments columns. 2. Complete the work sheet. If an amount box does not require an entry, leave it blank. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{\begin{tabular}{l} Venice Beach Kite Shop \\ Work Sheet \\ For Year Ended December 31, 20-- \end{tabular}} \\ \hline \multirow[b]{2}{*}{ ACCOUNT TITLE } & \multicolumn{2}{|c|}{ TRIAL BALANCE } & \multicolumn{2}{|c|}{ ADJUSTMENTS } & \multicolumn{2}{|c|}{ ADJUSTED TRIAL BALANCE } & \multicolumn{2}{|c|}{ INCOME STATEMENT } & \multicolumn{2}{|c|}{ BALANCE SHEET } \\ \hline & DEBIT & CREDIT & DEBIT & CREDIT & DEBIT & CREDIT & DEBIT & CREDIT & DEBIT & CREDIT \\ \hline Cash & 19,558 & & & & & & & & & \\ \hline Accounts Receivable & 13,726 & & & & & & & & & \\ \hline Merchandise Inventory & 25,238 & & & & & & & & & \\ \hline Supplies & 8,085 & & & & & & & & & \\ \hline Prepaid Insurance & 5,530 & & & & & & & & & \\ \hline Land & 31,340 & & & & & & & & & \\ \hline Building & 51,520 & & & & & & & & & \\ \hline Accumulated Depr-_Building & & 20,60B & & & & & & & & \\ \hline Store Equipment & 33,500 & & & & & & & & & \\ \hline Accumulated Depr--Store Equip. & & 13,400 & & & & & & & & \\ \hline Accounts Payable & & 9,658 & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Wages Payable } \\ \hline Sales Tax Payable & & 5,837 & & & & & & & & \\ \hline Uneamed Rent Revenue & & 8,890 & & & & & & & & \\ \hline Mortgage Payable & & 45,150 & & & & & & & & \\ \hline M. Young, Capital & & 64,935 & & & & & & & & \\ \hline M. Young, Drawing & 25,613 & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Income Summary } \\ \hline Sales & & 119,775 & & & & & & & & \\ \hline Sales Returns and Allowances & 1,675 & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Rent Revenue } \\ \hline Purchases & 27,408 & & & & & & & & & \\ \hline Purchases Returns and Allow. & & 1,38B & & & & & & & & \\ \hline Purchases Discounts & & 1,796 & & & & & & & & \\ \hline Freight-In & 2,021 & & & & & & & & & \\ \hline Wages Expense & 32,354 & & & & & & & & & \\ \hline Advertising Expense & 3,700 & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Supplies Expense } \\ \hline Phone Expense & 1,317 & & & & & & & & & \\ \hline utiities Expense & 8,021 & & & & & & & & & \\ \hline \multicolumn{11}{|l|}{ Insurance Expense } \\ \hline \multicolumn{11}{|l|}{ Depreciation Expense-Building } \\ \hline \multicolumn{11}{|l|}{ Depreciation Exp.-Store Equip. } \\ \hline \multirow[t]{2}{*}{ Miscellaneous Expense } & 831 & & & & & & & & & \\ \hline & 291,437 & 291,437 & & & & & & & & \\ \hline Net Income & & & & & & & & & & \\ \hline \end{tabular} 3. Enter the adjustments in a general journal. If an amount box does not require an entry, leave it blank