Completion of a Work Sheet Showing a Net Loss 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 Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Cascade Bicycle Shop Trial Balance December 31, 20 ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accumulated Depr.-Building Store Equipment Accumulated Depr.-Store Equip. 22,895 14,640 31,390 7,475 4,505 28,130 51,440 16,520 27,450 9,150 Accounts Payable Wages Payable Sales Tax Payable Unearned Storage Revenue Mortgage Payable D. Lamond, Capital D. Lamond, Drawing Income Summary Sales Sales Returns and Allowances Storage Revenue Purchases Purchases Returns and Allow. Purchases Discounts Freight-In Wages Expense Advertising Expense Supplies Expense Phone Expense Utilities Expense 3,530 2,985 5,660 43,400 163,640 33,075 51,135 2,440 20,865 1,220 1,910 1,525 35,080 5,640 2,475 9,245 Utilities Expense Insurance Expense Depreciation Expense-Building Depreciation Exp.-Store Equipment Miscellaneous Expense 9,245 880 299,150 299,150 ear-end adjustment information is as follows: (a and b) Merchandise inventory costing $21,950 is on hand as of December 31, 20 (The periodic inventory system is used.) (c) Supplies remaining at the end of the year, $2,465 (d) Unexpired insurance on December 31, $1,765. (e) Depreciation expense on the building for 20-, $3,880 (f) Depreciation expense on the store equipment for 20, $3,660. (9) Unearned storage revenue as of December 31, $1.950. (h) Wages earned but not paid as of December 31, $765 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. Cascade Bicycle Shop Cascade Bicycle Shop Work Sheet For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDITDEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash Accounts Receivable Merchandise Invent Supplies Prepaid Insurance Land Building Accumulated Depr.-Building Store Equipment Accumulated Depr.-Store Equip. Accounts Payable Wages Payable Sales Tax Payable Unearned Storage Revenue 22895 14640 31390 7475 4505 28130 51440 16520 27450 9150 3530 2985 5660 Mortgage Payable D. Lamond, Capital D-Lamond, Drawing Income Summary Sales Sales Returns and Allowances Storage Revenue 43400 163640 33075 51135 2440 20865 Purchases Returns and Allow. 1220 1910 1525 35080 5640 Freight-In Wages Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense 2475 9245 ACC1020 Module 2 Problems Storage Revenue Purchases Returns and Allow 1220 1910 35080 Supplies Expense Utilities Expense Insurance Expense Depreciation Exp.-Store Equip. 880 299150 299150 3. Enter the adjustments in a general journal. If an amount box does not require an entry, leave it blank. Page: DOC. POST Doc. POST. DEBIT CREDIT DATE ACCOUNT TITLE 1 Dec. 31 2 4 Dec. 31 7 Dec. 31 10 Dec. 31 10 12 13 Dec. 31 14 15 16 Dec. 31- 17 18 12 13 15 16 17 18 4 Dec. 31 7 Dec. 31 10 10 Dec. 31 2 12 13 Dec. 31 14 15 16 Dec. 31 17 18 19 Dec. 31- 20 21 22 Dec. 31 14 15 16 17 18 19 20 21