December 31st Adjusting Entries 1 Supplies on hand at the end of December were $19,551 2 Purchased $10,540 worth of inventory with a $2,540 cash down payment 3 Total cash payments for December salaries were $16,210 4 At the end of the month, $779 in salaries were earned but not yet paicd 5 Account for one more month of depreciation expense for both fixed assets note: assume no assets were purchased or disposed of during the year 6 The note payable is at 6.0% and matures in three years, account for one additional month's expense to be paid at maturity 7 Account for one more month of rent paid in cash 8 Account for one more month of insurance expense 9 Utilities for December were $2,242 paid in cash 10 Sales for December were $45,630 for merchandise that had cost $18,718; 40.0% of those sales were paid in cash and the balance were credit sales note: no recurring expenses changed during the year Reauirements 1 Prepare the adjusting entries and post only to affected ledgers 2 Apply adjustments and complete the worksheet 3 Prepare the financial statements (not including Cash Flow) 4 Prepare the closing entries 5 Prepare the post-closing trial balance Worksheet for XYZ Corporation As of 11-30-20xx Trial Balance Adjusted Trial balance Debit Income Statement Debit Adjustments Balance Sheet Account Title Debit Credit Debit Credit Credit Credit Debit Credit cash accounts receivable nventor 48,591 99,571 22,729 8,070 26,220 aid insurance uipment accum de furniture accum de accounts payable interest payable salaries payable long term notes payable common stock dividend:s retained earnin Sales cost of goods sold 34,980 furn 5,115 2462 4,500 50,000 150,000 13,250 29,211 198,142 4,378 5,115 14,795 8,070 37,730 1,147 nse deprec expense - furn insurane expense interest expense rent expense nse Salaris expnse 2,688 17,898 745,904 nse utilities 745,90 net income worksheet December 31st Adjusting Entries 1 Supplies on hand at the end of December were $19,551 2 Purchased $10,540 worth of inventory with a $2,540 cash down payment 3 Total cash payments for December salaries were $16,210 4 At the end of the month, $779 in salaries were earned but not yet paicd 5 Account for one more month of depreciation expense for both fixed assets note: assume no assets were purchased or disposed of during the year 6 The note payable is at 6.0% and matures in three years, account for one additional month's expense to be paid at maturity 7 Account for one more month of rent paid in cash 8 Account for one more month of insurance expense 9 Utilities for December were $2,242 paid in cash 10 Sales for December were $45,630 for merchandise that had cost $18,718; 40.0% of those sales were paid in cash and the balance were credit sales note: no recurring expenses changed during the year Reauirements 1 Prepare the adjusting entries and post only to affected ledgers 2 Apply adjustments and complete the worksheet 3 Prepare the financial statements (not including Cash Flow) 4 Prepare the closing entries 5 Prepare the post-closing trial balance Worksheet for XYZ Corporation As of 11-30-20xx Trial Balance Adjusted Trial balance Debit Income Statement Debit Adjustments Balance Sheet Account Title Debit Credit Debit Credit Credit Credit Debit Credit cash accounts receivable nventor 48,591 99,571 22,729 8,070 26,220 aid insurance uipment accum de furniture accum de accounts payable interest payable salaries payable long term notes payable common stock dividend:s retained earnin Sales cost of goods sold 34,980 furn 5,115 2462 4,500 50,000 150,000 13,250 29,211 198,142 4,378 5,115 14,795 8,070 37,730 1,147 nse deprec expense - furn insurane expense interest expense rent expense nse Salaris expnse 2,688 17,898 745,904 nse utilities 745,90 net income worksheet
