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Displayed below is the Trial Balance section of a ten-column worksheet. Ten-column Worksheet: 1. The physical merchandise inventory is $91,000. 2. The physical inventory of
Displayed below is the Trial Balance section of a ten-column worksheet. Ten-column Worksheet:
1. The physical merchandise inventory is $91,000. 2. The physical inventory of supplies is $21,000. 3. The expired insurance is $570.00. Instructions: 1. Make the appropriate adjustment entries. 2. Update the amounts in the Adjusted Trial Balance, Income Statement, and Balance Sheet sections of the worksheet. so confused
Please help fill this out so confused
10 Column Worksheet | |||||||||||
Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | |||||||
Acc. No. | Account Name | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
101 | Cash in Bank | 126,475.00 | |||||||||
115 | Accounts Receivable | 67,970.00 | |||||||||
125 | Merchandise Inventory | 91,975.00 | |||||||||
130 | Supplies | 21,845.00 | |||||||||
135 | Prepaid Insurance | 2,280.00 | |||||||||
140 | Delivery Equipment | 10,900.00 | |||||||||
145 | Office Equipment | 14,590.00 | |||||||||
150 | Store Equipment | 15,550.00 | |||||||||
201 | Accounts Payable | 11,210.00 | |||||||||
204 | Federal Corporation IT Payable | 350.65 | |||||||||
205 | Employee Federal IT Payable | 614.55 | |||||||||
211 | Employee State Income Tax Payable | 775.22 | |||||||||
212 | Social Security Tax Payable | 858.76 | |||||||||
213 | Medicare Tax Payable | 527.75 | |||||||||
214 | Federal Unemployment Tax Payable | 264.32 | |||||||||
215 | Stae Unemployment Tax Payable | 653.67 | |||||||||
216 | Hospital Insurance Payable | 329.78 | |||||||||
220 | Sales Tax Payable | 56,417.10 | |||||||||
301 | Capital Stock | 215,725.00 | |||||||||
305 | Retained Earnings | 18,338.20 | |||||||||
310 | Income Summary | ||||||||||
401 | Sales | 840,285.00 | |||||||||
405 | Sales Discounts | 4,750.00 | |||||||||
410 | Sales Return and Allowance | 5,280.00 | |||||||||
501 | Purchases | 683,500.00 | |||||||||
505 | Transportation, Inc. | 2,760.00 | |||||||||
510 | Purchases Discount | 1,920.00 | |||||||||
515 | Purchases Return and Allowance | 3,200.00 | |||||||||
601 | Advertising Expense | 10,500.00 | |||||||||
605 | Bank Card Fee Expenses | 850.00 | |||||||||
630 | Federal Corporation IT Expense | 392.00 | |||||||||
635 | Insurance Expense | 1,140.00 | |||||||||
650 | Maintenance Expense | 3,744.00 | |||||||||
655 | Miscellaneous Expense | 214.00 | |||||||||
657 | Payroll Tax Expense | 320.00 | |||||||||
660 | Rent Expense | 25,200.00 | |||||||||
665 | Salaries Expense | 60,700.00 | |||||||||
670 | Supplies Expense | 4,295.00 | |||||||||
680 | Utilities Expense | 1,760.00 | |||||||||
1,154,230.00 | 1,154,230.00 | ||||||||||
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