Fe Home Insert Page Layout Formules Date View Help Acrobat Tell me what you want to de PROIECTED VIEW Scanner you need to doted in Enablediting H 15 3. Answer these questions D G 1 P 1. Make adjusting entries in the journal (rounding to the nearest dollar) the information below: A physical count of inventory revealed S$10,020.00 of inventory A physical count of supplies revealed $7222.00 of supplies Depreciation for the year was $24,005 5 The balance in president represents an amount paid Decast for one year 5 Even though the notes receivable aren't due until Apeil 30 2019 they will include interest. The Dec. 31 balance represents a 6 month note originating on Nov. 1st 2018 Dec 31st is a Thursday and $11,000 of salaries for five day workweek are paid every Friday 2. On the designated pages, make an Adjusted Trial Balance and then create Financial Statements for 2018 (note withdrawals of $50,000 were taken during the year) L. Are these questions How would the financial statements be differenti Ceach of these scenenios are independent): assets liabilities retained eaming We had missed counting incoming inventory of $1,200 12 We had forgotten to record depreciation We had forgotten to count supplies 75 The bookkeeper had thought the SALO00 ved 12-1 was for past services instead of services to be performed in January The bookkoper wasn't aware that the note payable includes interest to be paid at maturity calculated on the average balance 17 record how much the slibilities, and retained earnings would change and indicate the direction of change with or so that a poitive number would indicate it is too high by the amount and a negative number indicates it is too low by that amount) How would the financial statements be different it all of the scretis happened in 2018? 20 21 110 11 TA 19 72 24 DB 39 2.0 31 Hints Use features of Excel to make your work easier 30 26 20 41 Instructions inte 1:1-1 Bence Shed 20 minument $45,559.00 $4,690.00 $4,258.00 $459,871.00 $2,000.00 $88,331.00 $252,845.00 -$157,000.00 1 Mom & Pop 2 Balance Sheet 3 1/1/2018 4 Current assets 5 Cash 6 Accounts receivable 7 Office Supplies 8 Inventory 9 Pre-paid rent 10 Notes Rec 11 Fixed assets 12 Building 13 (Less Accumulated Depreciation) 14 Furniture 15 Equipment 16 Land 17 Total assets 18 Current liabilities 19 Salaries Payable 20 Accounts payable 21 Long term liabilities 22 Notes Payable 23 Total Liabilities 24 Owner's Equity 25 Total Liabilities and Equity 26 27 28 29 30 $95,845.00 $5,000.00 $56,000.00 $42,000.00 $803,554.00 $3,000.00 $88,437.00 $456,286.00 $547,723.00 $255,831.00 $803,554.00 31 32 33 34 35 36 37 38 B D E 1 N Mom & Pop UNADJUSTED TRIAL BALANCE 3 12/31/18 4 Cash 5 Accounts receivable 6 Office Supplies 7 Inventory 8 Pre-paid rent 9 Building 10 Accumulated Depreciation 11 Furniture 12 Equipment 13 Notes Rec 14 Land 15 Salaries Payable 16 Accounts payable 17 Notes Payable 18 Owner's Equity 19 Sales Revenue 20 COGS 21 Salaries Expense 22 Rent Expense 23 24 25 26 27 28 DR CR $7,255.00 $1,258.00 $11,487.00 $441,742.00 $4,000.00 $252,845.00 $157,000.00 $9,000.00 $62,000.00 $81,612.00 $42,000.00 $5,000.00 $83,125.00 $440,035.00 $205,831.00 $163,208.00 $81,000.00 $42,000.00 $18,000.00 $1,054,199.00 $1,054,199.00 29 I Financ File Home Insert Page Layout Formulas Data View Help Acrobat Tell me what you want to do PROTECTED VIEW Be careful-Files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View Enable Edit 42 F G H D Credits Date Accounts Debits 5 22 0 1 2 3 4 15 16 17 18 19 20 11 22 23 24 25 26 27 29 30 32 33 34 35 37 18 39 10 41 Instructions and 1.1.18 Balance Sheet 12-31-10 Unadjusted Trial Bal Journal 12-11-10 Adjusted Trial Fe Home Insert Page Layout Formules Date View Help Acrobat Tell me what you want to de PROIECTED VIEW Scanner you need to doted in Enablediting H 15 3. Answer these questions D G 1 P 1. Make adjusting entries in the journal (rounding to the nearest dollar) the information below: A physical count of inventory revealed S$10,020.00 of inventory A physical count of supplies revealed $7222.00 of supplies Depreciation for the year was $24,005 5 The balance in president represents an amount paid Decast for one year 5 Even though the notes receivable aren't due until Apeil 30 2019 they will include interest. The Dec. 31 balance represents a 6 month note originating on Nov. 1st 2018 Dec 31st is a Thursday and $11,000 of salaries for five day workweek are paid every Friday 2. On the designated pages, make an Adjusted Trial Balance and then create Financial Statements for 2018 (note withdrawals of $50,000 were taken during the year) L. Are these questions How would the financial statements be differenti Ceach of these scenenios are independent): assets liabilities retained eaming We had missed counting incoming inventory of $1,200 12 We had forgotten to record depreciation We had forgotten to count supplies 75 The bookkeeper had thought the SALO00 ved 12-1 was for past services instead of services to be performed in January The bookkoper wasn't aware that the note payable includes interest to be paid at maturity calculated on the average balance 17 record how much the slibilities, and retained earnings would change and indicate the direction of change with or so that a poitive number would indicate it is too high by the amount and a negative number indicates it is too low by that amount) How would the financial statements be different it all of the scretis happened in 2018? 20 21 110 11 TA 19 72 24 DB 39 2.0 31 Hints Use features of Excel to make your work easier 30 26 20 41 Instructions inte 1:1-1 Bence Shed 20 minument $45,559.00 $4,690.00 $4,258.00 $459,871.00 $2,000.00 $88,331.00 $252,845.00 -$157,000.00 1 Mom & Pop 2 Balance Sheet 3 1/1/2018 4 Current assets 5 Cash 6 Accounts receivable 7 Office Supplies 8 Inventory 9 Pre-paid rent 10 Notes Rec 11 Fixed assets 12 Building 13 (Less Accumulated Depreciation) 14 Furniture 15 Equipment 16 Land 17 Total assets 18 Current liabilities 19 Salaries Payable 20 Accounts payable 21 Long term liabilities 22 Notes Payable 23 Total Liabilities 24 Owner's Equity 25 Total Liabilities and Equity 26 27 28 29 30 $95,845.00 $5,000.00 $56,000.00 $42,000.00 $803,554.00 $3,000.00 $88,437.00 $456,286.00 $547,723.00 $255,831.00 $803,554.00 31 32 33 34 35 36 37 38 B D E 1 N Mom & Pop UNADJUSTED TRIAL BALANCE 3 12/31/18 4 Cash 5 Accounts receivable 6 Office Supplies 7 Inventory 8 Pre-paid rent 9 Building 10 Accumulated Depreciation 11 Furniture 12 Equipment 13 Notes Rec 14 Land 15 Salaries Payable 16 Accounts payable 17 Notes Payable 18 Owner's Equity 19 Sales Revenue 20 COGS 21 Salaries Expense 22 Rent Expense 23 24 25 26 27 28 DR CR $7,255.00 $1,258.00 $11,487.00 $441,742.00 $4,000.00 $252,845.00 $157,000.00 $9,000.00 $62,000.00 $81,612.00 $42,000.00 $5,000.00 $83,125.00 $440,035.00 $205,831.00 $163,208.00 $81,000.00 $42,000.00 $18,000.00 $1,054,199.00 $1,054,199.00 29 I Financ File Home Insert Page Layout Formulas Data View Help Acrobat Tell me what you want to do PROTECTED VIEW Be careful-Files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View Enable Edit 42 F G H D Credits Date Accounts Debits 5 22 0 1 2 3 4 15 16 17 18 19 20 11 22 23 24 25 26 27 29 30 32 33 34 35 37 18 39 10 41 Instructions and 1.1.18 Balance Sheet 12-31-10 Unadjusted Trial Bal Journal 12-11-10 Adjusted Trial