First picture is the explanation of what you have to do. Second picture is the completed worksheet you can work off of. Third picture is the templates for the income statement, retained earnings, and balance sheet. They just need to be filled out. Please let me know if you need more information to complete this. Thanks in advance!
*updated picture of worksheet* where rent revenue was supposed to be expense
Here is the information for the adjusting journal entries and the completed adjusting journal entries. I hope this additional info helps. Let me know if you need any other information.
2. 12 Prepare a multiple-step income statement and statement of retained earnings for the year ended December 31, 2020. Example of these statements can be found in your text, see the Financial Reports ("2ToolBox4A.pdf" under Textbook Resources module in Canvas). 13 Prepare the classified balance sheet as of December 31, 2020. Adiunta Dr Ref Incomeasentament Dr Cr Cr Cr na dintre Dr Cr Ref 91,540 60,830 104 000 1,500 137.000 1000 21000 4) 190.000 Adana Dr 91 540 60830 104,000 9) 4) 3) 11,500 3,300 400 13 000 3300 400 3.300 137,000 1,600 24.300 190,000 Balance sheet Or Cr. 91,540 60,830 104,000 13,000 133700 1 200 24.300 190.000 48.000 380,000 180,000 12,000 21,000 31.500 12.000 47.000 2) 1,000 48000 380,000 180,000 380,000 180.000 1) 500 12.000 21.000 31500 12.000 5) 6) 31,500 6,000 8) 76 76 11,500 21000 0 6.000 0 0 8.200 45.000 200,000 300,000 DO 10) 2 Worksheet 3 4 5 0 Ace. Account Toes 1010 Cash 8 1020 Cash in Savings Account 1030 Accounts Receivable 10 1035 Allowance for Doubtl Accounts 1040 Merchandise Inventory 12 1050 Prepaid Insurance 13 1000 Supplies 1510 Office Equipment 15 1515 Accum. Depe Ottice Equip 18 1520 Land 17 1530 Building 18 1535 Accum Depo 19 2010 Accounts Payable 20 2020 Wages & Salaries Payable 21 2030 Uneamed Rent Revenue 22 2040 Interest Payable 23 2050 Income Taxes Payable 24 2500 Dividends Payable 25 2700 Notes Payable 26 2800 Mortgage Notes Payable 27 3000 Common Stock 28 3800 Retained Eamings 29 3900 Dividends 4010 Sales Revenge 31 4100 Sales Returns and Allowances 32 4150 Sales Discounts 5010 Cost of Goods Sold 34 6000 Wwge & Salary Expense 6010 Insurance Expense 6020 Units Expense 6030 Supplies Expense 6040 Depreciation Experse-Bid 39 6050 Depreciation Expense Eup 40 6060 Bad Debt Expense 41 7000 interest Expense 7100 Vest Revenue 43 7150 Rent Revenge 44 9000 Income Tax Expense Totals Net income Total 15.000 15.000 8200 45000 400.000 190.000 480,000 15,000 8.200 45,000 400 000 190,000 450,000 7) 200,000 14200 14200 14200 2,319,758 Page 21.200 17273 1.200.267 716 000 3200 70 220 20.000 5.500 11000 61 3) 31.500 400 21.200 17273 1200267 747 500 3,000 76,220 25 000 6000 12 000 11 500 2,319,758 21200 17273 1.200.267 747 500 3.600 76220 26.000 6.000 12 000 11.500 205 900 8.000 1000 24705518 24 1) 2) 91 7) 500 1000 11500 200 000 5,958 205.968 8) 76 500 6) 10) 6000 15 000 6.000 15.000 KER 2102 49 Ref Explanations 1) Building Depreciation 51 2) Equpment Depreciation 52 3) insurance 4 Supplies 5 Wages and Salaries 6) Rent Revenue 7) test Expense 8) Werest Payable 9) Bad Det Expense 10 income Tax For the Year Ended 2010 10 14 15 20 23 23 24 25 26 27 23 20 30 30 ST For the Yew 43 44 45 ASSETS SA 50 50 or 68 60 TO 71 72 73 74 Total 25 LABUTIES 89 81 15 Total Stochodes tout Nov. TB G1 G2 GL worksheet Rocky Ram, Inc. 2 Worksheet 12.3.2020 - Mantan Ant Dr. Ref Hart IR Dr. Ref Cr Cr 91.540 60.000 10400 91 540 50,830 104.000 1.500 13 000 4 3) 11,500 3.300 400 137.000 1600 21.000 190.000 4) 133.700 1,200 24 300 190,000 3.300 47.000 21 1000 48 000 380,000 180000 380.000 100 000 Tinna De C 91,540 801030 104.000 13.000 137000 3,300 1.600 400 24 300 190.000 48.000 380 000 180 000 12.000 21.000 31.500 12.000 78 15.000 8.200 45,000 400,000 10,000 450.000 14200 2,319,750 1) 11500 21.000 12.000 21.000 31.500 12.000 5) 6) 31 500 6.000 8,000 8) 16 76 10) 15.000 15.000 8.200 45,000 200 000 190 000 430 000 7 200 000 3.200 65,000 400,000 190,000 480,000 14,200 14.200 2.319.750 2.319 758 Ace Account des 1010 Cash 1020 Cash in Savings Account 1030 Accounts Receivable 10 1035 Allowance for Dost Accounts 1080 Merchandise Inventory 12 1060 Prepaid sunce 1000 Supplies 1510 Onice Equpment 15 1515 Accum Deprofice Equip 16 1520 Land 1530 Building 18 1535 Accum Depr. 19 2010 Accounts Payable 2000 Wages & Salones Payable 21 2000 Uneamed Rent Revence 22 2010 terest Payable 2050 Income Taxes Payable 24 2500 Dividends Payable 2700 Notes Payable 2800 Mortgage Notes Payable 3000 Common Stock 3800 Retained Earnings 3800 Dividends 4010 Sales Revenue 4100 Sales Returns and Allowances 4150 Sales Discounts 5010 Cost of Goods Sold 6000 Wage & Salary Expense 16 6010 Insurance Expense 6020 hits Expense 6030 Supplies Expense 6040 Depreciation Expense - Blog 6060 Deprecation 40 6060 Bad Debt Expense 41 7000 interest Expense 7100 interest Revenue 7150 Rent Expert 44 9000 Income Tax Expense 45 Net Income 41 Totals 49 40 Ref Explanation 1) Huilding Deprecon 2) Eament Depreciation 3 Insurance 4 Wages and Salaries 6) Rent Revenue 7) terest Expense 21,200 17273 1268207 3.200 76 220 20 000 716.000 31.00 400 12257 7470 37 300 21200 12273 12257 500 600 78.220 20 000 6.000 12.000 11 500 205 5.500 1) 500 28,000 6.000 12 000 11.000 0 5.950 $ 11.500 200,000 11.500 205950 76 900 63 10) 6.000 16.00 6.000 6,000 15.00 BARDO BROTHE 241.5 20 1172848 1.275,700 9) Bad Debt Expense 10 income Tax Rocky Ram, Inc. Information for Year End Adjusting Journal Entries December 31, 2020 1 The building (cost of $180,000) was purchased on January 1, 2019 and it is expected to have a useful life of 30 years with no salvage value. Depreciation expense has been recorded through November 30, 2020. 2 Office equipment (cost of $130,000) as of November 30, 2020 was purchased on January 1, 2015. The office equipment is expected to have a useful life of 10 years with $10,000 salvage value. Depreciation expense has been recorded through November 30, 2020. 3 Insurance in the amount of $4,800 was paid on April 1, 2020 covering the period of April 1, 2020 through March 31, 2021. The insurance expense and prepaid insurance accounts have been properly adjusted through November 30, 2020. 4 A December 31, 2020 count of supplies showed $3,300 of supplies remaining on hand. 5 Salaries earned but unpaid as of December 31, 2020 amount to $31,500. 6 The company has earned one of the three months rent previously received on December 1 from Bullwinkle Inc. 7 Interest at an annual rate of 3% is owed for the month of December 2020 on the Mortgage Note Payable due in 5 years (round interest to nearest whole dollar). 8 The savings account was opened on December 31, 2019. It earns interest at an annual rate of 1.5%, compounded monthly. Interest has been received and recorded through November 30, 2019. The bank notified the company that interest for the month of December was deposited in the savings account on December 31, 2020 (round interest to the nearest dollar). 9 Uncollectible accounts are expected to be $11,500 based on net sales. 10 Income taxes owed for the year amounted to $15,000. e hulu X 1 Cell Styles Styles Ideas F38 B D E Rocky Ram, Inc. Adjusting Journal Entries F Page 3 Credit Trans. AJ1 Account Name Depreciation Expense-Building Accumulated Depreciation-Building Acct. Ref. Number 6040 1535 Debit 500 500 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 AJ2 1,000 Depreciation Expense- Equipment 6050 Accumulated Depreciation - Office Equip 1515 1,000 AJ3 400 6010 1050 400 Insurance Expense Prepaid Insurance Supplies Merchandise Inventory AJ4 3,300 1060 1040 3,300 AJ5 31,500 Wages and Salaries Expense Wages and Salaries Payable 6000 2020 31,500 AJE Rent Revenue Unearned Rent Revenue 7150 2030 6,000 6,000 AJ7 200,000 Interest Expense Mortgage Note Payable 7000 2800 200,000 AJ8 76 Interest Payable Interest Revenue 2040 7100 76 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 AJ9 11,500 Bad Debt Expense Allowance of Doubtful Accounts 6060 1035 11,500 AJ10 Income Tax Expense Income Tax Payable 9000 2050 15,000 15,000
