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GENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Date Description May 31Balance Jun 30Total from cash receipts journal Jun 30Total from cash payments journal Jun 30Interest received from the bank Jun 30Not-Sufficient-Funds (NSF) check Jun 30Bank service charge Jun 30 Ref. Debit Credit CRJ 119,159 CPJ 42,907 GJ 600 GJ 1,700 GJ 10 Balance Balance 71,346 DR 190,505 DR 147,598 DR 148,198 DR 146,498 DR 146,488 DR 146,488 DR Account: ARC Accounts Receivable Control Account No. 110 Date Description May 31Balance Jun 20Sales return from Croquet and Cricket Jun 30Total from sales journal Jun 30Total from cash receipts journal Jun 30Not-Sufficient-Funds (NSF) check Jun 30 Ref. Debit Credit GJ 656 SJ 68,576 CRJ 30,144 GJ 1,700 Balance Balance 32,321 DR 31,665 DR 100,241 DR 70,097 DR 71,797 DR 71,797 DR Account: Merchandise Inventory Account No. 120 Date Description May 31Balance Jun 20Sales return from Croquet and Cricket Jun 28Purchase return to Sports 'R Us Jun 30Total from sales journal Jun 30Total from purchases journal Jun 30Total from cash receipts journal Jun 30Total from cash payments journal Jun 30 Ref. Debit Credit GJ 368 GJ 1,600 SJ 37,760 PJ 21,720 CRJ 23,384 CPJ 1,440 Balance Account: Office Supplies Account No. 130 Date Description May 31Balance Jun 1Cash purchase Jun 30 Ref. Debit Credit CPJ 334 Balance Balance 2,515 DR 2,849 DR 2,849 DR Account: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit May 31Balance Jun 1Prepaid rent CPJ 8,300 Jun 30 Balance Account: Prepaid Advertising Account No. 141 Balance 0 8,300 DR 8,300 DR Balance 71,224 DR 71,592 DR 69,992 DR 32,232 DR 53,952 DR 30,568 DR 32,008 DR 32,008 DR Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 9,000 DR 9,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 5,000 DR 5,000 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 7,000 DR 7,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 1,875 CR 1,875 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 46,000 DR 46,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 16,420 CR 16,420 CR Account: APC Accounts Payable Control Account No. 210 Date Description May 31Balance Jun 28Purchase return to Sports 'R Us Jun 30Total from purchases journal Jun 30Total from cash payments journal Jun 30 Ref. Debit Credit GJ 1,600 PJ 21,720 CPJ 18,991 Balance Account: Wages Payable Account No. 220 Date Description May 31Balance Jun 4Paid staff wages Jun 30 Account: Electricity Payable Account No. 221 Ref. Debit Credit CPJ 1,110 Balance Balance 1,110 CR 0 0 Balance 47,634 CR 46,034 CR 67,754 CR 48,763 CR 48,763 CR Date Description May 31Balance Jun 3Paid electricity bill Jun 30 Ref. Debit Credit CPJ Balance 805 CR 62 CR 62 CR 743 Balance Account: Water Payable Account No. 222 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 117 CR 117 CR Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Bank Loan Payable Account No. 250 Date Description May 31Balance Jun 1Loan from MRMC Bank Jun 30 Ref. Debit Credit CRJ Balance 0 44,000 CR 44,000 CR 44,000 Balance Account: Common Stock Account No. 300 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 45,000 CR 45,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 131,445 CR 131,445 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Sales Revenue Account No. 400 Date Description May 31Balance Jun 30Total from sales journal Jun 30Total from cash receipts journal Jun 30 Account: Sales Returns and Allowances Account No. 401 Ref. Debit Credit SJ CRJ 68,576 45,280 Balance Balance 0 68,576 CR 113,856 CR 113,856 CR Date Description May 31Balance Jun 20Sales return from Croquet and Cricket Jun 30 Ref. Debit Credit GJ Balance 0 656 DR 656 DR 656 Balance Account: Sales Discounts Account No. 402 Date Description May 31Balance Jun 30Total from cash receipts journal Jun 30 Ref. Debit Credit CRJ Balance 0 265 DR 265 DR 265 Balance Account: Interest Revenue Account No. 403 Date Description May 31Balance Jun 30Interest received from the bank Jun 30 Ref. Debit Credit GJ Balance 0 600 CR 600 CR 600 Balance Account: Cost of Goods Sold Account No. 500 Date Description May 31Balance Jun 20Sales return from Croquet and Cricket Jun 30Total from sales journal Jun 30Total from cash receipts journal Jun 30 Ref. Debit Credit Balance 0 368 CR 37,392 DR 60,776 DR 60,776 DR GJ 368 SJ 37,760 CRJ 23,384 Balance Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Wages Expense Account No. 516 Date Description May 31Balance Jun 30Total from cash payments journal Jun 30 Ref. Debit Credit Balance 0 7,089 DR 7,089 DR CPJ 7,089 Balance Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Water Expense Account No. 542 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit May 31Balance Jun 30Owner salary CPJ 4,900 Jun 30 Balance Balance 0 4,900 DR 4,900 DR Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit May 31Balance Jun 30 Balance Balance 0 0 Account: Admin. Expense Bank Charges Account No. 572 Date Description May 31Balance Jun 30Bank service charge Jun 30 Ref. Debit Credit GJ 10 Balance Balance 0 10 DR 10 DR Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for The Adrenaline Hut. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for The Adrenaline Hut in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $7,000, estimated useful life was 4 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Office Equipment owned by the business: original purchase price was $46,000, estimated useful life was 11 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. The water usage for the month of June is estimated to be $116. The estimated electricity payable as at the end of June is $268. Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are estimated to have been $310 per day. Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $220. Office supplies totaling $2,251 are still on hand at June 30. One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two month's worth of rent in advance. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. After taking a physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Complete all columns in the worksheet. To do this, you need to use the account balances provided in the general ledger to fill out the Unadjusted Trial Balance columns. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full. Information from previous pages General instructions Policies and procedures All transactions Adjusting entries information Trial balance - May Schedules of accounts - May Inventory cards - May Bank reconciliation - May Bank statement - June Journals and ledgers instructions Inventory cards instructions Inventory cards - June Special printing information Cash journals General ledger pre adjusting Subsidiary ledgers pre adjusting 36274235514298 NOANSWER (Q=831.worksheetQuestion) The Adrenaline Hut Worksheet For the month ended June 30, 2015 Ac ct. No. 100 Cash NOANSWER 110 ARC - Accounts Receivable Control 60394212712009 NOANSWER 120 Merchandise Inventory 38408100495079 NOANSWER 130 Office Supplies 50911435377214 NOANSWER Adjustments Adjusted Trial Balance Debit Account Name Unadjusted Trial Balance Debit Debit Credit Credit Credit Income Statement Debit Credit Balance Sheet Debit Credit 140 Prepaid Rent 56357778931590 NOANSWER 141 Prepaid Advertising 87335544573379 NOANSWER 142 Prepaid Insurance 97794604514802 NOANSWER 150 Office Furniture 29640636262830 NOANSWER 151 Accum Depn: Office Furniture 96892375405156 NOANSWER 160 Office Equipment 60578323582598 NOANSWER 161 Accum Depn: Office Equipment 53006858956063 NOANSWER 210 APC - Accounts Payable Control 63531210875069 NOANSWER 220 Wages Payable 73854903623442 NOANSWER 221 Electricity Payable 40089260906666 NOANSWER 222 Water Payable 43779996884083 NOANSWER 225 Interest Payable 56009690607072 NOANSWER 250 Bank Loan Payable 13432222062139 NOANSWER 300 Common Stock 31567462536644 NOANSWER 301 Retained Earnings 67830025285685 NOANSWER 400 Sales Revenue 06066799561233 NOANSWER 401 Sales Returns and Allowances 63611441063790 NOANSWER 402 Sales Discounts 01331923069293 NOANSWER 403 Interest Revenue 69903428297144 NOANSWER 500 Cost of Goods Sold 56330990783224 NOANSWER 511 Advertising Expense 91696058330473 NOANSWER 516 Wages Expense 34463858635212 NOANSWER 540 Rent Expense 82912797584279 NOANSWER 541 Electricity Expense 16945655353990 NOANSWER 542 Water Expense 64158689727252 NOANSWER 543 Insurance Expense 31961204188657 NOANSWER 544 Office Supplies Expense 27042384723041 NOANSWER 545 Salary Expense 19543087264849 NOANSWER 560 Depn Expense: Office Furniture 93303038853117 NOANSWER 561 Depn Expense: Office Equipment 21439226340662 NOANSWER 571 Interest Expense 95797048394154 NOANSWER 572 Admin. Expense Bank Charges 63755041025269 58462884566246 NOANSWER NOANSWER Totals Net income or loss Totals