I am having trouble figuring out the journal entry

AutoSave On us Heald Jessica_App5_Acct Cy... Last Modified: Mon at 9:04 PM - Search (Alt+Q) Heald, Jessica HJ File Home Insert Page Layout Formulas Data Review View Developer Help Power Pivot Comments Share Calibri General === Insert ab 11 Y Y 47 o e $ % ) Delete Paste U y y A A. Conditional Formatting Format as Table Cell Styles Styles + o Y Sort & Find & Filter - Select 0 Analyze Sensitivity Data Analysis Sensitivity 60 .00 Format Cells Undo Clipboard Font Alignment Number Editing 0 P Q R s T U V W X Y Z 4. D51 IX fx A B C D E F G H | J K L M N APPLICATION ASSIGNMENT #5- ACCT305 (Accounting Cycle) 3 Students - For this application assignment, you are going to complete a Worksheet, Income Statement, Statement of Retained Earnings, and Balance Sheet. You are to use the worksheet to prepare 5 the adjusting entries, statement information, closing entries, and post-closing trial balance. 6 Use cell references, formulas, and summation functions where applicable and appropriate. 7 Specific instructions are outlined below. 9 Instructions: 9 : 1. KJW has a fiscal year end of June 30. Journalize the following adjusting entries for 6/30/20 in the Journal and then transfer to the worksheet in the appropriate Adjusting Entries column. (provide 10 descriptions of the entries for a complete journal entry) Keep everyting in whole dollars. 11 a) The company estimates uncollectible accounts using the % of receivables' allowance method. 12 As of June 30th, the company estimates that 5% of the accounts receivable balance 13 13 s uncollectible. (HINT: Be sure to account for what is already in the Allowance account) b) Supplies on hand are determined to be $ 2,700 15 c) 40% of the Prepaid Insurance balance has expired as of June 30. 16 d) The Prepaid Rent balance represents 6 months of rent expense. Those months include 17 May through October 2020. Adjust accordingly for June 30. 9.00 18 e) Depreciation of assets is recognized as follows for the year end: 19 Buildings - $6,000 it ca 600 20 Equipment - $5,500 21 f) Invoices for utilities expenses of $875 have been received related to June 22 9) Employees working the last 3 business days of June will be paid in July. The daily expense 23 for employee wages is $850. (Ignore payroll tax expenses) 24 h) 40% of the unearned revenue has been earned as of June 30. 25 i) The interest rate on the Mortgage Payable is 6%. Interest expense was last updated 12/31/19. 2. I Indata tha Adincted Trial Balance columns in the worksheet Make sure your car the correct Instructions Journal | Worksheet Income Statement Statement of Retained Earnings Ready EO 14 20 Bala ... + 80% 7:25 PM 12/2/2021 AutoSave On us Heald Jessica_App5_Acct Cy... Last Modified: Mon at 9:04 PM - Search (Alt+Q) Heald, Jessica HJ File Home Insert Page Layout Formulas Data Review View Developer Help Power Pivot Comments Share X Calibri General === Insert ab 11 Y Y 47 o e $ % ) 9. Delete 0 Analyze Sensitivity Data Paste BI U y ..... y A Conditional Formatting F Format as Table Cell Styles Styles E Y Sort & Find & Filter - Select 60 .00 Y Format Cells Undo Clipboard Font Alignment Number Editing Analysis Sensitivity D51 . M N 0 P Q R S T U V w Y Z B 2. IX fx C D E FIGHT J J Update the Adjusted Trial Balance columns in the worksheet. Make sure you carry the correct debit/credit columns across. Use references and formulas to create the adjusted balances. 27 20 3. Carry over the applicable balances to the Income Statement and Balance Sheet columns. Remember the difference in de bits/credits will be the Net Income - which should be added to the bottom of the worksheet columns for each. . 29 4 Use the other provided blank worksheets to prepare, in proper format, the Income Statement, Statement of Retained Earnings, and classified Balance Sheet for the period ending. Formatting and labeling should be appropriate, consistent, and user-friendly. (USE Spellcheck for each worksheet) Please refer to examples in the book if you question titles and classifications. **Note that $9,000 of the Mortgage Payable is due December 1, 2020 31 32 15. Write up the closing journal entries in the Journal and transfer to the Worksheet. Remember, all temporary accounts are closed during this process. There are four journal entries involved. 33 35 6. Carry over the balances, after closing entries, to the Post Closing Trial Balance on the worksheet. Only permanent accounts should have balances. Insert rows, if needed, for the Retained Earnings entries. Complete these requirements and rename the application file as directed. Attach the completed file to the assignment link in Canvas by the due date. 37 38 39 40 41 42 43 44 45 CHECK FIGURES: Total debit/credit amount for adjusting journal entries 54,625 Adjusted Trial Balance debit/credit total 1,129,125 Net Income 174,575 Total Assets on the Balance Sheet 816,900 Instructions Income Statement Journal | Worksheet Statement of Retained Earnings Bala ... + Ready + 80% 7:25 PM 12/2/2021 AutoSave On us Heald Jessica_App5_Acct Cy... Last Modified: Mon at 9:04 PM - Search (Alt+Q) Heald, Jessica HJ File Home Insert Page Layout Formulas Data Review View Developer Help Power Pivot Comments Share X Calibri General Insert === v ab 11 Y Y Conditional Formatting Format as Table 0 47 o $ % ) 2 Delete Paste U y A A. v Y Sensitivity E Sort & Find & Filter Select Analyze Data 60 .00 Format Y Cell Styles Styles Undo Clipboard Font Alignment Number Cells Editing Analysis Sensitivity E47 IX fx A B C D E F G H J K I. M N 0 P P 4 Trial Balance Db. Cr. Adjusting Entries Db Cr. Adjusted Trial Balance Db. Cr. Income Statement Db. Cr. Balance Sheet Db. Cr. 5 Account Titles Ref Ref Ref 6 7 48,600 62,000 850 8 9 10 11 15,300 32,000 21,000 75,000 160,000 12 13 14 40,000 15 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Prepaid Rent Land Buildings Accum. Depreciation-Bldgs. Equipment Accum. Depreciation-Equip. Goodwill Patents Accounts Payable Unearned Revenue Interest Payable Salaries and Wages Payable Mortgage Payable Common Stock ($1 par) 90,000 45,000 16 17 380,000 65,000 18 33,400 9,250 19 20 21 22 23 24 45,000 100,000 oroon Income Statement ............. -:-:- Instructions Journal Worksheet Statement of Retained Earnings | Bala ... + Ready TO 3 + 100% (1) 15 7:24 PM 12/2/2021 AutoSave On us Heald Jessica_App5_Acct Cy... Last Modified: Mon at 9:04 PM - Search (Alt+Q) Heald, Jessica HJ File Home Insert Page Layout Formulas Data Review View Developer Help Power Pivot Comments Share Calibri General Insert === v ab 11 Y Y Y o $ % ) 2 Delete FO. Analyze Sensitivity Data Paste U y y A Conditional Formatting Format as Table Cell Styles Styles E Y Sort & Find & Filter - Select 60 .00 Format Y Undo Clipboard Font Alignment Number Cells Editing Analysis Sensitivity E47 IX fx D E F G I J K L M N 0 P 26 15,000 443,600 27 28 29 30 31 368,500 2,800 95,100 21,400 7,200 32 33 A B C Dividends Retained Earnings Income Summary Sales Revenue Supplies Expense Salaries and Wages Expense Maint. and Repairs Expense Advertising Expense Depreciation Expense Bad Debt Expense Utilities Expense Rent Expense Insurance Expense Interest Expense Totals Net Income Totals 34 35 36 16,800 37 38 39 3,400 1,110,600 40 1,110,600 41 42 43 44 45 46 Instructions Journal Worksheet Income Statement Statement of Retained Earnings | Bala ... + Ready TO + 100% (1) 15 7:24 PM 12/2/2021