Answered step by step
Verified Expert Solution
Question
1 Approved Answer
*I AM NOT GETTING THE SAME TOTAL FOR MY ADJUSTMENTS. SO SOMETHING IN MY JOURNAL ENTRIES IS INCORRECT BUT I DON'T KNOW WHICH PART OF
*I AM NOT GETTING THE SAME TOTAL FOR MY ADJUSTMENTS. SO SOMETHING IN MY JOURNAL ENTRIES IS INCORRECT BUT I DON'T KNOW WHICH PART OF IT IS INCORRECT. I'm getting answers that I needed to put amounts into a Bank A/C but I do not have the account title in my trial balance so please don't give me account titles that I don't have on my given trial balance sheet because I am not allowed to add my own account titles. Please help
1 | supplies at the end of December were $19,551 | ||||||||
2 | purchased $10,540 worth of inventory with $2,540 cash down payment | ||||||||
3 | total cash payments for wages in December were $16,210 | ||||||||
4 | at the end of the month, $779 in wages were earned but not yet paid | ||||||||
5 | account for depreciation expense -- equipment for December | ||||||||
6 | account for depreciation expense -- furniture for December | ||||||||
7 | the note payable is 6.0% and the term is for 3 years; account for one | ||||||||
additional month's expense to be paid at maturity | |||||||||
8 | account for one additional month of rent paid for in cash | ||||||||
9 | account for one additional month of insurance expense | ||||||||
10 | sales for December were $45,630 for merchandise that cost $18,718; | ||||||||
40% of those sales were paid for in cash, the balance were credit sales |
Trial Balance | ||
Account Title | Debit | Credit |
cash | 48,591 | |
accounts receivable | 31,634 | |
inventory | 99,571 | |
supplies | 22,729 | |
prepaid insurance | 8,070 | |
equipment | 26,220 | |
accum deprec -- equip | 6,766 | |
furniture | 34,980 | |
accum deprec -- furn | 1,395 | |
accounts payable | 2,752 | |
interest payable | 4,500 | |
rent payable | 3,430 | |
wages payable | ||
long term notes payable | 50,000 | |
capital | 150,000 | |
drawing | 13,250 | |
retained earnings | 29,211 | |
sales | 497,850 | |
cost of goods sold | 198,142 | |
deprec expense - equip | 4,378 | |
deprec expense - furn | 5,115 | |
wages expense | 170,896 | |
interest expense | 8,070 | |
insurance expense | 14,795 | |
rent expense | 37,730 | |
supplies expense | 2,688 | |
repairs expense | 1,147 | |
utlilities expense | 17,898 | |
net income | ||
745,904 | 745,904 | |
MY JOURNAL ENTRIES:
1 | Supplies expense | 3178 | |
Supplies | 3178 | ||
2 | Inventory | 10540 | |
Cash | 2540 | ||
Accounts Payable | 8000 | ||
3 | Wages expense | 16210 | |
Cash | 16210 | ||
4 | Wage Expenses | 779 | |
Wages Payable | 779 | ||
5 | Depreciation Expense -Equip | 365 | |
Acccumulated Depreciation - Equip | 365 | ||
6 | Depreciation Expense-furn | 426 | |
Accumulated Depreciation - Furniture | 426 | ||
(Being depreciation expense accounted) | |||
7 | Interest Exp | 250 | |
Interest Payable | 250 | ||
8 | Rent Expense | 3144 | |
Cash | 3144 | ||
9 | Insurance Expense | 1233 | |
Cash | 1233 | ||
10 | Cash | 18252 | |
Accounts Receivable | 27378 | ||
Sales | 45630 | ||
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started