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Posted on Aug 31, 2024

I need to create a spreasheet and general journal The trial balance for the Basket Comer, a business owned by Linda Palermo is shown. Basket

I need to create a spreasheet and general journal image text in transcribed

The trial balance for the Basket Comer, a business owned by Linda Palermo is shown. Basket Corner UNADJUSTED TRIAL BALANCE December 31, 20- ACCOUNT TITLE DEBIT CREDIT 1 Cash 24,000.00 2 Accounts Receivable 16,800.00 90,000.00 5 Merchandise Inventory Estimated Returns Inventory 5 Supplies 3,840.00 9,600.00 6 Prepaid Insurance 6.480.00 7 Land 156,000.00 300,000.00 120,000.00 Building 9 Accumulated Depreciation-Building 10 Store Equipment 11. Accumulated Depreciation Store Equipment 12 Accounts Payable 1 Customer Refunds Payable 120,000.00 48,000.00 11 520.00 4,200.00 14 Wages Payable 15 Sales Tax Payable 7,080.00 16 Uneamed Rent Revenue 10,680.00 17 L Palermo, Capital 341,172.00 31,200.00 18 L Palermo, Drawing 19 Income Summary 20 Sales 630,168.00 21 Sales Retums and Allowances 17,400.00 22 Rent Revenue 23 Purchases 150,000.00 24 Purchases Returns and Allowances 1,680.00 25 Purchases Discounts 2,160.00 2,520.00 150,000.00 28 Freight-in 27 Wages Expense 23 Advertising Expense 29 Supplies Expense 30 Phone Expense 15,600.00 1,620.00 5. Utilities Expense -9.600.00 52 Insurance Expense 5 Depreciation Expense Building Instructions Depreciation Expense-Building 36 Depreciation Expense Store Equipment 35 Rent Expense 72,000.00 36 Totals 1176,660.00 1,176,660.00 Year-end adjustment information is provided below. (a, b) A physical count shows that merchandise inventory costing $102,000 is on hand as of December 31, 20- (a.de) Palermo estimates that customers will be granted $8,840 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $5,160 Supplies remaining at the end of the year. $3,060. (9) Unexpired insurance on December 31, 34.560 (h) Depreciation expense on the building for 20- 515,000 Depreciation expense on the store equipment for 20- 58,000 0 Unearned rent revenue as of December 31, 55,400. Wages earned but not paid as of December 31. 54,200 Required: 1. Complete the Adjustments columns 2. Complete the spreadsheet 3. Enter the adjustments in a general journal sored TEOAL BALANCE TRIAL BALANCE ARISTMENTS ADJUSTMENTS MISTE BALANCE ACCOUNT TITLE CREDIT DEBIT CREDIT BALANCE DENT 2400000 1680000 CREDIT Hendry ind is very DESIT 400.00 1.800.00 900.00 3,84000 9,800.00 6,480.00 156.000.00 W.00.00 90,000.00 134000 ed 156.000.00 300,000.00 cm Depending 120.000 120.000.00 18.000.00 11 Cybe 30000 10000 10600 172.00 31,200.00 Spreadsheet Le De Summary 65016800 and A 17,400.00 et leveur 150,000.00 Puustusando Purdues Discounts 168000 2,16000 2,520.00 150,000.00 15.000.00 pen things Scopes Expo Phone Expert 162000 960000 con peetuding 72.000.00 54176,56000 SL176.000.00 POST. REF. DEBIT CREDIT ACCOUNT TITLE DATE Adjusting Entries 2 90,000.00 5 Income Summary Merchandise Inventory Merchandise Inventory Income Summary Supplies Expense Supplies Insurance Expense Prepaid Insurance Deprecation Expense-Building Accumulated Depreciation-Building Depreciation Expense-Building Accumulated Depreciation Store Equipment Unearned Rent Revenue Rent Expense Wages Expense Wages Payable 10 13 3 14 11 Penel Spreadsheet General Journal DECISI 3 Accumulated Depreciation Store Equipment Uneared Rent Revenue 15 HE Rent Expense Wages Expense Wages Payable Freight-in 17 18 19 Land 20 Rent Expense 21 dod 21 Utilities Expense Advertising Expense The trial balance for the Basket Comer, a business owned by Linda Palermo is shown. Basket Corner UNADJUSTED TRIAL BALANCE December 31, 20- ACCOUNT TITLE DEBIT CREDIT 1 Cash 24,000.00 2 Accounts Receivable 16,800.00 90,000.00 5 Merchandise Inventory Estimated Returns Inventory 5 Supplies 3,840.00 9,600.00 6 Prepaid Insurance 6.480.00 7 Land 156,000.00 300,000.00 120,000.00 Building 9 Accumulated Depreciation-Building 10 Store Equipment 11. Accumulated Depreciation Store Equipment 12 Accounts Payable 1 Customer Refunds Payable 120,000.00 48,000.00 11 520.00 4,200.00 14 Wages Payable 15 Sales Tax Payable 7,080.00 16 Uneamed Rent Revenue 10,680.00 17 L Palermo, Capital 341,172.00 31,200.00 18 L Palermo, Drawing 19 Income Summary 20 Sales 630,168.00 21 Sales Retums and Allowances 17,400.00 22 Rent Revenue 23 Purchases 150,000.00 24 Purchases Returns and Allowances 1,680.00 25 Purchases Discounts 2,160.00 2,520.00 150,000.00 28 Freight-in 27 Wages Expense 23 Advertising Expense 29 Supplies Expense 30 Phone Expense 15,600.00 1,620.00 5. Utilities Expense -9.600.00 52 Insurance Expense 5 Depreciation Expense Building Instructions Depreciation Expense-Building 36 Depreciation Expense Store Equipment 35 Rent Expense 72,000.00 36 Totals 1176,660.00 1,176,660.00 Year-end adjustment information is provided below. (a, b) A physical count shows that merchandise inventory costing $102,000 is on hand as of December 31, 20- (a.de) Palermo estimates that customers will be granted $8,840 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $5,160 Supplies remaining at the end of the year. $3,060. (9) Unexpired insurance on December 31, 34.560 (h) Depreciation expense on the building for 20- 515,000 Depreciation expense on the store equipment for 20- 58,000 0 Unearned rent revenue as of December 31, 55,400. Wages earned but not paid as of December 31. 54,200 Required: 1. Complete the Adjustments columns 2. Complete the spreadsheet 3. Enter the adjustments in a general journal sored TEOAL BALANCE TRIAL BALANCE ARISTMENTS ADJUSTMENTS MISTE BALANCE ACCOUNT TITLE CREDIT DEBIT CREDIT BALANCE DENT 2400000 1680000 CREDIT Hendry ind is very DESIT 400.00 1.800.00 900.00 3,84000 9,800.00 6,480.00 156.000.00 W.00.00 90,000.00 134000 ed 156.000.00 300,000.00 cm Depending 120.000 120.000.00 18.000.00 11 Cybe 30000 10000 10600 172.00 31,200.00 Spreadsheet Le De Summary 65016800 and A 17,400.00 et leveur 150,000.00 Puustusando Purdues Discounts 168000 2,16000 2,520.00 150,000.00 15.000.00 pen things Scopes Expo Phone Expert 162000 960000 con peetuding 72.000.00 54176,56000 SL176.000.00 POST. REF. DEBIT CREDIT ACCOUNT TITLE DATE Adjusting Entries 2 90,000.00 5 Income Summary Merchandise Inventory Merchandise Inventory Income Summary Supplies Expense Supplies Insurance Expense Prepaid Insurance Deprecation Expense-Building Accumulated Depreciation-Building Depreciation Expense-Building Accumulated Depreciation Store Equipment Unearned Rent Revenue Rent Expense Wages Expense Wages Payable 10 13 3 14 11 Penel Spreadsheet General Journal DECISI 3 Accumulated Depreciation Store Equipment Uneared Rent Revenue 15 HE Rent Expense Wages Expense Wages Payable Freight-in 17 18 19 Land 20 Rent Expense 21 dod 21 Utilities Expense Advertising Expense