Answered step by step
Verified Expert Solution
Question
1 Approved Answer
May's Retail Stores Work Sheet For Year Ended December 31, 2019 Unadjusted Adjusted 101 Cash 215,000 215,000 126 Marketable Securities 43,000 43,000 127 Inventory 41,000
May's Retail Stores | |||||||||
Work Sheet | |||||||||
For Year Ended December 31, 2019 | |||||||||
Unadjusted | Adjusted | ||||||||
101 | Cash | 215,000 | 215,000 | ||||||
126 | Marketable Securities | 43,000 | 43,000 | ||||||
127 | Inventory | 41,000 | (a) | 13,000 | 28,000 | ||||
131 | Accounts Receivables | 29,000 | (b) | 4,300 | 33,300 | ||||
167 | Building | 500,000 | 500,000 | ||||||
168 | Accumulated depreciation - Building | 95,000 | (c) | 20,000 | 115,000 | ||||
176 | Land | 70,000 | 70,000 | ||||||
186 | Trademarks | 15,000 | 15,000 | ||||||
201 | Accounts payable | 65,000 | (d) | 34,300 | 99,300 | ||||
203 | Interest payable | 37,000 | 37,000 | ||||||
210 | Wages payable | (e) | 31,000 | 31,000 | |||||
251 | Long-term notes payable | 136,000 | 136,000 | ||||||
301 | Common Stock | 200,000 | 200,000 | ||||||
305 | Retained Earnings | 336,000 | 336,000 | ||||||
401 | Sales | 760,000 | (b) | 4,300 | 764,300 | ||||
501 | Cost of Goods Sold | 350,000 | (a) | 13,000 | 363,000 | ||||
612 | Depreciation expense | (c) | 20,000 | 20,000 | |||||
633 | Advertising expenses | 21,000 | (d) | 5,000 | 26,000 | ||||
637 | Insurance expense | (d) | 4,300 | 4,300 | |||||
640 | Rent expense | 21,000 | (d) | 1,000 | 22,000 | ||||
652 | Supplies expense | (d) | 3,000 | 3,000 | |||||
683 | Wages expense | 230,000 | (e) | 31,000 | 261,000 | ||||
684 | Interest expense | 50,000 | 50,000 | ||||||
686 | Repairs expense | 32,000 | 32,000 | ||||||
690 | Utilities expense | 12,000 | (d) | 21,000 | 33,000 | ||||
No. | Account Title | Trial Balance | Adjustments | Trial Balance | |||||
DR | CR | DR | CR | DR | CR | ||||
Totals | 1,330,000 | 1,629,000 | 102,600 | 89,600 | 1,432,600 | 1,718,600 | |||
Requirements: | |||||||||
1) Complete adjusted trial balance of worksheet | |||||||||
2) Use your completed worksheet to prepare (a) Income statement, (b) Statement of Owner's Equity and (c) balance sheet as of December 31, 2019. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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