Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Cover 2 Cover. 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 Cover 2 Cover 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 $9,000, estimated useful life was 6 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 $51,000, estimated useful life was 10 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 $117 - The estimated electricity payable as at the end of the month is $434 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 une 30 inclusive) are estimated to have been $590 per day Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loarn is $200 Interest earned from short-term investments in ZNZ Bank for the month of June is $115 Office supplies totaling $2,450 are still on hand at June 30 - 15 days of rent remained pre-paid at the start of June 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 print the worksheet in full. to ensure you can GENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Description Date May 31 Balance Jun 30 Total from cash receipts journal Jun 30 Total from cash payments journal Jun 30 Interest received from the bank Jun 30 Not-Sufficient-Funds (NSF) check Jun 30 Bank service charge Jun 30 Balance Ref Debit Balance 73,154 DR 344,608 DR 228,975 DR 229,573 DR 212,573 DR 212,563 DR 212,563 DR CRJ 271,454 CPJ GJ GJ GJ 115,633 598 17,000 10 Account: Short-term Investments Account No. 102 Description Ref Credit Date May 31 Balance Jun 30 Balance Balance 23,000 DR 23,000 DR Account: Interest Receivable Account No. 112 Date May 31 Balance Jun 30 Balance Description Ref Credit Balance 0 Account: ARC Accounts Receivable Control Account No. 110 Description Date May 31 Balance Jun30 Total from sales journal Jun 30 Total from cash receipts journal Jun 30 Not-Sufficient-Funds (NSF) check Jun 30 Balance Ref Balance SJ CRJ GJ 66,026 DR 160,505 DR 72,796 DR 89,796 DR 89,796 DR 94,479 87,709 17,000 Account: Merchandise Inventory Account No. 120 Description Credit Balance Date May 31 Balance Jun 21 Purchase return to Polar Bear Books Jun30 Total from sales journal Jun 30 Total from purchases journal Jun 30 Total from cash receipts journal Jun 30 Total from cash payments journal Jun 30 Balance Ref Debit 115,840 DR 115,200 DR 70,580 DR 83,240 DR 18,240 DR 26,720 DR 26,720 DR 640 GJ SJ PJ CRJ CPJ 44,620 12,660 65,000 8,480 Account: Office Supplies Account No. 130 Date Description Ref Debit Credit Balance May 31 Balance Jun 30 Balance 3,266 DR 3,266 DR Account: Prepaid Rent Account No. 140 Date May 31Balance Jun 15 Prepaid rent Jun 30 Balance Description Ref, Credit Balance 1,600 DR 4,800 DR 4,800 DR CPJ 3,200 Account: Prepaid Advertising Account No. 141 Date Description Ref Debit Credit Balance May 31 Balance Jun 30 Balance 9,000 DR 9,000 DR Account: Prepaid Insurance Account No. 142 Date May 31 Balance Jun 30 Balance Description Ref Debit Credit Balance 2,500 DR 2,500 DR Account: Office Furniture Account No. 150 Date Description Ref Debit Credit Balance May 31 Balance Jun 30 Balance 9,000 DR 9,000 DR Account: Accum Depn : Office Furniture Account No. 151 Date May 31 Balance Jun 30 Balance Description Ref Debit Credit Balance 1,889 CR 1,889 CR Account: Office Equipment Account No. 160 Description Ref Credit Date May 31 Balance Jun 30 Balance Debit Balance 51,000 DR 51,000 DR Account: Accum Depn: Office Equipment Account No. 161 Description Ref Credit Date May 31 Balance Jun 30 Balance Balance 19,792 CR 19,792 CR Account: APC - Accounts Payable Control Account No. 210 Description Date May 31Balance Jun 21 Purchase return to Polar Bear Books Jun 30 Total from purchases journal Jun 30 Total from cash payments journal Jun 30 Balance Ref Debit Credit Balance 73,706 CR 73,066 CPR 85,726 CR 4,200 CR 4,200 CR 640 GJ PJ CPJ 12,660 81,526 count: Wages Payable Account No. 220 Ac Description Ref Credit Date May 31 Balance Jun4Staff wages Jun 30 Balance Balance 2,000 CR CPJ 2,000 0 Account: Electricity Payable Account No. 221 Description Ref Credit Date May 31 Balance Jun 13 Paid electricity bill Jun 30 Balance Balance 1,275 CR 51 CR 51 CR CPJ 1,224 Account: Water Payable Account No. 222 Date Description Ref Debit Credit Balance May 31 Balance Jun 30 Balance Account: Interest Payable 128 CR 128 CR Account No. 225 Date Description Ref Credit Balance May 31 Balance Jun 30 Balance Account: Sales Tax Payable 0 Account No. 240 Description Date May 31 Balance Jun30 Total from sales journal Jun 30 Total from cash receipts journal Jun 30 Balance Ref Credit Balance 15,775 CR 20,274 CR 27,119 CR 27,119 CR SJ 4,499 CRJ 6,845 Account: Interest Revenue Account No. 403 Date May 31 Balance Jun 30 Interestreceived from the bank Jun 30 Balance Ref Credit Balance GJ 598 598 CR 598 CR Account: Cost of Goods Sold Account No. 500 Description Date May 31 Balance Jun 30 Total from sales journal Jun 30 Total from cash receipts journal Jun 30 Balance Ref Credit Balance SJ 44,620 44,620 DR 109,620 DR 109,620 DR CRJ 65,000 Account: Advertising Expense Account No. 511 Date May 31 Balance Jun 30 Balance Description Ref Credit Balance 0 count: Wages Expense Account No. 516 Date May 31 Balance Jun 30 Total from cash payments journal Jun 30 Balance Description Credit Balance CPJ 13,803 13,803 DR 13,803 DR Account: Rent Expense Account No. 540 Description Credit Date May 31 Balance Jun 30 Balance Balance Account: Electricity Expense Account No. 541 Date Description Credit Balance May 31 Balance Jun 30 Balance Account: Water Expense 0 Account No. 542 Description Credit Date May 31 Balance Jun 30 Balance Balance 0 Account: Insurance Expense Account No. 543 Date May 31 Balance Jun 30 Balance Description Credit Balance 0 Account: Office Supplies Expense Account No. 544 Date Description Credit Balance May 31 Balance Jun 30 Balance Account: Salary Expense 0 Account No. 545 Description Credit Date May 31 Balance Jun 30Owner salary Jun 30 Balance Balance 0 5,400 DR 5,400 DR CPJ 5,400 Account: Depn Expense: Office Furniture Account No. 560 Date May 31 Balance Jun 30 Balance Description Credit Balance 0 Account: Depn Expense: Office Equipment Account No. 561 Date Description Ref Debit Credit Balance May 31 Balance Jun 30 Balance 0 Account: Interest Expense Account No. 571 Description Ref Date May 31 Balance Jun 30 Balance Credit Balance Account: Admin. Expense - Bank Charges Account No. 572 Date May 31 Balance Jun 30 Bank service charge Jun 30 Balance Description Ref Credit Balance GJ 10 10 DR 10 DR Worksheet For the month ended June 30, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Acct. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit DebitCredit 100 Cash 102 Short-term Investments 112 Interest Receivable 110 ARC Accounts Receivable Control 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 240 Sales Tax Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 403 Interest Revenue 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense Bank Charges Totals Net income or loss