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 nancial 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: I Office Furniture owned by the business: original purchase price was $8,000, 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 yean I Office Equipment owned by the business: original purchase price was $48,000, estimated useful life was 9 years, and estimated residual value was $5,000 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 yeah I Electricity expense for the month of June is estimated to be $996. I The water usage for the month of June is estimated to be $208. I Sales staff work every single day during the week including weekends and are not paid until the end of each two weeks. Wages were last paid up to and including June 28. Wages incurred after that day (from June 29 to June 30 inclusive) are estimated to have been $720 per day. I Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $215. I Interest earned from short-term investments in EastPac Bank for the month of June is $100. Office supplies totalling $3,656 are still on hand at June 30. 2 months 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. 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. After taking a physical count of inventory, the balance of inventory on hand as at June 30 is $63,659. You will need to use this information to complete both the Income Statement and the Balance Sheet columns of the worksheet. Hint: This information will assist you in calculating cost of goods sold under the periodic inventory system. 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" to ensure you can print the worksheet in full. Information from previous pages General instructions Policies and procedures All transactions Adjusting entries information Trial balanceE - May Schedules of accounts - May Bank reconciliation - May Bank statement - June Journals and ledgers instructions Special printing information Cash journals General ledger's pre adjusting Subsidiary ledgers" pre adjustingCover 2 Cover Worksheet For the month ended June 30, 2020 Unadjusted Adjusted Income Balance Acct. Trial Balance Adjustments Trial Balance Statement Sheet Account Name No Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 100 Cash 102 Short-term Investments 110 ARC - Accounts Receivable Control 112 Interest Receivable 120 Merchandise Inventory 130 Office Supplies 0 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 250 | Bank Loan Payable 300 Common Stock 301 | Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500 Purchases 501 Purchase Returns and Allowances 502 Purchase Discounts 511 Advertising Expense 616 Wages Expense 540 | Rent Expense 541 Electricity Expense 542 | Water Expense\fGENERAL LEDGER PRE ADJUSTING Account: Cash Account No. 100 Date Description Ref. Debit Credit Balance May Balance 27,359 DR Jun 30 Total from cash receipts journal CRJ 97,486 124,845 DR Jun 30 Total from cash payments journal CPJ 34,483 90,362 DR Jun 30 Interest received from the bank GJ 231 90,593 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 1,000 89,593 DR Jun 30 Bank service charge GJ 89,586 DR Jun 30 Balance 89,586 DR Account: Short-term Investments Account No. 102 Date Description Ref. Debit Credit Balance May 31 Balance 20,000 DR Jun 30 Balance 20,000 DR Account: ARC - Accounts Receivable Control Account No. 110 Date Description Ref. Debit Credit Balance May Balance 10,456 DR Jun 9 Sales return from Outlines GJ 5,204 5,252 DR Jun 30 Total from sales journal SJ 16,665 21,917 DR Jun 30 Total from cash receipts journal CR. 10, 110 11,807 DR Jun 30 Not-Sufficient-Funds (NSF) check GJ 1,000 12,807 DR Jun 30 Balance 12,807 DR Account: Interest Receivable Account No. 112 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Balance Account: Merchandise Inventory Account No. 120 Date Description Ref. Debit Credit Balance May 31 Balance 75,784 DR Jun 30 Balance 75,784 DR Account: Office Supplies Account No. 130 Date Description Ref. Debit Credit Balance May 31 Balance 7,312 DR Jun 30 Balance 7,312 DRAccount: Prepaid Rent Account No. 140 Date Description Ref. Debit Credit Balance May 31 Balance 6,000 DR Jun 30 Balance 6,000 DR Account: Prepaid Advertising Account No. 141 Date Description Ref. Debit Credit Balance May 31 Balance 12,000 DR Jun 30 Balance 12,000 DR Account: Prepaid Insurance Account No. 142 Date Description Ref. Debit Credit Balance May 31 Balance 3,000 DR Jun 30 Balance 3,000 DR Account: Office Furniture Account No. 150 Date Description Ref. Debit Credit Balance May 31 Balance 8,000 DR Jun 30 Balance 8,000 DR Account: Accum Depn: Office Furniture Account No. 151 Date Description Ref. Debit Credit Balance May 31 Balance ,653 CR Jun 30 Balance 1,653 CR Account: Office Equipment Account No. 160 Date Description Ref. Debit Credit Balance May 31 Balance 48,000 DR Jun 30 Balance 48,000 DR Account: Accum Depn: Office Equipment Account No. 161 Date Description Ref. Debit Credit Balance May 31 Balance 19,907 CR Jun Balance 19,907 CR Account: APC - Accounts Payable Control Account No. 210 Date Description Ref. Debit Credit Balance May 31 Balance 11,473 CR Jun 18 Purchase return to Stompson GJ 1,434 10,039 CR Jun 30 Total from purchases journal PJ 6,430 16.469 CR Jun 30 Total from cash payments journal CPJ 14,439 2,030 CR Jur 30 Balance 2,030 CRAccount: Wages Payable Account No. 220 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jur 30 Balance Account: Electricity Payable Account No. 221 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Balance Account: Water Payable Account No. 222 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jur 30 Balance Account: Interest Payable Account No. 225 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jur 30 Balance Account: Bank Loan Payable Account No. 250 Date Description Ref. Debit Credit Balance May 31 Balance 0 43,000 CR Jun Loan from MRMC Bank CRJ 43,000 Jun 30 Balance 43,000 CR Account: Common Stock Account No. 300 Date Description Ref. Debit Credit Balance May 31 Balance 35,000 CR Jun 30 Balance 85,000 CR Account: Retained Earnings Account No. 301 Date Description Ref. Debit Credit Balance May 31 Balance 99,878 CR Jun 30 Balance 99,878 CR Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance May 31 Balance 0 0 Jun 30 BalanceAccount: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Total from sales journal SJ 16,665 16,665 CR Jun 30 Total from cash receipts journal CRJ 44,709 61,374 CR Jun 30 Balance 61,374 CR Account: Sales Returns and Allowances Account No. 401 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 9 Sales return from Outlines GJ 5,204 6,204 DR Jun Balance 5,204 DR Account: Sales Discounts Account No. 402 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Total from cash receipts journal CRJ 333 333 DR Jun 30 Balance 333 DR Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Interest received from the bank GJ 23 231 CR Jun 30 Balance 231 CR Account: Purchases Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance Jun 30 Total from purchases journal PJ 6,430 6,430 DR Jun 30 Total from cash payments journal CPJ 3,750 10,180 DR Jun 30 Balance 10,180 DR Account: Purchase Returns and Allowances Account No. 501 Date Description Ref. Debit Credit Balance May 31 Balance Jun 18 Purchase return to Stompson 3J 1,434 1,434 CR Jun Balance 1,434 CR Account: Purchase Discounts Account No. 502 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Total from cash payments journal CPJ 75 75 CR Jun 30 Balance 75 CRAccount: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance May 31 Balance 0 30 Balance 0 Jun Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance 0 May 31 Balance Jun 15 Paid staff wages CPJ 5,746 5,746 DR 29 Paid staff wages CPJ 11,069 DR Jun 5,323 Jun 30 Balance 11,069 DR Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance 0 0 Jun 30 Balance Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance 31 Balance 0 May 0 Jun 30 Balance Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance 0 0 Jur 30 Balance Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jur 30 Balance Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Balance Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Paid salary CPJ 5,300 5,300 DR Jun 30 Balance 5,300 DRAccount: Depn Expense: Office Furniture Account No. 560 Description Ref. Debit Credit Balance Account: Depn Expense: O'ice Equipment Account No. 561 Description Ref. Debit Credit Account: Interest Expense Account No. 571 Description Ref. Debit Credit Balance Account: Admin. Expense - Bank Charges Account No. 572 Description Ref. Debit Credit Jun 3|} Balance Bank service charge Balance