Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On the CJE worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the end of December 31, 2017. Again, all numbers should

On the CJE worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the end of December 31, 2017. Again, all numbers should be cell references or formulas, not manually entered.

Grizzlies, Inc.
Worksheet
For the Year Ended December 31, 2017
Unadjusted Adjusted
Trial Balance Adjustments Trial Balance Income Stmt Balance Sheet
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 36,000 36,000 36,000
Accounts Receivable 277,000 277,000 277,000
Inventory 242,500 242,500 242,500
Prepaid Insurance 11,200 4,200 7,000 7,000
Prepaid Rent 3,000 1,200 1,800 1,800
Store Supplies - 2,100 2,100 2,100
Shop Supplies 7,500 3,600 3,900 3,900
Store Equipment 120,000 120,000 120,000
Accumulated Depreciation - Store Equipment 13,200 15,840 29,040 29,040
Office Equipment 32,000 32,000 32,000
Accumulated Depreciation - Office Equipment 2,550 10,200 12,750 12,750
Accounts Payable 49,000 49,000 49,000
Salaries Payable 10,800 10,800 10,800
Interest Payable 360 360 360
Utilities Payable 1,300 1,300 1,300
Unearned Consulting Revenue 14,000 10,500 3,500 3,500
Unearned Rent Revenue 16,800 15,400 1,400 1,400
Note Payable 18,000 18,000 18,000
Common Stock 300,000 300,000 300,000
Retained Earnings 189,350 189,350 189,350
Dividends 12,800 12,800 12,800
Sales Revenue 1,576,150 1,576,150 1,576,150
Consulting Revenue 10,500 10,500 10,500
Rent Revenue 15,400 15,400 15,400
Interest Revenue
Cost of Goods Sold 975,000 975,000 975,000
Sales Salaries Expense 275,000 7,560 282,560 282,560
Office Salaries Expense 150,000 3,240 153,240 153,240
Miscellaneous Administrative Expense 5,650 5,650 5,650
Miscellaneous Selling Expense 13,900 13,900 13,900
Depreciation Expense - Store Equipment 15,840 15,840 15,840
Depreciation Expense - Office Equipment 10,200 10,200 10,200
Store Supplies Expense 17,500 2,100 15,400 15,400
Shop Supplies Expense 3,600 3,600 3,600
Rent Expense 1,200 1,200 1,200
Insurance Expense 4,200 4,200 4,200
Interest Expense 360 360 360
Utilities Expense-Store 1,118 1,118 1,118
Utilities Expense-Office 182 182 182
2,179,050 2,179,050 75,500 75,500 2,217,550 2,217,550 1,482,450 1,602,050 735,100 615,500
Net Income 119,600 119,600
1,602,050 1,602,050 735,100 735,100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles

Authors: Howard F. Stettler

3rd Edition

0130521183, 9780130521187

More Books

Students also viewed these Accounting questions

Question

1. Identify and control your anxieties

Answered: 1 week ago