Perform the Adjustments at the end of the year:

A and b): Merchandise Inventory as of December 31, 20X1 = $ 23,600.00

C) Unused supplies on hand $ 1,050.00

D) Insurance expired $ 250.00

E) Depreciation expense for the year: $ 400.00

F) Wages earned but not paid $ 360.00

G) Unearned revenues on December 31: $ 500.00

1) Prepare the worksheet as provided in the separate file.

2) Prepare the adjusting entries in the separate file.

3) Prepare the Income Statement after making the adjustments. (SEE SHEET 1 on the file as provided)

4) Prepare the closing entries (these are NOT posted to the worksheet).

5) Prepare a post- closing trial balance and Post-closing Balance Sheet.

6) Prepare the reversing entries as required.

Problem 15-10B Name: Katie Bolger Enter the appropriate answers in the shaded (gray) cells. An asterisk (*) will appear in the column to the right of an incorrect answer. 1. Account Title Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depr. - Equipment Accounts Payable Wages Payable Sales Tax Payable Unearned Revenue W. P. Ellis, Capital W. P. Ellis, Drawing Income Summary Sales Sales Returns & Allowances Purchases Purchases Returns & Allow. Purchases Discounts Freight-In Wages Expense Advertising Expense Supplies Expense Telephone Expense Utilities Expense Insurance Expense Depreciation Exp. - Equipment Miscellaneous Expense Interest Expense Trial Balance Debit Credit 11,700 11,200 25,000 1,200 800 5,400 800 7,100 Darby Kite Store Work Sheet For Year Ended December 31, 20-1 Adjustments Debit Credit 23,600 400 360 250 3,000 50,000 2,500 10,500 25,000 55,490 1,450 34,500 1,100 630 360 10,880 740 150 1,100 2,300 250 400 320 920 118,370 118,370 Net Income 2. GENERAL Date 20-1 Description Adjusting Entrie Dec. 31 (a) Income Summary (b) Merchandise Inventory (c) Supplies Expense (d) Insurance Expense (e) Depr. Expense - Equipm (f) Wages Expense (g) Unearned Revenue 3 and 5. GENERAL Date 20-1 Dec. Description Closing Entries 31 Sales Purchases Returns & All Purchases Discounts 31 Income Summary 31 Income Summary 31 20-2 Jan. 1 M. D. Akins - Capital Reversing Entr Wages Payable 4. Statement paper for requirement 4 (the post-closing er Darby Kite Store Work Sheet Ended December 31, 20-1 Adjusted Trial Balance Debit Credit 11,700 11,200 23,600 1,050 550 5,400 1,200 7,100 360 250 500 50,000 Income Statement Debit Credit 25,000 25,000 150 150 250 400 250 400 Balance Sheet Debit Credit 11,700 11,200 23,600 1,050 550 5,400 1,200 7,100 360 250 500 50,000 GENERAL JOURNAL Description Adjusting Entries Debit Credit Income Summary Merchandise Inventory 25,000 Merchandise Inventory Income Summary 23,600 25,000 23,600 Supplies Expense Supplies 150 Insurance Expense Prepaid Insurance 250 Depr. Expense - Equipment Accum. Depr. - Equipment 400 Wages Expense Wages Payable 360 Unearned Revenue Sales 2,500 150 250 400 360 2,500 GENERAL JOURNAL Description Closing Entries Sales Purchases Returns & Allowances Purchases Discounts Income Summary Income Summary Sales Returns & Allowances Purchases Freight-In Wages Expense Advertising Expense Supplies Expense Telephone Expense Utilities Expense Insurance Expense Depreciation Exp. - Equipment Miscellaneous Expense Interest Expense Income Summary M. D. Akins - Capital Debit Credit 1,100 630 1,450 34,500 360 740 150 1,100 2,300 250 400 320 920 M. D. Akins - Capital M. D. Akins - Drawing Reversing Entry Wages Payable Wages Expense 10,500 360 360 or requirement 4 (the post-closing trial balance) is provided in a separate sheet in this workbook. Problem 15-8A Name: Instructor Enter the appropriate numbers or formulas in the shaded (gray) cells. An asterisk (*) will appear in the column to the right of an incorrect answer. 4. Darby Kite Store Post-Closing Trial Balance December 31, 20-1 Account Title Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Sales Tax Payable Unearned Revenue M. D. Akins, Capital Debit Balance $ 11,700 11,200 23,600 1,050 550 5,400 $ 53,500 Credit Balance $ 1,200 7,100 360 250 500 44,090 $ 53,500 Prepare an Income Statement in proper order from the adjusted trial balance (after all adjusting entries from item 2) usting entries from item 2)