Q 8 (p. 547) Note: Journalize the following adjusting entries in General Journal. May 1 No entry is required. The balance in Allowance for Doubtful Accounts is a $150 credit. 9 Write off J. Turner's account balance of $115 as uncollectible. 23 Write off E. Kirchner's account balance of $40 as uncollectible. 30 The age analysis indicates that $180 is required in Allowance for Doubtful Accounts. The balance sheet method is being used. Prepare the adjusting entry. Q 17 (p. 559) Note: Refer to the Trial Balance below (Period Inventory System): First, make six (6) adjusting entries as per the instructions provided below in bullet-points. Additional Information: Merchandise Inventory, December 31, valued at $58 000. Supplies on hand, December 31, valued at $2200. Allowance for Doubtful Accounts must be increased to $600 using the balance sheet method. Store fixtures depreciate 20 percent per year using the declining-balance method. Interest owing but unrecorded, $750. Salaries owing to employees, $500. Credit Debit $ 13 530 30 000 $ 50 60 000 5 000 15 000 7 300 Jean's Jeans Trial Balance December 31, 20- Account Acc. No. Cash 100 Accounts Receivable 102 Allowance for Doubtful Accounts 103 Merchandise Inventory, January 1 120 Supplies 131 Store Fixtures 141 Accum. Depreciation-Store 142 Fixtures Accounts Payable 200 HST Payable 205 HST Refundable 207 Bank Loan 221 L. Steeves, Capital 300 L. Steeves, Drawings 301 Sales 400 Purchases 500 Advertising Expense 610 Office Expense 611 Store Expense 612 Rent Expense 613 Salaries Expense 614 Interest Expense 615 9 000 3 250 470 8 000 51 225 19 000 260 000 80 000 8 000 4 000 9 000 14 000 80 000 825 $338 825 $338 825 Q 25 (p. 580) Note: Refer to the Work Sheet below (Perpetual Inventory System): All the adjustments have already been done. So, simply refer to the "Income Statement" and do the necessary Closing Entries in General Journal. ACCOUNT TITLE 203 2 Accounts Receivable Merchandiwory 4 Unexpired Insurance 5 Store Equipment 6 Accum. Depreciation Store Equipment 7 Account Payable & PST Payable 9 GST Payable 10 GST Refundable 11 LyraCapital 12 LyraDrawings 13 Sales 14 Sales Returns and Allowances 15 Sales Discounts 16 Cost of Goods Sold 17 Advertising Expens 18 Rent me 19 Salaries Expense Kyra Enterprises, Work Sheet For the year ended December 31, 204 | roc TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET NO DENTE CLIDIT DER GLEDI DEBIT CREDE DES CREDT 100 28000 280.00 102 177000 177000 120 640 000 640000 130 S80 00 (b) 24000 34000 140 230 000 230000 62000 (a) 26000 88000 200 222 200 222 200 35000 350 00 30800 SON 00 200 15 000 15000 725000 728000 11 301 180000 180000 5280000 52 80000 401 160000 150000 120000 1 200 00 500 34 90 000 34 900 00 610 560000 560000 615 280 000 250000 616 420 000 420000 63 58 000 6358000 617 (a) 26800 26000 618 (b) 24 000 24000 22 50000 50000 500000 52 80000 1304000 1104000 23 200000 200000 24 52 80000 52 80000 130 40 00 190 4000 25 300 N 21 Depreciation Exp-Store Equipment 22 Insurance Expense 23 24 Net Income 26
