Score: 0 of 1 pt 5 of 10 (0 complete) Problem 11-7B (book/static) Charlottetown Grocers general ledger at June 30, 2020, the end of company's fiscal year, includes the following account balances before adjusting entries: (Click the icon to view the account balances.) The additional data needed to develop the adjusting entries at June 30 are as follows: (Click the icon to view the additional information.) Required 1. Insert the unadjusted June 30, 2020, balances in the T-accounts that have been set up for you. 2. Post the June 30, 2020, adjusting entries to the T-accounts opened. 3. Prepare the liability section of Charlottetown Grocer's balance sheet at June 30, 2020. 4. Is there a contingent liability? Show an example of a note to disclose a contingent liabilty. Requirement 1. Insert the unadjusted June 30, 2020, balances id the T-accounts that have been set up for you. (Make sure to use first cell on the proper side of the t-accour not have an unadjusted balance, leave it blank.) Note Payable, Current Portion of Long- term Debt Payable Short-term Accounts Payable Interest Payable malam Required 1. Insert the unadjusted June 30, 2020, balances in the T-accounts that have been set up for you. 2. Post the June 30, 2020, adjusting entries to the T-accounts opened. 3. Prepare the liability section of Charlottetown Grocer's balance sheet at June 30, 2020. 4. Is there a contingent liability? Show an example of a note to disclose a contingent liabilty. Requirement 1. Insert the unadjusted June 30, 2020, balances in the T-accounts that have been set up for you. (Make sure to use first cell on the proper side of the t-account when entering your opening balances. If the acc not have an unadjusted balance, leave it blank.) Note Payable, Current Portion of Long- Short-term Accounts Payable term Debt Payable Interest Payable Salaries Payable Employee Withholdings Payable Employer Payroll Costs Payable Employee Insurance Benefits Payable Estimated Vacation Long-term Unearned Enter any number in the edit fields and then click Check Answer. 7 parts remaining Clear All Check Answer MacBook Pro nes Payable Payable Costs Payable Benefits Payable Estimated Vacation Unearned Pay Liability GST Payable Long-term Debt Payable Service Revenue Property Tax Payable Enter any number in the edit fields and then click Check Answer. 7 parts remaining Clear All MacBook Pro esc X ances in the s to the T-acc own Grocer's example of a Note Payable, Short-Term $ 74,000 Employee Insurance Benefits Accounts Payable.. Current Portion of Long-Term $ 355,680 Payable Estimated Vacation Pay Liability 7,896 , 2020, baland ank.) Debt Payable GST Payable 4,900 h entering your openin Interest Payable Property Tax Payable 9,284 Salaries Payable. wable Unearned Service Revenue 18,000 Employee Withholdings Payable Long-Term Debt Payable. 300,000 Employer Payroll Costs Payable oldings Print Done Londrier Unearmed click Check Answer 2020, balances in the ing entries to the T-acc Charlottetown Grocer's Show an example of a d June 30, 2020, balang eave it blank.) c. entering your openi a. The $74,000 Fiort-term note payable was issued on July 31, 2019; It matures one year from date of issuance and bears interest at 5 percent. b. The long-term debt payable is payable in annual instalments of $60,000, with the next installment due on February 28, 2021. On that date, Charlottetown Grocer will also pay one year's interest at 5.5 percent. Interest was last paid on February 28, 2020. Gross salaries for the last payroll of the fiscal year were $21,446. Of this amount, employee payroll withholdings payable were $4,756, and salary payable was $16,690. d. Employer Payroll Costs Payable was $2,788 and Charlottetown Grocer's' liability for employee life insurance was $300. e. Charlottetown Grocer estimates that vacation pay expense is 6 percent of gross salaries of $240,000 (the $240,000 includes the last payroll of the fiscal year). f. On March 1, 2020, the company collected one year's of service contract revenue of $18,000 in advance. It will earn the revenue evenly during the year. g. At June 30, 2020, Charlottetown Grocer is the defendant in a $100,000 lawsuit, which the company expects to win. However, the outcome is uncertain. punts Payable TE Fee Withholdings Payable Print Done Long term Unearted and then click Check Answer. Score: 0 of 1 pt 5 of 10 (0 complete) Problem 11-7B (book/static) Charlottetown Grocers general ledger at June 30, 2020, the end of company's fiscal year, includes the following account balances before adjusting entries: (Click the icon to view the account balances.) The additional data needed to develop the adjusting entries at June 30 are as follows: (Click the icon to view the additional information.) Required 1. Insert the unadjusted June 30, 2020, balances in the T-accounts that have been set up for you. 2. Post the June 30, 2020, adjusting entries to the T-accounts opened. 3. Prepare the liability section of Charlottetown Grocer's balance sheet at June 30, 2020. 4. Is there a contingent liability? Show an example of a note to disclose a contingent liabilty. Requirement 1. Insert the unadjusted June 30, 2020, balances id the T-accounts that have been set up for you. (Make sure to use first cell on the proper side of the t-accour not have an unadjusted balance, leave it blank.) Note Payable, Current Portion of Long- term Debt Payable Short-term Accounts Payable Interest Payable malam Required 1. Insert the unadjusted June 30, 2020, balances in the T-accounts that have been set up for you. 2. Post the June 30, 2020, adjusting entries to the T-accounts opened. 3. Prepare the liability section of Charlottetown Grocer's balance sheet at June 30, 2020. 4. Is there a contingent liability? Show an example of a note to disclose a contingent liabilty. Requirement 1. Insert the unadjusted June 30, 2020, balances in the T-accounts that have been set up for you. (Make sure to use first cell on the proper side of the t-account when entering your opening balances. If the acc not have an unadjusted balance, leave it blank.) Note Payable, Current Portion of Long- Short-term Accounts Payable term Debt Payable Interest Payable Salaries Payable Employee Withholdings Payable Employer Payroll Costs Payable Employee Insurance Benefits Payable Estimated Vacation Long-term Unearned Enter any number in the edit fields and then click Check Answer. 7 parts remaining Clear All Check Answer MacBook Pro nes Payable Payable Costs Payable Benefits Payable Estimated Vacation Unearned Pay Liability GST Payable Long-term Debt Payable Service Revenue Property Tax Payable Enter any number in the edit fields and then click Check Answer. 7 parts remaining Clear All MacBook Pro esc X ances in the s to the T-acc own Grocer's example of a Note Payable, Short-Term $ 74,000 Employee Insurance Benefits Accounts Payable.. Current Portion of Long-Term $ 355,680 Payable Estimated Vacation Pay Liability 7,896 , 2020, baland ank.) Debt Payable GST Payable 4,900 h entering your openin Interest Payable Property Tax Payable 9,284 Salaries Payable. wable Unearned Service Revenue 18,000 Employee Withholdings Payable Long-Term Debt Payable. 300,000 Employer Payroll Costs Payable oldings Print Done Londrier Unearmed click Check Answer 2020, balances in the ing entries to the T-acc Charlottetown Grocer's Show an example of a d June 30, 2020, balang eave it blank.) c. entering your openi a. The $74,000 Fiort-term note payable was issued on July 31, 2019; It matures one year from date of issuance and bears interest at 5 percent. b. The long-term debt payable is payable in annual instalments of $60,000, with the next installment due on February 28, 2021. On that date, Charlottetown Grocer will also pay one year's interest at 5.5 percent. Interest was last paid on February 28, 2020. Gross salaries for the last payroll of the fiscal year were $21,446. Of this amount, employee payroll withholdings payable were $4,756, and salary payable was $16,690. d. Employer Payroll Costs Payable was $2,788 and Charlottetown Grocer's' liability for employee life insurance was $300. e. Charlottetown Grocer estimates that vacation pay expense is 6 percent of gross salaries of $240,000 (the $240,000 includes the last payroll of the fiscal year). f. On March 1, 2020, the company collected one year's of service contract revenue of $18,000 in advance. It will earn the revenue evenly during the year. g. At June 30, 2020, Charlottetown Grocer is the defendant in a $100,000 lawsuit, which the company expects to win. However, the outcome is uncertain. punts Payable TE Fee Withholdings Payable Print Done Long term Unearted and then click Check