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The unadjusted trial balance for Gnome Depot as of June 30, 2021 is as follows: Gnome Depot Unadjusted Trial Balance For the Year Ended
The unadjusted trial balance for Gnome Depot as of June 30, 2021 is as follows: Gnome Depot Unadjusted Trial Balance For the Year Ended June 30, 2021 Account Debit No. 101 Cash 125 Supplies 129 Prepaid insurance 165 Equipment 166 Accumulated depreciation, equipment 202 Accounts payable 204 Interest payable 211 Wages payable 250 301 Jerome Roam, capital Long-term notes payable 302 Jerome Roam, withdrawals 401 Gnome Sales 606 Depreciation expense, equipment 624 Wages expense 634 Interest expense 638 Insurance expense 641 Rent expense 653 Supplies expense 684 Legal expense 685 Repairs expense 691 Utilities expense Totals 6,250 7,500 5,200 67,250 4,350 -0- 29,500 1,250 -0- 23,400 3,250 3,350 6,300 157,600 Credit 13,450 5,900 -0- -0- 36,250 23,500 78,500 157,600 Based on your review of the financial records, you have determined the following information: a) Inventory of supplies at end of year b) Cost of expired insurance for the year c) Annual depreciation on equipment d) June utilities bill received after June 30 e) Accrued wages Unrecorded, unpaid interest for June Other information: Owner investments during the year Portion of note payable due by August 30, 2020 Required: 1. Prepare the adjusting journal entries 2. Prepare an adjusted Trial Balance $5,500 $4,325 Bonus: $ 6,725 $ 425 $1,350 125 S55 $ $ 16,500 $ 2,500 3. Prepare the closing entries 4. Prepare Gnome Depot's Income Statement for the year ended June 30, 2021 A. Prepare the Balance Sheet at June 30, 2021 B. Prepare the Statement of Changes in Equity for the year ended June 30, 2021
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Adjusted Journal Entries No Particualrs Debit Credit a Supplies Exp 2200 To Supplies 2200 b Insurance Expense 4325 To Prepaid Insurance 4325 c Depreci...Get Instant Access to Expert-Tailored Solutions
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