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This is all I was given. I just need help with how to post g-k to the year end statement Preparation of Adjustments on a
This is all I was given. I just need help with how to post g-k to the year end statement
Preparation of Adjustments on a Spreadsheet for a Merchandising Business: Periodic Method
The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown in the End-of-Period Spreadsheet.
Year-end adjustment information:
(a, b) | A physical count shows that merchandise inventory costing $85,000 is on hand as of December 31, 20--. |
(c, d, e) | Young estimates that customers will be granted $5,800 in refunds of this years sales next year and the merchandise expected to be returned will have a cost of $4,400. |
(f) | Supplies remaining at the end of the year, $3,200. |
(g) | Unexpired insurance on December 31, $3,700. |
(h) | Depreciation expense on the building for 20--, $11,500. |
(i) | Depreciation expense on the store equipment for 20--, $7,500. |
(j) | Unearned rent revenue as of December 31, $4,500. |
(k) | Wages earned but not paid as of December 31, $3,600. |
Required:
1. Complete the Adjustments columns.
2. Complete the spreadsheet.
Venice Beach Kite Shop End-of-Period Spreadsheet For Year Ended December 31, 20-- | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
TRIAL BALANCE | ADJUSTMENTS | ADJUSTED TRIAL BALANCE | ||||||||
ACCOUNT TITLE | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | ||||
Cash | 20,000 | |||||||||
Accounts Receivable | 14,000 | |||||||||
Merchandise Inventory | 75,000 | |||||||||
Estimated Returns Inventory | 3,100 | |||||||||
Supplies | 8,100 | |||||||||
Prepaid Insurance | 5,300 | |||||||||
Land | 130,000 | |||||||||
Building | 230,000 | |||||||||
Accumulated DepreciationBuilding | 92,000 | |||||||||
Store Equipment | 150,000 | |||||||||
Accumulated DepreciationStore Equipment | 60,000 | |||||||||
Accounts Payable | 9,600 | |||||||||
Customer Refunds Payable | 3,600 | |||||||||
Wages Payable | ||||||||||
Sales Tax Payable | 5,900 | |||||||||
Unearned Rent Revenue | 8,900 | |||||||||
M. Young, Capital | 302,200 | |||||||||
M. Young, Drawing | 26,000 | |||||||||
Income Summary | ||||||||||
Sales | 525,150 | |||||||||
Sales Returns and Allowances | 14,600 | |||||||||
Rent Revenue | ||||||||||
Purchases | 125,000 | |||||||||
Purchases Returns and Allowances | 1,400 | |||||||||
Purchases Discounts | 1,800 | |||||||||
Freight-In | 2,100 | |||||||||
Wages Expense | 125,000 | |||||||||
Advertising Expense | 13,000 | |||||||||
Supplies Expense | ||||||||||
Phone Expense | 1,350 | |||||||||
Utilities Expense | 8,000 | |||||||||
Insurance Expense | ||||||||||
Depreciation ExpenseBuilding | ||||||||||
Depreciation ExpenseStore Equipment | ||||||||||
Miscellaneous Expense | 60,000 | |||||||||
1,010,550 | 1,010,550 | |||||||||
Net Income |
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