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Unadjusted TB DR CR 70,000 Adjustments DR # CR Adjusted TB Income Statement Balance Sheet R CRDR | CRDR CR # D 136,000 180.000 Account
Unadjusted TB DR CR 70,000 Adjustments DR # CR Adjusted TB Income Statement Balance Sheet R CRDR | CRDR CR # D 136,000 180.000 Account Title Cash Accounts Receivable Inventories Prepaid Insurance Equipment Accum. Depr. Equip Wages Payable Unearned Revenue Owner Capital Drawings Sales Revenue 300,000 300.000 80.000 1,700,000 | Cost of Goods Sold Wages Expense Rent Expense Insurance Expense Depreciation Expense 1,500,000 220.000 54,000 60.000 U Totals 2.300.000 2.300.000 Net Income Totals Additional Information: 1) There was an unrecorded sale of a $150,000 Laser in late December delivered to a customer who has not yet paid. The cost of building this Laser were $75,000 2) There are unrecorded wages of $20,000 earned in December, but will not be paid until January 5, 2019. 3) A 2-year property and liability insurance policy was purchased on January 1, 2018 for $60,000. 4) Several customers have made advance cash deposits for Lasers. As of 12/31/18, only $200,000 of these deposits have been earned. 5) The equipment purchased on Jan. 1. 2018 has a 4 year useful life, has no estimated salvage value, and is expensed evenly. Required: A) Record the adjusting journal entries necessary, if any for the additional information (label the reference # for your entries.) B) Complete the worksheet, taking into account the adjusting journal entries, preparing the adjusted trial balance, and extending the accounts to the approriate financial statement that they affect. C) Total all columns 1 T O D) Determine the Net Income or Loss, and circle & label your
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