Using the information from the Excel workbook from Week 3's submission, make worksheet using the following information for accounting adjustments.

Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.

1.Expired insurance, $553.

2.Ending store supplies inventory, $2,632.

3.Ending office supplies inventory, $504.

4.Depreciation of store equipment, $567.

5.Depreciation of office equipment, $329.

Date..................................Account titles and Explanation....................................P.R...............Debit.........Credit

May1Rent expense - Selling Space6423200Rent expense - Office Space641800Cash1014,000Issued check to pay rentMay2Accounts receivable1066,100Sales4136,100To record sale on creditMay2Cost of goods sold5024,100Merchandise inventory1194,100Cost associated with saleMay2Sales returns & allowances414175Accounts receivable106175Defective products returnedMay3Accounts payable201798Merchandise Inventory119798Return on merchandiseMay4Merchandise inventory11937,072Store supplies125574Office supplies12483Accounts payable20137,729Purcahsed supplies on creditMay5Cash1014,459Sales discount41591Accounts receivable106Received payment for April 28 sale4,550May8Accounts payable2016,300Merchandise inventory119126Cash1016,174Payment to Peyton Pro. Less the discountMay9Cash101350Store supplies125350Sold suppliesMay10Office equipment4,074Accounts Payable4,074Purchased equipement on creditMay11Cash5,978Sales discount122Accounts receivable6,100Received payment from Hensel Co. less discountMay11Merchandise inventory8,800Accounts payable8,800Purchased merchandise from Garcia, IncMay12Accounts payable854Office equipement854Returned defective equipmentMay15Sales salaraies5,320Office salaries3,150Cash8,470Used check 3412 to pay employeesMay15Cash59,220Sales59,220Sold merchandise for cash (first half)May15Cost of goods sold38,200Merchandise inventory38,200To record costs of good sold (first half)May16Accounts recievable3,990SalesSold goods to Hensel on creditMay16Costs of goods sold1,890Merchandise inventory1,890To record costs of goods soldMay17Merchandise inventory13,650Accounts payable13,650Purchased merch. from Fink CorpMay19Accounts payable8,800Merchandise inventory176Cash8,624Paid outstanding bill less the discountMay22Accounts reveivable6,850Sales6,850Sold merch. to Lee ServicesMay22Cost of goods sold4,990Merchandise inventory4,990To record cost of goods soldMay23Accounts payable13,650Merchandise inventory273Cash13,377Paid outstanding bill less the discountMay24Merchandise inventory8,120Store supplies630Office supplies280Accounts payable9,030Purchased items on creditMay25Merchandise inventory3,080Accounts payable3,080Purchased merch. from peyton prod.May26Accounts receivable14,210Sales14,210Sold items on credit to Crane CorpMay26Cost of goods sold8,230Merchandise inventory8,230To record cost of goods soldMay26Utilities expense1,283Cash1,283Paid Perennial PowerMay29Jenni Colo, Withdrawls7,000Cash7,000To record cash withdrawl, check 3416May30Cash6,713Sales discount137Accounts recievable6,850Received payment from Lee ServicesMay30Sales salaries expense5,320Office salaries expense3,150Cash8,470Used check 3417 to pay employeesMay31Cash66,052Sales66,052Sold merchandise for cash (last half)May31Cost of goods sold42,500Merchandise inventory42,500To record cost of goods sold (Last half)May31Insurance expense321Prepaid insurance321Insurance adjustmentMay31Store supplies expense692Store supplies692Store supplies adjustmentMay31Office supplies expense225Office supplies225Office supplies adjustmentMay31Depreciation Expense - Store equip.499Acc. Dep. - Store equip.499Adjustment for Dep. on Store equip.May31Depreciation Expense - Office equip.758Acc. Dep. - Office equip.758Adjustment for Dep. on Office equip.May31Sales125272Income summary125272To close revenueMay31Income Summary105418Cost of goods sold80700Dep. Exp. - Office equip.758Dep. Exp. - store equip.499Office salaries exp.6300Sales salaries exp.10640Insurance exp.321Rent exp. - Office space800Rent exp. - Selling space3200Office supplies exp.225Store supplies exp.692Utilities exp.1283To close expensesMay31Income summary29009Jenny Colo, Capital29009To close income summary to capitalMay31Jenny Colo, Capital7000Jenny Colo, Withdralws7000To close withdrawls