Week 5: Adjusted Trial Balance and Adjustments

Using the information from the Excel workbook from Week 3s submission, Pat completed a worksheet using the following information for accounting adjustments.

Review and post the below adjusting accrual entries to the General Journal and post the transactions to the Assignment #2 worksheet that impacts the income statement, and balance sheet.

1. Office Supplies were fully depleted at the end of November.
2. Store Supplies were fully depleted at the end of November.
3. The cost of Expired insurance at the end of November totaled $5,100.
4. Equipment depreciation through November totaled $16,800.
5. Additional utilities expense of $725 needs to be recorded.
6. The company employees have earned additional $3,600 of accrued wages.
7. Additional rent expense has been incurred in the amount of $2,000 and needs to be recorded.
8. Additional property taxes of $1,000 have been assessed and needs to be recorded.
9. The owner withdrew an additional $3,000 from the Capital Account.

GENERAL JOURNAL - Accrual Month End Entries Date Account Titles and Explanation Debit Credit Nov 30 Office Supplies Expense Office Supplies Record Office Supplies Expense Nov 30 Store Supplies Expense Store Supplies Record Store Supplies Expense Nov 30 Insurance Expense Prepaid Insurance Record Insurance Expense Nov 30 Depreciation Expense - Autos Accumuluated Depreciation Record Depreciation Expense Nov 30 Utilities Expense Accounts Payable Record Utilities Expense Nov 30 Salaries Expense - Office Accounts Payable Record Wages Expense Nov 30 Rent Expense Accounts Payable Record Rent Expense Nov 30 Property Taxes Expense Accounts Payable Record Property Tax Expense Nov 30 Owner, Withdrawal Cash Record Owners Withdrawal Assignment #2 Adjusting / Accrual Month End End Entries Dr. Cr. Income Statement Dr. Cr. Cr. Cr. Cr. 0 Work Sheet For Month Ended November 30, 20XX Assignment #1 Assignment #1 Unadjusted General Journal Entry Adjusted Trial Balance Adjustments Trial Balance Dr. Cr. Dr. Dr. Cr 18,500 147,196 11,008 124,6BB 31,795 32.960 19.651 45.104 135,339 70,4901 108.837 96.992 1,165 208 1,373 2.990 503 3.105 7.200 7,200 132.000 132,000 25.250 25 250 6,574 4,075 10,649 658 858 16,580 16.580 2.268 2 269 116,548 30,505 98,226 184 289 113,883 o 113.883 7.500 0 7.500 Account Titles Cash Accounts receivable Merchandise inventory office supplies Store supplies Prepaid insurance Automobiles Accumulated depreciation Automobiles Office equipment Accumulated depreciation Office Equipment Store Equipment Accumulated depreciation-Store Equipment Accounts payable Owner, Capital Owner, Withdrawal Assignment #2 Adjusted Trial Balance Dr. 124,688 45,104 10.101 98,992 1,373 3.105 7.200 132,000 Balance Sheet & Statement of Owners Equity Dr. 124,6BB 45.104 20.000 98,992 1,373 3.105 7,200 132,000 378 25,250 25,250 10,649 10.649 65a 658 16,580 16,580 TELE 2,268 184,269 113,883 2,268 184,269 113,883 7,500 7.500 132,100 292.617 292,617 160,692 0 292.617 175 390 106,910 273 19, 210 663 126.120 663 126,120 663 126 120 304 304 304 304 0 0 0 D Sales revenue Sales Discounts / Returns and Allowances Cost of Goods Sold Purchase Discount Depreciation expense - Automobiles Depreciation expense - Office Equioment Depreciation expense - Store Equipment Office supplies expense Store supples expense Insumnce expense Property Tax Expense Rent expense Salaries expense- Sales Salaries expense-Office Utiities expense - Electric D 0 D 0 2.968 10.640 6.300 1.283 4.000 11,445 94051 1.234 6.968 22.085 15,705 2,517 6,968 22,085 15.705 2,517 6.968 22,095 16,705 2.517 392,707 392,707 427,096 427,096 319.249 619,249 679,249 292,921 Tolals Net Income 445.191 619,249 Net Income 174,058 118,863 292.921 326 328 118 863 445.191 0 0 445,191