Worksheet Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Intermaweb Computer. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Intermaweb Computer in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $8,000, estimated useful life was 5 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Office Equipment owned by the business: original purchase price was $53,000, estimated useful life was 11 years, and estimated residual value was $3,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Electricity expense for the month of June is estimated to be $828. The water usage for the month of June is estimated to be $211. Sales staff work every single day during the week including weekends and are not paid until the end of each two weeks. Wages were last paid up to and including June 28. Wages incurred after that day (from June 29 to June 30 inclusive) are estimated to have been $660 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $245. Interest earned from short-term investments in MRMC Bank for the month of June is $120. Office supplies totalling $2,336 are still on hand at June 30. 2 months of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June. When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. Acct. No. Account Name madjusted Thar Balance Adjustments Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 100 Cash 96484 96484 96484 102 Short-term Investments 24000 24000 24000 110 ARC Accounts Receivable Control 4438 4438 112 Interest Receivable 120 120 4438 120 120 Merchandise Inventory 130 Office Supplies 74065 4408 74065 74065 59993 59993 2336 140 Prepaid Rent 5000 141 Prepaid Advertising 12000 142 Prepaid Insurance. 3500 150 Office Furniture 8000 8000 8000 151 Accum Depn: Office Furniture i 2100 160 Office Equipment 53000 53000 53000 161 Accum Depn: Office Equipment 23106 210 APC Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 1230 1230 1230 660 660 660 828 8281 828 211 211 211 225 Interest Payable 245 245 250 Bank Loan Payable 49000 49000 300 Common Stock 55000 245 49000 55000 55000 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 1157 402 Sales Discounts 173 403 Interest Revenue 500 Purchases 501 Purchase Returns and Allowances 3210 502 Purchase Discounts 511 Advertising Expense 516 Wages Expense 10510 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 49000 49000 55000 126025 48722 22 232 120 1055 85 1157 173 55000 126025 487221 48722 1157 352 173 352 1055 1055 85 85 6600 6600 6600 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin, Expense-Bank Charges 10 10 10 49000 55000 126025 502 Purchase Discounts: 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Totals Submit answers 10510 85 85 85 6600 6600 6600 10 10 10 Net income or loss Totals Debit Credit Account No. 100 Cash Name ($) ($) 27,917 102 Short-term Investments 24,000 - 110 ARC Accounts Receivable Control 9,183 112 Interest Receivable 120 Merchandise Inventory 130 Office Supplies 74,065 4,408 140 Prepaid Rent 141 Prepaid Advertising 5,000 12,000 142 Prepaid Insurance 3,500 150 Office Furniture 8,000 151 Accum Depn: Office Furniture 2,10 160 Office Equipment 53,000 161 Accum Depn: Office Equipment 23,10 210 APC Accounts Payable Control 14,842 220 Wages Payable Worksheet