The partially completed work sheet from the books of Lewis Music Store, a business owned by Hugo

Question:

The partially completed work sheet from the books of Lewis Music Store, a business owned by Hugo Lewis, for the year ended December 31, 20--, is shown on page 552.

REQUIRED

1. Analyze the work sheet and determine the adjusted trial balance and the adjusting entries by working backward from the Income Statement and Balance Sheet columns.

2. Journalize the adjusting entries in a general journal.

3. Prepare the cost of goods sold section of the income statement for Lewis Music Store.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...