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    perdisco adjusting entries

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    335 просмотров16 страниц

    Adjusting Entries

    Загружено:

    Kevin Ouma
    perdisco adjusting entries

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    © All Rights Reserved
    Скачайте в формате PDF или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 16
    sis0/2018 Adjusting enties Manual Accounting Practice Set Specialty Sports Store, US GAAP Edition 3 t Feedback: Adjusting entries This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the next page of your practice set. Your progress Your grading sNTRODUCTION nagar ™ ‘Awarded Total Points (prior to this page) 893-918 Points (on this page) 40 40 Points (after this page) - 131 eee Total 933 1,089 seo POT EQSING ay ‘einai eatin Now HIMIsieD completed: ‘75% (approximately) CB romaining pages wiltake: upto 475 hous The time frames we provide are a guide only. It may take you more of less time to complete each step, You are now asked to journalize and post the adjusting entries after completing the worksheet. This Is because, in the manual accounting system, the worksheet is not part of the journals and ledgers. Therefore completing the Adjustments column in the worksheet does not automatically update the appropriate ledger accounts. Since this practice set is a manual accounting practice set, you are still required to manually journalize the adjusting entries and post them to the general ledger as 2 separate step. ‘The purpose of adjusting entries is to ensure that the general ledger account balances reflect the revenues earned and expenses incurred during the accounting period. Remember that the details of the end of month adjustments for June are as follows: * Office Furniture owned by the business: original purchase price was $9,000, estimated useful Ife was 5 years, and estimated residual value was $2,000 at the end of the useful life. Depréciation is calculated on a monthly basis using the straight Iine 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 9 years, and estimated residual value was $6,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight Iine method. The monthly depreciation charge Is calculated as the yearly depreciation expense divided by the number of months in a year. = The water usage for the month of June is estimated to be $113. = The estimated electricity payable as at the end of June is $312. * Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from June 25 to June 30 inclusive) are ‘estimated to have been $320 per day, htps:twm perdgco.convelmsigeanvhimligeam asp a6 sis0/2018 Adjusting enties 1 Interest expense incurred during the month of June but not yet paid to ZNZ Bank for the bank loan is $210. = Office supplies totaling $2,392 are still on hand at June 30. * One month of prepaid rent expired during June, Remember that at the beginning of June, the business paid two month's worth of rent in advance, = 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. After taking @ physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there Is no adjusting entry required for inventory shrinkage. Instructions for adjusting entries 41) Use the worksheet to assist you In recording the adjusting entries in the general journal. 2) Post the adjusting entries from the general journal to the general ledger accounts. 3) Record the final adjusted balance of each ledger account in the Adjusted Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Adjusted Balance row must still be filled out in order to receive full points. Back-On-Track functionality & Please note that any answers from previous pages carried through onto this page (either on the page or in 2 popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. + You are also required to apply the journals and ledgers instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show Alll tab and check that all relevant accounting records have been completed. show all | Special Journals Subsidiary Ledgers 1. generlDournalAdintris) GENERAL JOURNAL “Jun ]30 | Pepn Expense: Office Fumiture 560 || 117 oly [Accum Depn: Office Furniture 151 |/ 0 17 |v ‘Jun| 30 | Depn Expense: Office Equipment sei || 435 oly (Accum Depn: Office Equipment 161 || 0 435 |v “Jun 30 | Water Expense saz [| 113 oly jater Payable 222 || 0 113 |v “Jun /30 | Electricity Expense sai [| 253 oly bups:twara pordiseo.com Jmssqgarvhmligsarm aspx ane sit0r20%8 Adjusting entries Electricity Payable Jun} 30 jages Expense jages Payable Jun} 30 | [interest Expense [interest Payable Jun | 30 | [Office Supplies Expense Office Supplies FRent Expense Jun} 30 Prepaid Rent [Advertising Expense Prepaid Advertising Jun| 30 | [insurance Expense Prepaid insurance Feedback GENERAL JOURNAL pst perdsco.convelmsigeanvhimligsam asp. 110/110-3, 210/210-5 120 ane sit0r20%8 (purchase return) Jun] 30 Cash Jun] 30[ ~ Interest Reveni Jun| 30] ARC - Balls ‘n All Jun| 30[ Cash Jun| 30 Jun] 30 Jun] 30] Accum Depn: dun] 30] Accum Depn: (adjusting entry) Jun| 30 | Water Expense (adjusting entry) Jun] 30 Jun] 30 Jun] 30 Jun] 30 Jun] 30 Jun] 30 Jun] 30 Jun] 30 (adjusting entry) bps:twara pordsco.convelme/qsarvhitni/qsa Jun| 30 | Depn Expense: Office Furniture Jun] 30 | Depn Expense: Office Equipment Office Equipment Jun| 30] Water Payable 2px Adjusting enties 100 403 110/110-6 400 572 400 560 151 561 161 542, 222 541 221 516 220 571 225 544 130 570 4,200 7 435 13 253, 1,920 210 844 570 1,200 117 435 113 253 1,920 210 841 sit0r20%8 Adjusting enties Account: Office Supplies Account No. 130 Jun| 30] Rent Expense 540 4,250 dun| 30] Prepaid Rent 140 4,250 (adjusting entry) Jun 511 4,000 Jun 141 4,000 Jun 543, 850 Jun 142, 850 (Q=870-130 StoreSupplios_adjEntry) GENERAL LEDGER May| 31 Balance Jun] 30 | Adjusted Balance Jun] 30] Supplies used GQ 0 841 2392 (DR ¥ ||¥ ‘in| 30 : : ee [fae on |v “in| 2 Gah prcasa 32808 2,392 DR hpsstwm perdgco.convelmsigeanvhimligeam asp (Q+870-140.PrepaidRent_adjentry) sit0r2018 Adjusting enties Account: Prepaid Rent account No 240 Way] at [oars a Tin] if Prepare ceil aao0 aan Jun| 30] Rent expired Gy oO 4250 4250 [DR ¥ || 4 re 5 5 dun] 20 ; 5 wun] 20] Aajusted Balance [1 a0 for |v Account: Prepaid Rent fcount Ho 140 May| 31 | Balance 0 din] 4 [Pepto Sil aae0 aamooR Jun} 30} Rent expired GJ 4,250 4,250 DR Jun] 30 [Adjusted Balance 74250 0R| Account: Prepaid Advertsing Way] 31 [bares m0 OR Jun} 30 | Benefits consumed Qe 0 4000 8000 [DR ¥ || Sin] 20 : ; in] 20 Fi ; Tun] 30] Adjusted Balance [1 we ony Account: Prepaid Advertising pecount Ho 2a way] a foam Jun] "30 Benetts consumed gi doo Jun] 30) Adjusted Balance bps:twara pordsco.convelme/qsanvhitniigsa 2px sit0r2018 Account: Prepaid Insurance ‘Account No, 142 Adjusting enties 70-142.Prepaidinsurance_adjentry) ‘in| 20|nsuares oie’ a = 0| [Sica on | v wun} 3off S—té<‘

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