can you please help solve this Insurance ExpenseUtilities Expense9,660Depreciation Expense-Store EquipmentDepreciation Expense-Building359,484 359,484Required:1. Complete the Adjustments columns using the following year-end adjustments information.a./b. Based on a physical count, it was determined that merchandise inventory costing $21,700 is on hand as of December 31, 20--.C.Supplies remaining at the end of the year, $6,300.d.Unexpired insurance on hand at the end of the year, $2,200.Depreciation expense on the store equipment, $2,500.e.f.Depreciation expense on the building, $2,700.g.Unearned Rental Revenue as of December 31, $3,200.h.Wages earned but not yet paid, $660.2. Complete the Adjusted Trial Balance columns of the work sheet.If an amount box does not require an entry, leave it blank.Camping Supply CenterWork Sheet (partial)For the year ended December 31, 20--Trial BalanceAdjustmentsAdjusted Trial BalanceCreditDebitCreditDebltCreditDebitAccount Title38,400Cash10,200Accounts Recelvable30,720ImventorY

Solution: Adjusting Entries are the journal entries that are made at the end of a given accounting time period in order to record unrecognized incomes earned and expenses incurred for that accounting period. Unadjusted trial balance is the trial Balance which is prepared before making any adjusting entries at the end of the given accounting period. After adjusting entries made, an Adjusted Trial Balance is prepared in which all unrecognized income and expenses are duly accounted properly. Analysis and Calculation: i) Enter a debit memo to your Cost of goods sold account in the inventory amount and credit to Merchandise inventory, If your physical count less than what is in the the accounting records. ii) Difference between the beginning and ending Supplies account was written off as supplies Expenses for the given period iii) Expired insurance was recognized as insurance expenses for the given period. iv) Unearned rental revenue is earned and recognized for the given period. Camping Supply Centre Work Sheet (Partial) For the year ended December 31, 20.... Trial Balance Adjustments Adjusted Trial Balance Account Name Dr.$ Cr.$ Dr.$ Cr.$ Dr.$ Cr.$ Cash 38,400 38,400 Accounts Receivable 10,200 10,200 Merchandise Inventory 30,720 9,020++ 21,700 Supplies 8,520 2,220+++ 6,300 Prepaid Insurance 5,760 3,560++++ 2,200 Store Equipment 25,560 25,560 Accumulated Depreciation - Store Equipment 8,520 2,500 11,020 Building 60,000 60,000 Accumulated Depreciation- Building 12,000 2,700 14,700 Land 54,000 54,000 Accounts Payable 6,720 6,720 Wages Payable 660 660 Sales Tax Payable 5,040 5,040 Mortgage Payable 86,400 86,400 Unearned Rental Income 7,500 4,300+++++ 3,200 Kaplin, Capital 109,800 109,800 Kaplin, Drawings 28,560 28,560 Income summary Sales 118,440 118,440 Sales Returns and Allowances 2,952 2,952 Earned Rental Revenue 4,300 4,300 Purchases 37,920 9,020 46,940 Purchase Returns and allowances 5,064 5,064 Wages expenses 45,120 660 45,780 Telephone Expenses 2,112 2,112 Supplies Expenses 2,220 2,220 Insurance Expenses 3,560 3,560 Depreciation Expenses ($2,500 + $2,700) 5,200 5,200 Utilities Expenses 9,660 9,660 Total 359,484 359,484 365,344 365,344 ++($30,720-$21,700) +++($8,520-$6,300) ++++($5,760-$2,200) +++++($7,500-$3,200)

Business

Accounting

1. Complete the Adjustments columns using the following year-end adjustments information. a./b. Based on a physical count, it was determined that merchandise inventory costing $21,700 is on hand as of December 31, 20-. Supplies remaining at the end of the year, $6,300. hand at the ond of the ear 2 200

1. Complete the Adjustments columns using the following year-end adjustments information. a./b. Based on a physical count, it was determined that merchandise inventory costing $21,700 is on hand as of December 31, 20-. Supplies remaining at the end of the year, $6,300. hand at the ond of the ear 2 200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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