1. Journalize the six adjusting entries. 2. Journalize the closing entries.  3. Journalize the reversing entry as of July 1, for the salaries that were accured in the June adjusting entry.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30. 

Required:

1. Journalize the six adjusting entries.

2. Journalize the closing entries. 

3. Journalize the reversing entry as of July 1, for the salaries that were accured in the June adjusting entry. 

Company for the year ended June 30.
K
J.
A
Masanto and Company
Work Sheet
For Year Ended June 30, 20-
BALANCE SHEET
CREDIT
INCOME STATEMENT
CREDIT
ACCOUNT NAME
DEBIT
DEBIT
21,034.00
89,016.00
116,400.00
3,210.00
12,400.00
Cash
Accounts Receivable
Merchandise Inventory
Prepaid Insurance
Delivery Equipment
10
11
Accumulated Depreciation, Delivery Equipment
4,600.00
12
13
Store Equipment
30,400.00
8,700.00
Accumulated Depreciation, Store Equipment
14
55,300.00
172,720.00
15
Accounts Payable
16
P. R. Masanto, Capital
17
P.R. Masanto, Drawing
26,000.00
Sales
18
19
20
21
22
516,000.00
Purchases
399,101.00
Purchases Returns and Allowances
9,600.00
6,800.00
Purchases Discounts
Freight In
14,000.00
46,000.00
10,600.00
2,700.00
1,459.00
23
Salary Expense
Delivery Equipment Expense
Supplies Expense
Miscellaneous Expense
24
25
26
27
Income Summary
Salaries Payable
Insurance Expense
Depreciation Expense, Delivery Equipment
28
112,200.00
116,400.00
29
1,240.00
30
2,840.00
1,400.00
2,600.00
592,900.00
55,900.00
648,800.00
31
32
Depreciation Expense, Store Equipment
33
648,800.00
298,460.00
242,560.00
55,900.00
298,460.00
Net Income
34
35
36
648,800.00
298,460.00
Sheet1
Sheet2 Sheet3
Required
1. Journalize the six adjusting entries.
2. Journalize the closing entries.
3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the
June adjusting entry.
23456799
Transcribed Image Text:Company for the year ended June 30. K J. A Masanto and Company Work Sheet For Year Ended June 30, 20- BALANCE SHEET CREDIT INCOME STATEMENT CREDIT ACCOUNT NAME DEBIT DEBIT 21,034.00 89,016.00 116,400.00 3,210.00 12,400.00 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Delivery Equipment 10 11 Accumulated Depreciation, Delivery Equipment 4,600.00 12 13 Store Equipment 30,400.00 8,700.00 Accumulated Depreciation, Store Equipment 14 55,300.00 172,720.00 15 Accounts Payable 16 P. R. Masanto, Capital 17 P.R. Masanto, Drawing 26,000.00 Sales 18 19 20 21 22 516,000.00 Purchases 399,101.00 Purchases Returns and Allowances 9,600.00 6,800.00 Purchases Discounts Freight In 14,000.00 46,000.00 10,600.00 2,700.00 1,459.00 23 Salary Expense Delivery Equipment Expense Supplies Expense Miscellaneous Expense 24 25 26 27 Income Summary Salaries Payable Insurance Expense Depreciation Expense, Delivery Equipment 28 112,200.00 116,400.00 29 1,240.00 30 2,840.00 1,400.00 2,600.00 592,900.00 55,900.00 648,800.00 31 32 Depreciation Expense, Store Equipment 33 648,800.00 298,460.00 242,560.00 55,900.00 298,460.00 Net Income 34 35 36 648,800.00 298,460.00 Sheet1 Sheet2 Sheet3 Required 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry. 23456799
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