A portion of Anderson Publishing’s work sheet for the year ended December 31 follows: Anderson Publishing’s Work Sheet For Year Ended December 31, 20-- 1 Income Statement Income Statement Balance Sheet Balance Sheet 2 Account Name Debit Credit Debit Credit 3 Cash 100,000.00 4 Accounts Receivable 114,050.00 5 Publishing Supplies 1,480.00 6 Merchandise Inventory 15,000.00 7 Prepaid Insurance 2,000.00 8 Publishing Equipment 42,250.00 9 Accumulated Depreciation, Publishing Equipment 16,900.00 10 Accounts Payable 5,562.00 11 Unearned Subscription Renewals 9,050.00 12 J. Anderson, Capital 218,450.00 13 J. Anderson, Drawing 48,000.00 14 Magazine Sales 125,000.00 15 Subscription Renewals 92,000.00 16 Sales Returns and Allowances 5,425.00 17 Purchases 65,000.00 18 Purchases Returns and Allowances 4,500.00 19 Purchases Discounts 9,000.00 20 Freight In 7,500.00 21 Salaries Expense 57,825.00 22 Rent Expense 9,600.00 23 24 Income Summary 16,325.00 15,000.00 25 Depreciation Expense, Publishing Equipment 8,950.00 26 Insurance Expense 2,800.00 27 Salaries Payable 1,113.00 28 Publishing Supplies Expense 370.00 29 Total $173,795.00 $245,500.00 $322,780.00 $251,075.00 Required: 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in general journal. 2. Determine the net income for the year. 3. What is the amount of ending capital?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

A portion of Anderson Publishing’s work sheet for the year ended December 31 follows:

Anderson Publishing’s

Work Sheet

For Year Ended December 31, 20--

1		Income Statement	Income Statement	Balance Sheet	Balance Sheet
2	Account Name	Debit	Credit	Debit	Credit
3	Cash			100,000.00
4	Accounts Receivable			114,050.00
5	Publishing Supplies			1,480.00
6	Merchandise Inventory			15,000.00
7	Prepaid Insurance			2,000.00
8	Publishing Equipment			42,250.00
9	Accumulated Depreciation, Publishing Equipment				16,900.00
10	Accounts Payable				5,562.00
11	Unearned Subscription Renewals				9,050.00
12	J. Anderson, Capital				218,450.00
13	J. Anderson, Drawing			48,000.00
14	Magazine Sales		125,000.00
15	Subscription Renewals		92,000.00
16	Sales Returns and Allowances	5,425.00
17	Purchases	65,000.00
18	Purchases Returns and Allowances		4,500.00
19	Purchases Discounts		9,000.00
20	Freight In	7,500.00
21	Salaries Expense	57,825.00
22	Rent Expense	9,600.00
23
24	Income Summary	16,325.00	15,000.00
25	Depreciation Expense, Publishing Equipment	8,950.00
26	Insurance Expense	2,800.00
27	Salaries Payable				1,113.00
28	Publishing Supplies Expense	370.00
29	Total	$173,795.00	$245,500.00	$322,780.00	$251,075.00

	Required:
1.	Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in general journal.
2.	Determine the net income for the year.
3.	What is the amount of ending capital?

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions