In the Adjustments columns of the work sheet, record the following adjusting entries: • For merchandise inventory: Debit Income Summary and credit Merchandise Inventory (to remove the beginning inventory); then debit Merchandise Inventory and credit Income Summary (to enter the ending inventory). • For unearned revenue: Debit the unearned revenue account and credit the revenue account (to record revenue earned) • For supplies used: Debit Supplies Expense and credit Supplies. • For expired insurance: Debit Insurance Expense and credit Prepaid Insurance. • For depreciation: Debit Depreciation Expense and credit Accumulated Depreciation. • For accrued wages or salaries: Debit Wages Expense or Salaries Expense and credit Wages Payable or Salaries Payable. Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees earned, $32,100. d. Supplies inventory (on hand), $1,415. e. Insurance expired, $750. f. Depreciation of office equipment, $300. g. Wages accrued, $630. Record these data in the Adjustments column of the following work sheet. If an amount is zero, enter "0". Bruno Company Worksheet TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 32,725 fill in the blank 7f4e86067fe2066_1 fill in the blank 7f4e86067fe2066_2 Accounts Receivable 960 fill in the blank 7f4e86067fe2066_3 fill in the blank 7f4e86067fe2066_4 Merchandise Inventory 1,250 fill in the blank 7f4e86067fe2066_5 fill in the blank 7f4e86067fe2066_6 Supplies 1,525 fill in the blank 7f4e86067fe2066_7 fill in the blank 7f4e86067fe2066_8 Prepaid Insurance 930 fill in the blank 7f4e86067fe2066_9 fill in the blank 7f4e86067fe2066_10 Office Equipment 5,450 fill in the blank 7f4e86067fe2066_11 fill in the blank 7f4e86067fe2066_12 Accum. Depr.-Office Equipment fill in the blank 7f4e86067fe2066_13 fill in the blank 7f4e86067fe2066_14 Accounts Payable 480 fill in the blank 7f4e86067fe2066_15 fill in the blank 7f4e86067fe2066_16 M. Bruno, Capital 11,750 fill in the blank 7f4e86067fe2066_17 fill in the blank 7f4e86067fe2066_18 M. Bruno, Drawing 1,125 fill in the blank 7f4e86067fe2066_19 fill in the blank 7f4e86067fe2066_20 Unearned Professional Fees 34,700 fill in the blank 7f4e86067fe2066_21 fill in the blank 7f4e86067fe2066_22 Wages Expense 1,420 fill in the blank 7f4e86067fe2066_23 fill in the blank 7f4e86067fe2066_24 Advertising Expense 350 fill in the blank 7f4e86067fe2066_25 fill in the blank 7f4e86067fe2066_26 Rent Expense 700 fill in the blank 7f4e86067fe2066_27 fill in the blank 7f4e86067fe2066_28 Telephone Expense 130 fill in the blank 7f4e86067fe2066_29 fill in the blank 7f4e86067fe2066_30 Utilities Expense 190 fill in the blank 7f4e86067fe2066_31 fill in the blank 7f4e86067fe2066_32 Miscellaneous Expense 175 fill in the blank 7f4e86067fe2066_33 fill in the blank 7f4e86067fe2066_34 Income Summary fill in the blank 7f4e86067fe2066_35 fill in the blank 7f4e86067fe2066_36 Professional Fees Income fill in the blank 7f4e86067fe2066_37 fill in the blank 7f4e86067fe2066_38 Supplies Expense fill in the blank 7f4e86067fe2066_39 fill in the blank 7f4e86067fe2066_40 Insurance Expense fill in the blank 7f4e86067fe2066_41 fill in the blank 7f4e86067fe2066_42 Depr. Expense-Office Equipment fill in the blank 7f4e86067fe2066_43 fill in the blank 7f4e86067fe2066_44 Wages Payable fill in the blank 7f4e86067fe2066_45 fill in the blank 7f4e86067fe2066_46 46,930 46,930 fill in the blank 7f4e86067fe2066_47 fill in the blank 7f4e86067fe2066_48

In the Adjustments columns of the work sheet, record the following adjusting entries: • For merchandise inventory: Debit Income Summary and credit Merchandise Inventory (to remove the beginning inventory); then debit Merchandise Inventory and credit Income Summary (to enter the ending inventory). • For unearned revenue: Debit the unearned revenue account and credit the revenue account (to record revenue earned) • For supplies used: Debit Supplies Expense and credit Supplies. • For expired insurance: Debit Insurance Expense and credit Prepaid Insurance. • For depreciation: Debit Depreciation Expense and credit Accumulated Depreciation. • For accrued wages or salaries: Debit Wages Expense or Salaries Expense and credit Wages Payable or Salaries Payable. Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees earned, $32,100. d. Supplies inventory (on hand), $1,415. e. Insurance expired, $750. f. Depreciation of office equipment, $300. g. Wages accrued, $630. Record these data in the Adjustments column of the following work sheet. If an amount is zero, enter "0". Bruno Company Worksheet TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 32,725 fill in the blank 7f4e86067fe2066_1 fill in the blank 7f4e86067fe2066_2 Accounts Receivable 960 fill in the blank 7f4e86067fe2066_3 fill in the blank 7f4e86067fe2066_4 Merchandise Inventory 1,250 fill in the blank 7f4e86067fe2066_5 fill in the blank 7f4e86067fe2066_6 Supplies 1,525 fill in the blank 7f4e86067fe2066_7 fill in the blank 7f4e86067fe2066_8 Prepaid Insurance 930 fill in the blank 7f4e86067fe2066_9 fill in the blank 7f4e86067fe2066_10 Office Equipment 5,450 fill in the blank 7f4e86067fe2066_11 fill in the blank 7f4e86067fe2066_12 Accum. Depr.-Office Equipment fill in the blank 7f4e86067fe2066_13 fill in the blank 7f4e86067fe2066_14 Accounts Payable 480 fill in the blank 7f4e86067fe2066_15 fill in the blank 7f4e86067fe2066_16 M. Bruno, Capital 11,750 fill in the blank 7f4e86067fe2066_17 fill in the blank 7f4e86067fe2066_18 M. Bruno, Drawing 1,125 fill in the blank 7f4e86067fe2066_19 fill in the blank 7f4e86067fe2066_20 Unearned Professional Fees 34,700 fill in the blank 7f4e86067fe2066_21 fill in the blank 7f4e86067fe2066_22 Wages Expense 1,420 fill in the blank 7f4e86067fe2066_23 fill in the blank 7f4e86067fe2066_24 Advertising Expense 350 fill in the blank 7f4e86067fe2066_25 fill in the blank 7f4e86067fe2066_26 Rent Expense 700 fill in the blank 7f4e86067fe2066_27 fill in the blank 7f4e86067fe2066_28 Telephone Expense 130 fill in the blank 7f4e86067fe2066_29 fill in the blank 7f4e86067fe2066_30 Utilities Expense 190 fill in the blank 7f4e86067fe2066_31 fill in the blank 7f4e86067fe2066_32 Miscellaneous Expense 175 fill in the blank 7f4e86067fe2066_33 fill in the blank 7f4e86067fe2066_34 Income Summary fill in the blank 7f4e86067fe2066_35 fill in the blank 7f4e86067fe2066_36 Professional Fees Income fill in the blank 7f4e86067fe2066_37 fill in the blank 7f4e86067fe2066_38 Supplies Expense fill in the blank 7f4e86067fe2066_39 fill in the blank 7f4e86067fe2066_40 Insurance Expense fill in the blank 7f4e86067fe2066_41 fill in the blank 7f4e86067fe2066_42 Depr. Expense-Office Equipment fill in the blank 7f4e86067fe2066_43 fill in the blank 7f4e86067fe2066_44 Wages Payable fill in the blank 7f4e86067fe2066_45 fill in the blank 7f4e86067fe2066_46 46,930 46,930 fill in the blank 7f4e86067fe2066_47 fill in the blank 7f4e86067fe2066_48

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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Question

In the Adjustments columns of the work sheet, record the following adjusting entries:

•	For merchandise inventory: Debit Income Summary and credit Merchandise Inventory (to remove the beginning inventory); then debit Merchandise Inventory and credit Income Summary (to enter the ending inventory).
•	For unearned revenue: Debit the unearned revenue account and credit the revenue account (to record revenue earned)
•	For supplies used: Debit Supplies Expense and credit Supplies.
•	For expired insurance: Debit Insurance Expense and credit Prepaid Insurance.
•	For depreciation: Debit Depreciation Expense and credit Accumulated Depreciation.
•	For accrued wages or salaries: Debit Wages Expense or Salaries Expense and credit Wages Payable or Salaries Payable.

Following are the adjustment data for Bruno Company:

a-b.	Merchandise inventory (ending), $1,045.
c.	Professional fees earned, $32,100.
d.	Supplies inventory (on hand), $1,415.
e.	Insurance expired, $750.
f.	Depreciation of office equipment, $300.
g.	Wages accrued, $630.

Record these data in the Adjustments column of the following work sheet.

If an amount is zero, enter "0".

Bruno Company Worksheet
	TRIAL BALANCE	ADJUSTMENTS
ACCOUNT NAME	DEBIT	CREDIT	DEBIT	CREDIT
Cash	32,725		fill in the blank 7f4e86067fe2066_1	fill in the blank 7f4e86067fe2066_2
Accounts Receivable	960		fill in the blank 7f4e86067fe2066_3	fill in the blank 7f4e86067fe2066_4
Merchandise Inventory	1,250		fill in the blank 7f4e86067fe2066_5	fill in the blank 7f4e86067fe2066_6
Supplies	1,525		fill in the blank 7f4e86067fe2066_7	fill in the blank 7f4e86067fe2066_8
Prepaid Insurance	930		fill in the blank 7f4e86067fe2066_9	fill in the blank 7f4e86067fe2066_10
Office Equipment	5,450		fill in the blank 7f4e86067fe2066_11	fill in the blank 7f4e86067fe2066_12
Accum. Depr.-Office Equipment			fill in the blank 7f4e86067fe2066_13	fill in the blank 7f4e86067fe2066_14
Accounts Payable		480	fill in the blank 7f4e86067fe2066_15	fill in the blank 7f4e86067fe2066_16
M. Bruno, Capital		11,750	fill in the blank 7f4e86067fe2066_17	fill in the blank 7f4e86067fe2066_18
M. Bruno, Drawing	1,125		fill in the blank 7f4e86067fe2066_19	fill in the blank 7f4e86067fe2066_20
Unearned Professional Fees		34,700	fill in the blank 7f4e86067fe2066_21	fill in the blank 7f4e86067fe2066_22
Wages Expense	1,420		fill in the blank 7f4e86067fe2066_23	fill in the blank 7f4e86067fe2066_24
Advertising Expense	350		fill in the blank 7f4e86067fe2066_25	fill in the blank 7f4e86067fe2066_26
Rent Expense	700		fill in the blank 7f4e86067fe2066_27	fill in the blank 7f4e86067fe2066_28
Telephone Expense	130		fill in the blank 7f4e86067fe2066_29	fill in the blank 7f4e86067fe2066_30
Utilities Expense	190		fill in the blank 7f4e86067fe2066_31	fill in the blank 7f4e86067fe2066_32
Miscellaneous Expense	175		fill in the blank 7f4e86067fe2066_33	fill in the blank 7f4e86067fe2066_34
Income Summary			fill in the blank 7f4e86067fe2066_35	fill in the blank 7f4e86067fe2066_36
Professional Fees Income			fill in the blank 7f4e86067fe2066_37	fill in the blank 7f4e86067fe2066_38
Supplies Expense			fill in the blank 7f4e86067fe2066_39	fill in the blank 7f4e86067fe2066_40
Insurance Expense			fill in the blank 7f4e86067fe2066_41	fill in the blank 7f4e86067fe2066_42
Depr. Expense-Office Equipment			fill in the blank 7f4e86067fe2066_43	fill in the blank 7f4e86067fe2066_44
Wages Payable			fill in the blank 7f4e86067fe2066_45	fill in the blank 7f4e86067fe2066_46
	46,930	46,930	fill in the blank 7f4e86067fe2066_47	fill in the blank 7f4e86067fe2066_48

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