PLEASE READ DO NOT RUSH TO ANSWER! THIS IS A 5 PART QUESTION! FOLLOW INSTRUCTIONS PLEASE ANSWER IN THE NECESSARY TABLES... MEANING DO IT THE RIGHT WAY! PUT JOURNAL ENTERIES IN JOURNAL ETC THIS IS THE 3RD TIME I AM POSTING THIS! PLEASE SEE WHAT IS REQUIRED BELOW! The following additional information is available at June 30, 2022: (i) Store Supplies on hand at June 30, 2022 amounted to $95,400. (ii) Insurance of $184,950 was paid on April 1, 2022, for 9-months to December 2022 (iii) Rent was prepaid on March 1, 2022, for 7-months to September 2022. (iv) The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000. (v) The motor truck was acquired on February 1, 2022, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $15,000 (vi) Salaries earned by employees not yet paid amounted to $195,000 at June 30, 2022. (vii) Accrued interest expense as of June 30, 2022, $50,550. (viii) On June 30, 2022, $66,000 of the previously unearned sales revenue had been earned. (ix) The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $100,000. (x) After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,115,500 worth of inventory on hand at June 30,2022 Other data: (xi) The business is expected to make principal payments totalling $345,000 towards the loan during the fiscal year to June 30,2023 YOU ARE REQUIRED TO: 1) Prepare the necessary adjusting journal entries on June 30, 2022. [Narrations are not required] 2)Prepare the Adjusted Trial balance at June 30, 2022. 3)Prepare the company's multiple-step income statement for the period ending June 30, 2022 4)Prepare the company's statement of owner's equity at June 30, 2022 5) Prepare the company's classified balance sheet at June 30, 2022 ENSURE THAT U PREPARE THE ALL OF THE ABOVE. THAT IS 5 DIFFERENT DOCUMENTS
PLEASE READ DO NOT RUSH TO ANSWER! THIS IS A 5 PART QUESTION! FOLLOW INSTRUCTIONS PLEASE ANSWER IN THE NECESSARY TABLES... MEANING DO IT THE RIGHT WAY! PUT JOURNAL ENTERIES IN JOURNAL ETC THIS IS THE 3RD TIME I AM POSTING THIS! PLEASE SEE WHAT IS REQUIRED BELOW! The following additional information is available at June 30, 2022: (i) Store Supplies on hand at June 30, 2022 amounted to $95,400. (ii) Insurance of $184,950 was paid on April 1, 2022, for 9-months to December 2022 (iii) Rent was prepaid on March 1, 2022, for 7-months to September 2022. (iv) The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000. (v) The motor truck was acquired on February 1, 2022, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $15,000 (vi) Salaries earned by employees not yet paid amounted to $195,000 at June 30, 2022. (vii) Accrued interest expense as of June 30, 2022, $50,550. (viii) On June 30, 2022, $66,000 of the previously unearned sales revenue had been earned. (ix) The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the Allowance for Bad Debts should be $100,000. (x) After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,115,500 worth of inventory on hand at June 30,2022 Other data: (xi) The business is expected to make principal payments totalling $345,000 towards the loan during the fiscal year to June 30,2023 YOU ARE REQUIRED TO: 1) Prepare the necessary adjusting journal entries on June 30, 2022. [Narrations are not required] 2)Prepare the Adjusted Trial balance at June 30, 2022. 3)Prepare the company's multiple-step income statement for the period ending June 30, 2022 4)Prepare the company's statement of owner's equity at June 30, 2022 5) Prepare the company's classified balance sheet at June 30, 2022 ENSURE THAT U PREPARE THE ALL OF THE ABOVE. THAT IS 5 DIFFERENT DOCUMENTS
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
Do not give solution in image format
![Sales returns and allowances
Cost of goods sold
Salaries expense
Insurance Expense
Utilities Expense
Rent Expense
Depreciation Expense - Furniture & Fixtures
Depreciation Expense - Motor Truck
Store Supplies Expense
Gain on Disposal of Old Motor Truck
Bad-Debt Expense
Interest Expense
145,400
1,055,000
808,000
211,500
325,000
480,000
Show Transcribed Text
ACCT1002-Introduction to Financial Accounting Assignment #2
58,000
10,741,900 10,741,900
Page | 18
18/20
PLEASE READ DO NOT RUSH TO ANSWER! THIS IS A 5 PART QUESTION! FOLLOW
INSTRUCTIONS PLEASE ANSWER IN THE NECESSARY TABLES... MEANING DO IT THE RIGHT
WAY! PUT JOURNAL ENTERIES IN JOURNAL ETC
THIS IS THE 3RD TIME I AM POSTING THIS! PLEASE SEE WHAT IS REQUIRED BELOW!
The following additional information is available at June 30, 2022:
(i) Store Supplies on hand at June 30, 2022 amounted to $95,400.
(ii) Insurance of $184,950 was paid on April 1, 2022, for 9-months to December 2022
(iii) Rent was prepaid on March 1, 2022, for 7-months to September 2022.
(iv) The furniture and fixtures have an estimated useful life of 10 years and is being depreciated.
on the straight-line method down to a residual value of $10,000.
(v) The motor truck was acquired on February 1, 2022, and is being depreciated over 5 years on
the double-declining balance method of depreciation, down to a residue of $15,000
(vi) Salaries earned by employees not yet paid amounted to $195,000 at June 30, 2022.
(vii) Accrued interest expense as of June 30, 2022, $50,550.
(x) After making all other adjust nts, a physical count of inve
that there was $1,115,500 worth of inventory on hand at June 30,2022
Other data:
(viii) On June 30, 2022, $66,000 of the previously unearned sales revenue had been earned.
(ix) The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the
Allowance for Bad Debts should be $100,000.
was done, which reveals
(xi) The business is expected to make principal payments totalling $345,000 towards the loan
during the fiscal year to June 30,2023
YOU ARE REQUIRED TO:
1) Prepare the necessary adjusting journal entries on June 30, 2022. [Narrations are not
required]
2)Prepare the Adjusted Trial balance at June 30, 2022.
3)Prepare the company's multiple-step income statement for the period ending June 30, 2022
4)Prepare the company's statement of owner's equity at June 30, 2022
5) Prepare the company's classified balance sheet at June 30, 2022
ENSURE THAT U PREPARE THE ALL OF THE ABOVE. THAT IS 5 DIFFERENT DOCUMENTS](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4be9481d-42db-49d0-9351-cb00829908ba%2F79ec4954-2451-465d-bb14-73bce37d715d%2Fxu46il_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sales returns and allowances
Cost of goods sold
Salaries expense
Insurance Expense
Utilities Expense
Rent Expense
Depreciation Expense - Furniture & Fixtures
Depreciation Expense - Motor Truck
Store Supplies Expense
Gain on Disposal of Old Motor Truck
Bad-Debt Expense
Interest Expense
145,400
1,055,000
808,000
211,500
325,000
480,000
Show Transcribed Text
ACCT1002-Introduction to Financial Accounting Assignment #2
58,000
10,741,900 10,741,900
Page | 18
18/20
PLEASE READ DO NOT RUSH TO ANSWER! THIS IS A 5 PART QUESTION! FOLLOW
INSTRUCTIONS PLEASE ANSWER IN THE NECESSARY TABLES... MEANING DO IT THE RIGHT
WAY! PUT JOURNAL ENTERIES IN JOURNAL ETC
THIS IS THE 3RD TIME I AM POSTING THIS! PLEASE SEE WHAT IS REQUIRED BELOW!
The following additional information is available at June 30, 2022:
(i) Store Supplies on hand at June 30, 2022 amounted to $95,400.
(ii) Insurance of $184,950 was paid on April 1, 2022, for 9-months to December 2022
(iii) Rent was prepaid on March 1, 2022, for 7-months to September 2022.
(iv) The furniture and fixtures have an estimated useful life of 10 years and is being depreciated.
on the straight-line method down to a residual value of $10,000.
(v) The motor truck was acquired on February 1, 2022, and is being depreciated over 5 years on
the double-declining balance method of depreciation, down to a residue of $15,000
(vi) Salaries earned by employees not yet paid amounted to $195,000 at June 30, 2022.
(vii) Accrued interest expense as of June 30, 2022, $50,550.
(x) After making all other adjust nts, a physical count of inve
that there was $1,115,500 worth of inventory on hand at June 30,2022
Other data:
(viii) On June 30, 2022, $66,000 of the previously unearned sales revenue had been earned.
(ix) The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the
Allowance for Bad Debts should be $100,000.
was done, which reveals
(xi) The business is expected to make principal payments totalling $345,000 towards the loan
during the fiscal year to June 30,2023
YOU ARE REQUIRED TO:
1) Prepare the necessary adjusting journal entries on June 30, 2022. [Narrations are not
required]
2)Prepare the Adjusted Trial balance at June 30, 2022.
3)Prepare the company's multiple-step income statement for the period ending June 30, 2022
4)Prepare the company's statement of owner's equity at June 30, 2022
5) Prepare the company's classified balance sheet at June 30, 2022
ENSURE THAT U PREPARE THE ALL OF THE ABOVE. THAT IS 5 DIFFERENT DOCUMENTS
Transcribed Image Text:A/C Name
Gregg's Shipping Supplies Ltd- St Kitts Branch
Trial Balance as at June 30, 2022
Trial Balance
Cash
Accounts receivable
Allowance for bad debt
Merchandise Inventory
Store Supplies
Prepaid Insurance
Prepaid rent
Furniture and fixtures
Accumulated depreciation-Furniture and Fixtures
Motor Truck
Accumulated depreciation - Motor Truck
Accounts payable
Salary payable
Interest payable
Unearned Sales revenue
Long-term loan
Gregg's, Capital
Gregg's, Withdrawals
Sales revenue
Sales discount
Sales returns and allowances
Cost of goods sold
Salaries expense
Insurance Expense
Utilities Expense
Rent Expense
Depreciation Expense - Furniture & Fixtures
Depreciation Expense - Motor Truck
Store Supplies Expense
Gain on Disposal of Old Motor Truck
Bad-Debt Expense
Interest Expense
DR
1,400,000
1,400,000
1,400,000
400,000
211,500
420,000
1,000,000
1,200,000
125,000
160,500
145,400
1,055,000
808,000
211,500
325,000
480,000
CR
ACCT1002 - Introduction to Financial Accounting Assignment #2
100,000
99,000
50,000
28,000
205,000
2,500,000
3,500,000
4,201,900
58,000
10,741,900 10,741,900
Page | 18
18/20
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