Prepare a worksheet using the adjustment data given above.
Sharp Outfitters
Unadjusted
July 31, 2020
Debit $ |
Credit $ |
|
Cash | 3750 | |
Supplies | 8600 | |
Prepaid Insurance | 3200 | |
Equipment | 95000 | |
16500 | ||
Accounts Payable | 3500 | |
Unearned rental fees | 8850 | |
C.Sharp, Capital | 39000 | |
C.Sharp, Drawing | 1200 | |
Rental fees earned | 78000 | |
Wages expenses | 27800 | |
Rent expense | 3300 | |
Advertising expense | 2300 | |
Travel expense | 700 | |
TOTAL | 145850 | 145850 |
Sharp Outfitters’ fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. The
following additional information are available:
1. Supplies on hand at July 31, amount to $3,300
2. Insurance expense for the month is $600
3. Depreciation for the full year is $8,250
4. The unearned rental fees consist of deposits received from customers in advance when reservations are
made. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits apply
to rentals for August and September 2020.
5. At July 31, revenue from rental services earned during July but not yet billed or received amounts to
$2,500. (Note: Debit Fees Receivable.)
6. Accrued wages payable for equipment handlers and guides amounts to $900 at July 31.
REQUIRED: Prepare a worksheet using the adjustment data given above.
![The July 31, 2002, unadjusted trial balance of Sharp Outfitters, a firm renting various types of equipment to
canoeists and campers, follows:
Sharp Outfitters
Unadjusted Trial Balance
July 31,2020
Debit
$
Credit
$
Cash
3750
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Unearned rental fees
C.Sharp, Capital
C.Sharp, Drawing
Rental fees earned
Wages expenses
Rent expense
Advertising expense
Travel expense
8600
3200
95000
16500
3500
8850
39000
1200
78000
27800
3300
2300
700
ТОТAL
145850
145850
Sharp Outfitters' fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. The
following additional information are available:
1. Supplies on hand at July 31, amount to $3,300
2. Insurance expense for the month is $600
3. Depreciation for the full year is $8,250
4. The unearned rental fees consist of deposits received from customers in advance when reservations are
made. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits apply
to rentals for August and September 2020.
5. At July 31, revenue from rental services earned during July but not yet billed or received amounts to
$2,500. (Note: Debit Fees Receivable.)
Accrued wages payable for equipment handlers and guides amounts to $900 at July 31.
REQUIRED: Prepare a worksheet using the adjustment data given above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7c08fb43-9528-4496-8a36-bf80e39817e1%2F9497eaf4-d712-4e96-8405-98e3e3aca953%2F3fa50j_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)