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Requirements 1. Journalize the adjusting entries needed on July 31, 2018. ** Suppose the adjustments made in Requirement 1 were not made. Compute the Overall overstatement or understatement of net income as a result of the omission of these adjustments. E3-29 Using the worksheet to record the adjusting journal entries Learning Objective 6 The worksheet of Best Jobs Employment Service follows but is incomplete. 1. Adjustments $3,700 total D. B. BEST JOBS EMPLOYMENT SERVICE Worksheet April 30, 2018 Adjustments Unadjusted Trial Balance Adjusted Trial Balance Account Names Credit Debit Credit Debit Debit Credit 7 Cash $ 1,100 8 Accounts Receivable 9 Office Supplies 10 Equipment 11 Accumulated Depreciation-Equipment 12 Salaries Payable 13 Kubota, Capital 4,100 1,200 32,700 $ 13,900 25,200 14 Kubota, Withdrawals 5,300 15 Service Revenue 9,000 16 Salaries Expense 2,200 17 Rent Expense 1,500 18 Depreciation Expense-Equipment 19 Supplies Expense 20 Total $ 48,100 $ 48,100 21 The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, $700. b. Office supplies used, $300. c. Depreciation on equipment, $1,300. d. Salaries owed to employees, $1,400. 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Requirements 2. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 3. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations. 2. 3. 6.

Requirements 1. Journalize the adjusting entries needed on July 31, 2018. ** Suppose the adjustments made in Requirement 1 were not made. Compute the Overall overstatement or understatement of net income as a result of the omission of these adjustments. E3-29 Using the worksheet to record the adjusting journal entries Learning Objective 6 The worksheet of Best Jobs Employment Service follows but is incomplete. 1. Adjustments $3,700 total D. B. BEST JOBS EMPLOYMENT SERVICE Worksheet April 30, 2018 Adjustments Unadjusted Trial Balance Adjusted Trial Balance Account Names Credit Debit Credit Debit Debit Credit 7 Cash $ 1,100 8 Accounts Receivable 9 Office Supplies 10 Equipment 11 Accumulated Depreciation-Equipment 12 Salaries Payable 13 Kubota, Capital 4,100 1,200 32,700 $ 13,900 25,200 14 Kubota, Withdrawals 5,300 15 Service Revenue 9,000 16 Salaries Expense 2,200 17 Rent Expense 1,500 18 Depreciation Expense-Equipment 19 Supplies Expense 20 Total $ 48,100 $ 48,100 21 The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, $700. b. Office supplies used, $300. c. Depreciation on equipment, $1,300. d. Salaries owed to employees, $1,400. 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Requirements 2. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 3. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations. 2. 3. 6.

FINANCIAL ACCOUNTING
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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Requirements 1. Journalize the adjusting entries needed on July 31, 2018. ** Suppose the adjustments made in Requirement 1 were not made. Compute the Overall overstatement or understatement of net income as a result of the omission of these adjustments. E3-29 Using the worksheet to record the adjusting journal entries Learning Objective 6 The worksheet of Best Jobs Employment Service follows but is incomplete. 1. Adjustments $3,700 total D. B. BEST JOBS EMPLOYMENT SERVICE Worksheet April 30, 2018 Adjustments Unadjusted Trial Balance Adjusted Trial Balance Account Names Credit Debit Credit Debit Debit Credit 7 Cash $ 1,100 8 Accounts Receivable 9 Office Supplies 10 Equipment 11 Accumulated Depreciation-Equipment 12 Salaries Payable 13 Kubota, Capital 4,100 1,200 32,700 $ 13,900 25,200 14 Kubota, Withdrawals 5,300 15 Service Revenue 9,000 16 Salaries Expense 2,200 17 Rent Expense 1,500 18 Depreciation Expense-Equipment 19 Supplies Expense 20 Total $ 48,100 $ 48,100 21 The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, $700. b. Office supplies used, $300. c. Depreciation on equipment, $1,300. d. Salaries owed to employees, $1,400. 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Requirements 2. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 3. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations. 2. 3. 6.
Transcribed Image Text:Requirements 1. Journalize the adjusting entries needed on July 31, 2018. ** Suppose the adjustments made in Requirement 1 were not made. Compute the Overall overstatement or understatement of net income as a result of the omission of these adjustments. E3-29 Using the worksheet to record the adjusting journal entries Learning Objective 6 The worksheet of Best Jobs Employment Service follows but is incomplete. 1. Adjustments $3,700 total D. B. BEST JOBS EMPLOYMENT SERVICE Worksheet April 30, 2018 Adjustments Unadjusted Trial Balance Adjusted Trial Balance Account Names Credit Debit Credit Debit Debit Credit 7 Cash $ 1,100 8 Accounts Receivable 9 Office Supplies 10 Equipment 11 Accumulated Depreciation-Equipment 12 Salaries Payable 13 Kubota, Capital 4,100 1,200 32,700 $ 13,900 25,200 14 Kubota, Withdrawals 5,300 15 Service Revenue 9,000 16 Salaries Expense 2,200 17 Rent Expense 1,500 18 Depreciation Expense-Equipment 19 Supplies Expense 20 Total $ 48,100 $ 48,100 21 The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, $700. b. Office supplies used, $300. c. Depreciation on equipment, $1,300. d. Salaries owed to employees, $1,400. 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. Requirements 2. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 3. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations. 2. 3. 6.
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