1 Sunstate Computer Supply End-of-Perlod Spreadsheet For the Year Ended December 31, 20- TRAL BALANCE 4. ADUSTMENTS ADASTED TRIAL BALANC ACCOUNT TITLE GEDIT DERIT 22,000.00 15,400.00 DERIT 6 Cash 7 Accounts Recelvable 8 Merchandise Inventory 9 stimated Returns Inventory 10 Supplies 11 Prepaid insurance 22,000.00 15,400.00 82,500.00 93,500.00 3520.00 8,800.00 5940.00 143,000.00 4730.00 3,630.00 4,180.00 143,000.00 275,000.00 12 Land 13 Bulding 14 Accum. Depr.-Bulding 15 Store Equipment 16 Accum. Depr.--Store Equipment 17 Accounts Payable 18 Customer Refunds Payable 19 Wages Payatle 20 Sales Tax Payable 275,000.00 110,000.00 123,750.00 110,000.00 110,000.00 44,000.00 10,560.00 49,500.00 10,560.00 6270.00 3,850.00 3,850.00 6,490.00 9790.00 312741.00 6,490.00 4,950.00 312,741.00 21 Unearmed Rent Revenue 22 M. Thibeault, Capital 23 M. Thibeault, Drawing 24 Income Summary 28,600.00 28,600.00 82,500.00 93,500.00 25 3,520.00 4,730.00 577,654.00 26 Sales 577,654.00 27 Sales Retums and Allowances 15,950.00 18,370.00 28 Rent Revenue 4,840.00 29 Purchases 137 500.00 137,500.00 1,540.00 1,980.00 30 Purchases Retums and Allowances 1,540.00 1,980.00 31 Purchases Discounts 32 Freight-in 33 Wages Expense 34 Advertising Expense 35 Supplies Expense 36 Phone Expense 37 URities Expense 38 Insurance Expense 39 Depr. Expense-Bulding 40 Depr. Expense-Store Equipment 41 Rent Expense 2,310.00 137 500.00 2,310.00 141,350.00 14,300.00 14,300.00 5,170.00 1,485.00 8,800.00 1760.00 13,750.00 1,485.00 8,800.00 5,500.00 66,000.00 1202,355.00 STEP 3 502,315.00 181,929.00 66,000.00 1078,605.00 42 1078,605.00 1202,355.00 43 STEP 1 STEP 2 44 STEP 4 684,244.00 45 Net Income 46

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

WORKING BACKWARD FROM ADJUSTED TRIAL BALANCE TO
DETERMINE ADJUSTING ENTRIES The partial spreadsheet shown below
is taken from the books of Sunstate Computer Supply, a business owned
by Michelle Thibeault, for the year ended December 31, 20-, Sunstate is
on the periodic inventory system.

REQUIRED
1. Determine the adjusting entries by analyzing the difference
between the adjusted trial balance and the trial balance.
2. Journalize the adjusting entries in a general journal.

1
Sunstate Computer Supply
End-of-Perlod Spreadsheet
For the Year Ended December 31, 20-
TRAL BALANCE
4.
ADUSTMENTS
ADASTED TRIAL BALANC
ACCOUNT TITLE
GEDIT
DERIT
22,000.00
15,400.00
DERIT
6 Cash
7 Accounts Recelvable
8 Merchandise Inventory
9 stimated Returns Inventory
10 Supplies
11 Prepaid insurance
22,000.00
15,400.00
82,500.00
93,500.00
3520.00
8,800.00
5940.00
143,000.00
4730.00
3,630.00
4,180.00
143,000.00
275,000.00
12 Land
13 Bulding
14 Accum. Depr.-Bulding
15 Store Equipment
16 Accum. Depr.--Store Equipment
17 Accounts Payable
18 Customer Refunds Payable
19 Wages Payatle
20 Sales Tax Payable
275,000.00
110,000.00
123,750.00
110,000.00
110,000.00
44,000.00
10,560.00
49,500.00
10,560.00
6270.00
3,850.00
3,850.00
6,490.00
9790.00
312741.00
6,490.00
4,950.00
312,741.00
21 Unearmed Rent Revenue
22 M. Thibeault, Capital
23 M. Thibeault, Drawing
24 Income Summary
28,600.00
28,600.00
82,500.00
93,500.00
25
3,520.00
4,730.00
577,654.00
26 Sales
577,654.00
27 Sales Retums and Allowances
15,950.00
18,370.00
28 Rent Revenue
4,840.00
29 Purchases
137 500.00
137,500.00
1,540.00
1,980.00
30 Purchases Retums and Allowances
1,540.00
1,980.00
31 Purchases Discounts
32 Freight-in
33 Wages Expense
34 Advertising Expense
35 Supplies Expense
36 Phone Expense
37 URities Expense
38 Insurance Expense
39 Depr. Expense-Bulding
40 Depr. Expense-Store Equipment
41 Rent Expense
2,310.00
137 500.00
2,310.00
141,350.00
14,300.00
14,300.00
5,170.00
1,485.00
8,800.00
1760.00
13,750.00
1,485.00
8,800.00
5,500.00
66,000.00
1202,355.00
STEP 3
502,315.00
181,929.00
66,000.00
1078,605.00
42
1078,605.00
1202,355.00
43
STEP 1
STEP 2
44
STEP 4
684,244.00
45 Net Income
46
Transcribed Image Text:1 Sunstate Computer Supply End-of-Perlod Spreadsheet For the Year Ended December 31, 20- TRAL BALANCE 4. ADUSTMENTS ADASTED TRIAL BALANC ACCOUNT TITLE GEDIT DERIT 22,000.00 15,400.00 DERIT 6 Cash 7 Accounts Recelvable 8 Merchandise Inventory 9 stimated Returns Inventory 10 Supplies 11 Prepaid insurance 22,000.00 15,400.00 82,500.00 93,500.00 3520.00 8,800.00 5940.00 143,000.00 4730.00 3,630.00 4,180.00 143,000.00 275,000.00 12 Land 13 Bulding 14 Accum. Depr.-Bulding 15 Store Equipment 16 Accum. Depr.--Store Equipment 17 Accounts Payable 18 Customer Refunds Payable 19 Wages Payatle 20 Sales Tax Payable 275,000.00 110,000.00 123,750.00 110,000.00 110,000.00 44,000.00 10,560.00 49,500.00 10,560.00 6270.00 3,850.00 3,850.00 6,490.00 9790.00 312741.00 6,490.00 4,950.00 312,741.00 21 Unearmed Rent Revenue 22 M. Thibeault, Capital 23 M. Thibeault, Drawing 24 Income Summary 28,600.00 28,600.00 82,500.00 93,500.00 25 3,520.00 4,730.00 577,654.00 26 Sales 577,654.00 27 Sales Retums and Allowances 15,950.00 18,370.00 28 Rent Revenue 4,840.00 29 Purchases 137 500.00 137,500.00 1,540.00 1,980.00 30 Purchases Retums and Allowances 1,540.00 1,980.00 31 Purchases Discounts 32 Freight-in 33 Wages Expense 34 Advertising Expense 35 Supplies Expense 36 Phone Expense 37 URities Expense 38 Insurance Expense 39 Depr. Expense-Bulding 40 Depr. Expense-Store Equipment 41 Rent Expense 2,310.00 137 500.00 2,310.00 141,350.00 14,300.00 14,300.00 5,170.00 1,485.00 8,800.00 1760.00 13,750.00 1,485.00 8,800.00 5,500.00 66,000.00 1202,355.00 STEP 3 502,315.00 181,929.00 66,000.00 1078,605.00 42 1078,605.00 1202,355.00 43 STEP 1 STEP 2 44 STEP 4 684,244.00 45 Net Income 46
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