The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, $450. b. Insurance premiums that expired during the year, $2,420. c. Depreciation on equipment during the year, $1,500. d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, $1,440. f. Merchandise inventory on June 30, 2013, $68,864. As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.

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Answer 1

Textbook Question

Chapter 3, Problem 1R

The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Chapter 3, Problem 1R, The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as

Adjustment information is as follows:

a. Supplies on hand as of June 30, 2013, $450.
b. Insurance premiums that expired during the year, $2,420.
c. Depreciation on equipment during the year, $1,500.
d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
e. Salaries accrued but not paid at June 30, 2013, $1,440.
f. Merchandise inventory on June 30, 2013, $68,864.

As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.

Expert Solution & Answer

To determine

Prepare adjusting entries and financial statement by making entries in worksheet.

Explanation of Solution

Excel Applications for Accounting Principles, Chapter 3, Problem 1R

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Answer 2

Textbook Question

Chapter 3, Problem 1R

The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Chapter 3, Problem 1R, The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as

Adjustment information is as follows:

a. Supplies on hand as of June 30, 2013, $450.
b. Insurance premiums that expired during the year, $2,420.
c. Depreciation on equipment during the year, $1,500.
d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
e. Salaries accrued but not paid at June 30, 2013, $1,440.
f. Merchandise inventory on June 30, 2013, $68,864.

As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.

Expert Solution & Answer

To determine

Prepare adjusting entries and financial statement by making entries in worksheet.

Explanation of Solution

Excel Applications for Accounting Principles, Chapter 3, Problem 1R

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Answer 3

Textbook Question

Chapter 3, Problem 1R

The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Chapter 3, Problem 1R, The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as

Adjustment information is as follows:

a. Supplies on hand as of June 30, 2013, $450.
b. Insurance premiums that expired during the year, $2,420.
c. Depreciation on equipment during the year, $1,500.
d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
e. Salaries accrued but not paid at June 30, 2013, $1,440.
f. Merchandise inventory on June 30, 2013, $68,864.

As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.

Expert Solution & Answer

To determine

Prepare adjusting entries and financial statement by making entries in worksheet.

Explanation of Solution

Excel Applications for Accounting Principles, Chapter 3, Problem 1R

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Answer 4

Textbook Question

Chapter 3, Problem 1R

The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Chapter 3, Problem 1R, The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as

Adjustment information is as follows:

a. Supplies on hand as of June 30, 2013, $450.
b. Insurance premiums that expired during the year, $2,420.
c. Depreciation on equipment during the year, $1,500.
d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
e. Salaries accrued but not paid at June 30, 2013, $1,440.
f. Merchandise inventory on June 30, 2013, $68,864.

As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.

Expert Solution & Answer

To determine

Prepare adjusting entries and financial statement by making entries in worksheet.

Explanation of Solution

Excel Applications for Accounting Principles, Chapter 3, Problem 1R

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Prepare adjusting entries and financial statement by making entries in worksheet.

Explanation of Solution

Excel Applications for Accounting Principles, Chapter 3, Problem 1R

Answer 8

Expert Solution & Answer

To determine

Prepare adjusting entries and financial statement by making entries in worksheet.

Explanation of Solution

Excel Applications for Accounting Principles, Chapter 3, Problem 1R

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Prepare adjusting entries and financial statement by making entries in worksheet.

Answer 12

Explanation of Solution

Excel Applications for Accounting Principles, Chapter 3, Problem 1R

Answer 13

Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - Open P2WORK4 and click the Chart sheet tab. On the...

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