Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 3, Problem 3R

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

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

Adjustment information is as follows:

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

Complete the income statement and balance sheet by entering formulas in columns J, K, L, and M that reference the appropriate cells in column H or I. Net income will be automatically calculated at the bottom of the income statement and balance sheet columns. Check to be sure that these numbers are the same. Enter your name in cell A1. Save the completed file as P2WORK3. Print the worksheet. Also print your formulas using landscape orientation and fit-to-1 page scaling. Check figure: Net income (cell J34), $37,902.

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Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows:                                                           The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.
During the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9?         Profit                                                       Net assets   A. Decrease of $500                                  Increase of $500 B. Decrease of $1,000                               Increase of $1,000 C. Decrease of $500                                 Decrease of $500 D. Increase of $1,000                                 Increase of $1,000
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: The data needed to determine year-end adjustments are as follows:a. Supplies on hand at January 31 are $2,850.b. Insurance premiums expired during the year are $3,150.c. Depreciation of equipment during the year is $5,250.d. Depreciation of trucks during the year is $4,000.e. Wages accrued but not paid at January 31 are $900.Instructions1. For each account listed in the unadjusted trial balance, enter the balance in theappropriate Balance column of a four-column account and place a check mark (✓) inthe Posting Reference column.2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet andcomplete the spreadsheet. Add the accounts listed in part (3) as needed.3. Journalize and post the adjusting entries, inserting balances in the accounts affected.Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors’…
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