In: Accounting
Year-end adjustment information:
(a, b) | A physical count shows that merchandise inventory costing $86,000 is on hand as of December 31, 20--. |
(c, d, e) | Young estimates that customers will be granted $5,600 in refunds of this year’s sales next year and the merchandise expected to be returned will have a cost of $4,300. |
(f) | Supplies remaining at the end of the year, $3,300. |
(g) | Unexpired insurance on December 31, $3,800. |
(h) | Depreciation expense on the building for 20--, $10,500. |
(i) | Depreciation expense on the store equipment for 20--, $6,500. |
(j) | Unearned rent revenue as of December 31, $4,500. |
(k) | Wages earned but not paid as of December 31, $3,600. |
Venice Beach Kite Shop End-of-Period Spreadsheet For Year Ended December 31, 20-- |
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TRIAL BALANCE | ADJUSTMENTS | ADJUSTED TRIAL BALANCE | ||||||||
ACCOUNT TITLE | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | ||||
Cash | 20,000 | fill in the blank 006b95f6706cfb6_1 | fill in the blank 006b95f6706cfb6_2 | fill in the blank 006b95f6706cfb6_3 | fill in the blank 006b95f6706cfb6_4 | |||||
Accounts Receivable | 14,000 | fill in the blank 006b95f6706cfb6_5 | fill in the blank 006b95f6706cfb6_6 | fill in the blank 006b95f6706cfb6_7 | fill in the blank 006b95f6706cfb6_8 | |||||
Merchandise Inventory | 75,000 | fill in the blank 006b95f6706cfb6_9 | fill in the blank 006b95f6706cfb6_10 | fill in the blank 006b95f6706cfb6_11 | fill in the blank 006b95f6706cfb6_12 | |||||
Estimated Returns Inventory | 3,100 | fill in the blank 006b95f6706cfb6_13 | fill in the blank 006b95f6706cfb6_14 | fill in the blank 006b95f6706cfb6_15 | fill in the blank 006b95f6706cfb6_16 | |||||
Supplies | 8,100 | fill in the blank 006b95f6706cfb6_17 | fill in the blank 006b95f6706cfb6_18 | fill in the blank 006b95f6706cfb6_19 | fill in the blank 006b95f6706cfb6_20 | |||||
Prepaid Insurance | 5,300 | fill in the blank 006b95f6706cfb6_21 | fill in the blank 006b95f6706cfb6_22 | fill in the blank 006b95f6706cfb6_23 | fill in the blank 006b95f6706cfb6_24 | |||||
Land | 130,000 | fill in the blank 006b95f6706cfb6_25 | fill in the blank 006b95f6706cfb6_26 | fill in the blank 006b95f6706cfb6_27 | fill in the blank 006b95f6706cfb6_28 | |||||
Building | 210,000 | fill in the blank 006b95f6706cfb6_29 | fill in the blank 006b95f6706cfb6_30 | fill in the blank 006b95f6706cfb6_31 | fill in the blank 006b95f6706cfb6_32 | |||||
Accumulated Depreciation—Building | 84,000 | fill in the blank 006b95f6706cfb6_33 | fill in the blank 006b95f6706cfb6_34 | fill in the blank 006b95f6706cfb6_35 | fill in the blank 006b95f6706cfb6_36 | |||||
Store Equipment | 130,000 | fill in the blank 006b95f6706cfb6_37 | fill in the blank 006b95f6706cfb6_38 | fill in the blank 006b95f6706cfb6_39 | fill in the blank 006b95f6706cfb6_40 | |||||
Accumulated Depreciation—Store Equipment | 52,000 | fill in the blank 006b95f6706cfb6_41 | fill in the blank 006b95f6706cfb6_42 | fill in the blank 006b95f6706cfb6_43 | fill in the blank 006b95f6706cfb6_44 | |||||
Accounts Payable | 9,600 | fill in the blank 006b95f6706cfb6_45 | fill in the blank 006b95f6706cfb6_46 | fill in the blank 006b95f6706cfb6_47 | fill in the blank 006b95f6706cfb6_48 | |||||
Customer Refunds Payable | 3,600 | fill in the blank 006b95f6706cfb6_49 | fill in the blank 006b95f6706cfb6_50 | fill in the blank 006b95f6706cfb6_51 | fill in the blank 006b95f6706cfb6_52 | |||||
Wages Payable | fill in the blank 006b95f6706cfb6_53 | fill in the blank 006b95f6706cfb6_54 | fill in the blank 006b95f6706cfb6_55 | fill in the blank 006b95f6706cfb6_56 | ||||||
Sales Tax Payable | 5,900 | fill in the blank 006b95f6706cfb6_57 | fill in the blank 006b95f6706cfb6_58 | fill in the blank 006b95f6706cfb6_59 | fill in the blank 006b95f6706cfb6_60 | |||||
Unearned Rent Revenue | 8,800 | fill in the blank 006b95f6706cfb6_61 | fill in the blank 006b95f6706cfb6_62 | fill in the blank 006b95f6706cfb6_63 | fill in the blank 006b95f6706cfb6_64 | |||||
M. Young, Capital | 278,220 | fill in the blank 006b95f6706cfb6_65 | fill in the blank 006b95f6706cfb6_66 | fill in the blank 006b95f6706cfb6_67 | fill in the blank 006b95f6706cfb6_68 | |||||
M. Young, Drawing | 26,000 | fill in the blank 006b95f6706cfb6_69 | fill in the blank 006b95f6706cfb6_70 | fill in the blank 006b95f6706cfb6_71 | fill in the blank 006b95f6706cfb6_72 | |||||
Income Summary | fill in the blank 006b95f6706cfb6_73 | fill in the blank 006b95f6706cfb6_74 | fill in the blank 006b95f6706cfb6_75 | fill in the blank 006b95f6706cfb6_76 | ||||||
fill in the blank 006b95f6706cfb6_77 | fill in the blank 006b95f6706cfb6_78 | fill in the blank 006b95f6706cfb6_79 | fill in the blank 006b95f6706cfb6_80 | |||||||
Sales | 525,130 | fill in the blank 006b95f6706cfb6_81 | fill in the blank 006b95f6706cfb6_82 | fill in the blank 006b95f6706cfb6_83 | fill in the blank 006b95f6706cfb6_84 | |||||
Sales Returns and Allowances | 14,500 | fill in the blank 006b95f6706cfb6_85 | fill in the blank 006b95f6706cfb6_86 | fill in the blank 006b95f6706cfb6_87 | fill in the blank 006b95f6706cfb6_88 | |||||
Rent Revenue | fill in the blank 006b95f6706cfb6_89 | fill in the blank 006b95f6706cfb6_90 | fill in the blank 006b95f6706cfb6_91 | fill in the blank 006b95f6706cfb6_92 | ||||||
Purchases | 125,000 | fill in the blank 006b95f6706cfb6_93 | fill in the blank 006b95f6706cfb6_94 | fill in the blank 006b95f6706cfb6_95 | fill in the blank 006b95f6706cfb6_96 | |||||
Purchases Returns and Allowances | 1,400 | fill in the blank 006b95f6706cfb6_97 | fill in the blank 006b95f6706cfb6_98 | fill in the blank 006b95f6706cfb6_99 | fill in the blank 006b95f6706cfb6_100 | |||||
Purchases Discounts | 1,800 | fill in the blank 006b95f6706cfb6_101 | fill in the blank 006b95f6706cfb6_102 | fill in the blank 006b95f6706cfb6_103 | fill in the blank 006b95f6706cfb6_104 | |||||
Freight-In | 2,100 | fill in the blank 006b95f6706cfb6_105 | fill in the blank 006b95f6706cfb6_106 | fill in the blank 006b95f6706cfb6_107 | fill in the blank 006b95f6706cfb6_108 | |||||
Wages Expense | 125,000 | fill in the blank 006b95f6706cfb6_109 | fill in the blank 006b95f6706cfb6_110 | fill in the blank 006b95f6706cfb6_111 | fill in the blank 006b95f6706cfb6_112 | |||||
Advertising Expense | 13,000 | fill in the blank 006b95f6706cfb6_113 | fill in the blank 006b95f6706cfb6_114 | fill in the blank 006b95f6706cfb6_115 | fill in the blank 006b95f6706cfb6_116 | |||||
Supplies Expense | fill in the blank 006b95f6706cfb6_117 | fill in the blank 006b95f6706cfb6_118 | fill in the blank 006b95f6706cfb6_119 | fill in the blank 006b95f6706cfb6_120 | ||||||
Phone Expense | 1,350 | fill in the blank 006b95f6706cfb6_121 | fill in the blank 006b95f6706cfb6_122 | fill in the blank 006b95f6706cfb6_123 | fill in the blank 006b95f6706cfb6_124 | |||||
Utilities Expense | 8,000 | fill in the blank 006b95f6706cfb6_125 | fill in the blank 006b95f6706cfb6_126 | fill in the blank 006b95f6706cfb6_127 | fill in the blank 006b95f6706cfb6_128 | |||||
Insurance Expense | fill in the blank 006b95f6706cfb6_129 | fill in the blank 006b95f6706cfb6_130 | fill in the blank 006b95f6706cfb6_131 | fill in the blank 006b95f6706cfb6_132 | ||||||
Depreciation Expense—Building | fill in the blank 006b95f6706cfb6_133 | fill in the blank 006b95f6706cfb6_134 | fill in the blank 006b95f6706cfb6_135 | fill in the blank 006b95f6706cfb6_136 | ||||||
Depreciation Expense—Store Equipment | fill in the blank 006b95f6706cfb6_137 | fill in the blank 006b95f6706cfb6_138 | fill in the blank 006b95f6706cfb6_139 | fill in the blank 006b95f6706cfb6_140 | ||||||
Miscellaneous Expense | 60,000 | fill in the blank 006b95f6706cfb6_141 | fill in the blank 006b95f6706cfb6_142 | fill in the blank 006b95f6706cfb6_143 | fill in the blank 006b95f6706cfb6_144 | |||||
970,450 | 970,450 | fill in the blank 006b95f6706cfb6_145 | fill in the blank 006b95f6706cfb6_146 | fill in the blank 006b95f6706cfb6_147 | fill in the blank 006b95f6706cfb6_148 | |||||
fill in the blank 006b95f6706cfb6_149 | fill in the blank 006b95f6706cfb6_150 | |||||||||
Net Income | fill in the blank 006b95f6706cfb6_151 |
Feedback
Venice Beach Kite Shop | ||||||
End-of-Period Spreadsheet | ||||||
For Year Ended December 31, 20-- | ||||||
Account Title | Trial Balance | Adjustments | Adjusted Trial Balance | |||
Debit | Credit | Debit | Credit | Debit | Credit | |
Cash | 20000 | 20000 | ||||
Accounts receivable | 14000 | 14000 | ||||
Merchandise inventory | 75000 | 86000 | 75000 | 86000 | ||
Estimated returns inventory | 3100 | 4300 | 3100 | 4300 | ||
Supplies | 8100 | 4800 | 3300 | |||
Prepaid insurance | 5300 | 1500 | 3800 | |||
Land | 130000 | 0 | 130000 | |||
Building | 210000 | 0 | 210000 | |||
Accumulated depreciation-building | 84000 | 0 | 10500 | 94500 | ||
Store equipment | 130000 | 130000 | ||||
Accumulated depreciation-store equipment | 52000 | 6500 | 58500 | |||
Accounts payable | 9600 | 9600 | ||||
Customer refunds payable | 3600 | 2000 | 5600 | |||
Wages payable | 3600 | 3600 | ||||
Sales tax payable | 5900 | 5900 | ||||
Unearned rent revenue | 8800 | 4300 | 4500 | |||
M. Young, Capital | 278220 | 278220 | ||||
M. Young, Drawing | 26000 | 26000 | ||||
Income summary | 75000 | 86000 | 75000 | 86000 | ||
3100 | 4300 | 3100 | 4300 | |||
Sales | 525130 | 525130 | ||||
Sales returns & allowances | 14500 | 2000 | 16500 | |||
Rent revenue | 4300 | 4300 | ||||
Purchases | 125000 | 125000 | ||||
Purchase returns & allowances | 1400 | 1400 | ||||
Purchases discounts | 1800 | 1800 | ||||
Freight-in | 2100 | 2100 | ||||
Wages expense | 125000 | 3600 | 128600 | |||
Advertising expense | 13000 | 13000 | ||||
Supplies expense | 4800 | 4800 | ||||
Telephone expense | 1350 | 1350 | ||||
Utilities expense | 8000 | 8000 | ||||
Insurance expense | 1500 | 1500 | ||||
Depreciation expense-building | 10500 | 10500 | ||||
Depreciation expense-store equipment | 6500 | 6500 | ||||
Miscellaneous expense | 60000 | 60000 | ||||
970450 | 970450 | 201600 | 201600 | 1083350 | 1083350 | |
455950 | 622930 | |||||
Net income | 166980 |