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In: Accounting

Year-end adjustment information: (a, b) A physical count shows that merchandise inventory costing $86,000 is on...

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--
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

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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

ekkarill92 answered 1 year ago
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