Question

1. On the “AJE” worksheet, prepare the adjusting journal entries in good form for the following items. Identify each entry by letter in Column B. Round all answers to the nearest dollar. You may omit explanations. Leave a blank row between each journal entry. All the accounts you need are given on the worksheet. Use only these accounts. Prepare journal entries and financial statements for the year ended December 31, 2017. No adjusting entries have been made since December 31, 2016. Do not use "Cash" account only one balance sheet account and one income statement account.

d. Store supplies totaling $14,800 were purchased during the year and were immediately expensed. A physical count of the store supplies on hand December 31, 2017, indicates a balance of $2,100.

The entry im asking you to make IS the adjusting entry.

This is the only other information i have!

Grizzlies, Inc.

Worksheet

For the Year Ended December 31, 2017

Unadjusted

Adjusted

Trial Balance

Adjustments

Trial Balance

Income Stmt

Balance Sheet

Account Title

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

36,000

Accounts Receivable

277,000

Inventory

242,500

Prepaid Insurance

11,200

Prepaid Rent

3,000

Store Supplies

-

Shop Supplies

7,500

Store Equipment

120,000

Accumulated Depreciation - Store Equipment

13,200

Office Equipment

32,000

Accumulated Depreciation - Office Equipment

2,550

Accounts Payable

49,000

Salaries Payable

Interest Payable

Utilities Payable

Unearned Consulting Revenue

14,000

Unearned Rent Revenue

16,800

Note Payable

18,000

Common Stock

300,000

Retained Earnings

189,350

Dividends

12,800

Sales Revenue

1,576,150

Consulting Revenue

Rent Revenue

Interest Revenue

Cost of Goods Sold

975,000

Sales Salaries Expense

275,000

Office Salaries Expense

150,000

Miscellaneous Administrative Expense

5,650

Miscellaneous Selling Expense

13,900

Depreciation Expense - Store Equipment

Depreciation Expense - Office Equipment

Store Supplies Expense

17,500

Shop Supplies Expense

Rent Expense

Insurance Expense

Interest Expense

Utilities Expense-Store

Utilities Expense-Office

2,179,050

2,179,050

Answer 1

The adjusting entry for d is
	Dr	Cr
Store supplies	$2,100
Store supplies Expenses		$2,100
As per your requirement the entry is above
Grizzlies, Inc.
Worksheet
For the Year Ended December 31, 2017
	Unadjusted				Adjusted
	Trial Balance		Adjustments		Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	36,000				36,000
Accounts Receivable	277,000				277,000
Inventory	242,500				242,500
Prepaid Insurance	11,200				11,200
Prepaid Rent	3,000				3,000
Store Supplies	-		2100		2100
Shop Supplies	7,500				7,500
Store Equipment	120,000				120,000
Accumulated Depreciation - Store Equipment		13,200				13200
Office Equipment	32,000				32,000
Accumulated Depreciation - Office Equipment		2,550				2550
Accounts Payable		49,000				49,000
Salaries Payable						0
Interest Payable						0
Utilities Payable						0
Unearned Consulting Revenue		14,000				14,000
Unearned Rent Revenue		16,800				16,800
Note Payable		18,000				18,000
Common Stock		300,000				300,000
Retained Earnings		189,350				189,350
Dividends	12,800				12,800
Sales Revenue		1,576,150				1576150
Consulting Revenue
Rent Revenue
Interest Revenue
Cost of Goods Sold	975,000				975,000
Sales Salaries Expense	275,000				275,000
Office Salaries Expense	150,000				150,000
Miscellaneous Administrative Expense	5,650				5,650
Miscellaneous Selling Expense	13,900				13,900
Depreciation Expense - Store Equipment					0
Depreciation Expense - Office Equipment					0
Store Supplies Expense	17,500			2100	15400
Shop Supplies Expense					0
Rent Expense					0
Insurance Expense					0
Interest Expense					0
Utilities Expense-Store					0
Utilities Expense-Office					0
Total	2179050	2179050			2181150	2181150