Question

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as well using only formulas. 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 Net Income Grizzlies, Inc.
Adjusting Journal Entries
For the Year Ended December 31, 2017
Item	Account Title	Dr.	Cr.
a.	Interest Expense	360
	Interest Payable		360
b.	Rent Expense	1,200
	Prepaid Rent		1,200
c.	Shop Supplies Expense	3,600
	Shop Supplies		3,600
d.	Store Supplies Expense	12,700
	Shop Supplies		12,700
e.	Insurance Expense	4,200
	Prepaid Insurance		4,200
f.	Unearned Consulting Revenue	10,500
	Consulting Revenue		10,500
g.	Unearned Rent Revenue	15,400
	Rent Revenue		15,400
h.	Office Salaries Expense	3,240
	Sales Salaries Expense	7,560
	Salaries Payable		10,800
i.	Depreciation Expense - Store Equipment	15,840
	Accumulated Depreciation - Store Equipment		15,840
j.	Depreciation Expense - Office Equipment	10,200
	Accumulated Depreciation - Office Equipment		10,200
k.	Utilities Expense-Office	182
	Utilities Expense-Store	1,118
	Utilities Payable		1,300

Answer 1

• All columns are filled using the data provided in Unadjusted Trail balance and adjusting entries.
• Requirement, as asked:

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	$           36,000.00				$          36,000.00				$                  36,000.00
Accounts Receivable	$       2,77,000.00				$      2,77,000.00				$               2,77,000.00
Inventory	$       2,42,500.00				$      2,42,500.00				$               2,42,500.00
Prepaid Insurance	$           11,200.00			$                   4,200.00	$            7,000.00				$                     7,000.00
Prepaid Rent	$             3,000.00			$                   1,200.00	$            1,800.00				$                     1,800.00
Store Supplies	$                          -				$                         -				$                                  -
Shop Supplies	$             7,500.00			$                   3,600.00	$            3,900.00				$                     3,900.00
Store Equipment	$       1,20,000.00			$                 12,700.00	$      1,07,300.00				$               1,07,300.00
Accumulated Depreciation - Store Equipment		$                     13,200.00		$                 15,840.00		$          29,040.00			$                                  -	$                      29,040.00
Office Equipment	$           32,000.00				$          32,000.00				$                  32,000.00	$                                      -
Accumulated Depreciation - Office Equipment		$                       2,550.00		$                 10,200.00		$          12,750.00				$                      12,750.00
Accounts Payable		$                     49,000.00				$          49,000.00				$                      49,000.00
Salaries Payable				$                 10,800.00		$          10,800.00				$                      10,800.00
Interest Payable				$                       360.00		$                360.00				$                            360.00
Utilities Payable				$                   1,300.00		$            1,300.00				$                         1,300.00
Unearned Consulting Revenue		$                     14,000.00	$            10,500.00			$            3,500.00				$                         3,500.00
Unearned Rent Revenue		$                     16,800.00	$            15,400.00			$            1,400.00				$                         1,400.00
Note Payable		$                     18,000.00				$          18,000.00				$                      18,000.00
Common Stock		$                 3,00,000.00				$      3,00,000.00				$                   3,00,000.00
Retained Earnings		$                 1,89,350.00				$      1,89,350.00				$                   1,89,350.00
Dividends	$           12,800.00				$          12,800.00				$                  12,800.00
Sales Revenue		$               15,76,150.00				$    15,76,150.00		$          15,76,150.00
Consulting Revenue				$                 10,500.00		$          10,500.00		$                10,500.00
Rent Revenue				$                 15,400.00		$          15,400.00		$                15,400.00
Interest Revenue					$                         -			$                                -
Cost of Goods Sold	$       9,75,000.00				$      9,75,000.00		$      9,75,000.00
Sales Salaries Expense	$       2,75,000.00		$              7,560.00		$      2,82,560.00		$      2,82,560.00
Office Salaries Expense	$       1,50,000.00		$              3,240.00		$      1,53,240.00		$      1,53,240.00
Miscellaneous Administrative Expense	$             5,650.00				$            5,650.00		$            5,650.00
Miscellaneous Selling Expense	$           13,900.00				$          13,900.00		$          13,900.00
Depreciation Expense - Store Equipment			$            15,840.00		$          15,840.00		$          15,840.00
Depreciation Expense - Office Equipment			$            10,200.00		$          10,200.00		$          10,200.00
Store Supplies Expense	$           17,500.00		$              3,600.00		$          21,100.00		$          21,100.00
Shop Supplies Expense			$            12,700.00		$          12,700.00		$          12,700.00
Rent Expense			$              1,200.00		$            1,200.00		$            1,200.00
Insurance Expense			$              4,200.00		$            4,200.00		$            4,200.00
Interest Expense			$                  360.00		$                360.00		$                360.00
Utilities Expense-Store			$              1,118.00		$            1,118.00		$            1,118.00
Utilities Expense-Office			$                  182.00		$                182.00		$                182.00
TOTALS	$     21,79,050.00	$               21,79,050.00	$            86,100.00	$                 86,100.00	$    22,17,550.00	$    22,17,550.00	$    14,97,250.00	$          16,02,050.00	$               7,20,300.00	$                   6,15,500.00
Net Income							$      1,04,800.00			$                   1,04,800.00
	$     21,79,050.00	$               21,79,050.00	$            86,100.00	$                 86,100.00	$    22,17,550.00	$    22,17,550.00	$    16,02,050.00	$          16,02,050.00	$               7,20,300.00	$                   7,20,300.00