Displayed below is the Trial Balance section of a ten-column worksheet. Ten-colu
ID: 2405268 • Letter: D
Question
Displayed below is the Trial Balance section of a ten-column worksheet.
Ten-column Worksheet:
1. The physical merchandise inventory is $91,000.
2. The physical inventory of supplies is $21,000.
3. The expired insurance is $570.00.
Instructions:
1. Make the appropriate adjustment entries.
2. Update the amounts in the Adjusted Trial Balance, Income Statement, and Balance Sheet sections of the worksheet. so confused
Please help fill this out so confused
10 Column Worksheet Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Acc. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 101 Cash in Bank 126,475.00 115 Accounts Receivable 67,970.00 125 Merchandise Inventory 91,975.00 130 Supplies 21,845.00 135 Prepaid Insurance 2,280.00 140 Delivery Equipment 10,900.00 145 Office Equipment 14,590.00 150 Store Equipment 15,550.00 201 Accounts Payable 11,210.00 204 Federal Corporation IT Payable 350.65 205 Employee Federal IT Payable 614.55 211 Employee State Income Tax Payable 775.22 212 Social Security Tax Payable 858.76 213 Medicare Tax Payable 527.75 214 Federal Unemployment Tax Payable 264.32 215 Stae Unemployment Tax Payable 653.67 216 Hospital Insurance Payable 329.78 220 Sales Tax Payable 56,417.10 301 Capital Stock 215,725.00 305 Retained Earnings 18,338.20 310 Income Summary 401 Sales 840,285.00 405 Sales Discounts 4,750.00 410 Sales Return and Allowance 5,280.00 501 Purchases 683,500.00 505 Transportation, Inc. 2,760.00 510 Purchases Discount 1,920.00 515 Purchases Return and Allowance 3,200.00 601 Advertising Expense 10,500.00 605 Bank Card Fee Expenses 850.00 630 Federal Corporation IT Expense 392.00 635 Insurance Expense 1,140.00 650 Maintenance Expense 3,744.00 655 Miscellaneous Expense 214.00 657 Payroll Tax Expense 320.00 660 Rent Expense 25,200.00 665 Salaries Expense 60,700.00 670 Supplies Expense 4,295.00 680 Utilities Expense 1,760.00 1,154,230.00 1,154,230.00Explanation / Answer
10 Column Worksheet Account Titles Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 126475.00 126475.00 126475.00 Accounts receivable 67970.00 67970.00 67970.00 Merchandise inventory 91975.00 91000.00 91975.00 91000.00 91000.00 Supplies 21845.00 845.00 21000.00 21000.00 Prepaid insurance 2280.00 570.00 1710.00 1710.00 Delivery equipment 10900.00 10900.00 10900.00 Office equipment 14590.00 14590.00 14590.00 Store equipment 15550.00 15550.00 15550.00 Accounts payable 11210.00 11210.00 11210.00 Federal corporation IT payable 350.65 350.65 350.65 Employee federal IT payable 614.55 614.55 614.55 Employee state income tax payable 775.22 775.22 775.22 Social security tax payable 858.76 858.76 858.76 Medicare tax payable 527.75 527.75 527.75 Federal unemployment tax payable 264.32 264.32 264.32 State unemployment tax payable 653.67 653.67 653.67 Hospital insurance payable 329.78 329.78 329.78 Sales tax payable 56417.10 56417.10 56417.10 Capital stock 215725.00 215725.00 215725.00 Retained earnings 18338.20 18338.20 18338.20 Income summary 91975.00 91000.00 975.00 975.00 Sales 840285.00 840285.00 840285.00 Sales discounts 4750.00 4750.00 4750.00 Sales returns and allowances 5280.00 5280.00 5280.00 Purchases 683500.00 683500.00 683500.00 Transportation Inc. 2760.00 2760.00 2760.00 Purchases discount 1920.00 1920.00 1920.00 Purchase returns and allowances 3200.00 3200.00 3200.00 Advertising expenses 10500.00 10500.00 10500.00 Bank card fee expenses 850.00 850.00 850.00 Fed. Corp. income tax expenses 392.00 392.00 392.00 Insurance expenses 1140.00 570.00 1710.00 1710.00 Maintenance expenses 3744.00 3744.00 3744.00 Miscellaneous expenses 214.00 214.00 214.00 Payroll tax expenses 320.00 320.00 320.00 Rent expense 25200.00 25200.00 25200.00 Salaries expense 60700.00 60700.00 60700.00 Supplies expense 4295.00 845.00 5140.00 5140.00 Utilities expense 1760.00 1760.00 1760.00 Totals 1154230.00 1154230.00 184390.00 184390.00 1154230.00 1154230.00 804060.00 848165.00 350170.00 306065.00 Net income 44105.00 44105.00 Totals 848165.00 848165.00 350170.00 350170.00