Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 11.00

Insurance premiums

Adjsutment inforamtion is as follows:
a. Supplies on hand as of June 30 2013, $450
b. Insurance premiums that expired during the year $2420
c. Depreciation on equipment during the year $1500
d. Included in the rent expense of $30000 is $1200 that is prepaid for july 201
e. Salaries accrued but not [paid at june 30 2013, $1440
f. Merchandise inventory on june 30 2013 $68864

Requirement:
1. As the acountant for Sport Connection, you have been asked prepare adjusting entries and finacial statment to complete the acounting cycle
2. Enter the formular in the appropriate cells on the workssheet. then enter the adjusting amount in th columns E and G.Also in column D or F, insert tge letter corresponding to the adjusting entry (a-e).
3. Complete the income statement and balance sheet		                        
P2WORK              
Merchandising Company Worksheet
                         
Sports Connection
Work Sheet
For Year Ended June 30, 2013
  Trial Balance   Adjustments Adj. T/Balance Income Statement Balance Sheet
AccountTitle Dr. Cr.   Dr.   Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 17,150           17,150 0     17,150  
Accts receivable 27,780           27,780 0     27,780  
Merchandise inv. 47,964           47,964 0 47,964 68,864 68,864  
Prepaid insurance 4,410           4,410 0     4,410  
Store Supplies 2,370           2,370 0        
Store equipment 30,000           30,000 0        
Accum. deprec.   3,000         0 3,000        
Accounts payable   12,420         0 12,420        
M. Moser, capital   105,572         0 105,572        
M. Moser, drawing 14,400           14,400 0        
Sales   299,400         0 299,400        
Purchases 192,900           192,900 0        
Advertising exp. 7,950           7,950 0        
Rent expense 30,000           30,000 0        
Salaries exp. 39,840           39,840 0        
Utilities exp. 5,628           5,628 0        
  420,392 420,392                    
Income summary             0 0        
Supplies expense             0 0        
Insurance expense             0 0        
Depreciation exp.             0 0        
Prepaid rent             0 0        
Salaries payable             0 0        
        FORM1   FORM2 FORM3 FORM4 FORM5 FORM6 FORM7 FORM8
Net income                 0 0 0 0
                  0 0 0 0

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 10:08 PM My Price 11.00

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