Adjsutment inforamtion is as follows: a. Supplies on hand as of June 30 2013, $4

Question

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

Explanation / Answer

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