1. On the “AJE” worksheet, prepare the adjusting journal entries in good form fo
ID: 2411869 • Letter: 1
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 2,179,050Explanation / Answer
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
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