Home LayoutTables Charts FormulasData Review Fill Calibri (Body) Wrap Text . Gen
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Home LayoutTables Charts FormulasData Review Fill Calibri (Body) Wrap Text . General ste Merge A2 Accounting 101-Online Fall 2016 EXAM #2 46 points total The balances in the general ledger of Mind Over Batter cake shop as of January 31, 2015 before adjustments, are as follows Cash Supplies Prepaid Insurance Equipment Retained Earnings Accumulated Depreciation 6,750 Capital stock $ 3,900 Dividends 6,850 $3,425 56,300 24,300 6,000 1,500 S8,400 Service Revenue 41,750 Salary Expense S 22,925 Rent Expense $ 9,950 Miscellaneous Expense Adjustment data are as follows: ending value of supplies on hand, January 31, $900; insurance expired (consumed) for January, $1,100, depreciation on equipment for January, $1,600; salaries accrued, January 31, $1,650 On the tabs indicated in this Excel file complete the following: Prepare a ten-column work sheet for Mind Over Batter for January. On the basis of the work sheet in (a), journalize the adjusting journal entries and the closing entries as of January 31, 2015Explanation / Answer
JOURNAL
Date
Account Description
Debit
Credit
Adjusting Entries
Jan. 31
Supplies Expense
3000
Supplies
3000
Jan. 31
Insurance Expense
1100
Prepaid Insurance
1100
Jan. 31
Depreciation Expense
1600
Accumulated Depreciation
1600
Jan. 31
Salary Expense
1650
Salary Payable
1650
CLOSING ENTRIES
Jan. 31
Service Revenue
56300
Income Summary
56300
Jan. 31
Income Summary
39150
Salary Expense
25950
Rent Expense
6000
Miscellaneous Expense
1500
Supplies expense
3000
Insurance Expense
1100
Depreciation Expense
1600
Jan. 31
Income Summary
17150
Retained Earnings
17150
Jan. 31
Retained Earnings
3425
Dividends
3425
Account Title
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
DR
CR
DR
CR
DR
CR
DR
CR
DR
CR
Cash
6750
6750
6750
Supplies
3900
3000
900
900
Prepaid Insurance
8400
1100
7300
7300
Equipment
41750
41750
41750
Accumulated Depreciation
9950
1600
11550
11550
Salary Payable
1650
1650
1650
Capital stock
6850
6850
6850
Retained Earnings
22925
22925
22925
Dividends
3425
3425
3425
Service Revenue
56300
56300
56300
Salary Expense
24300
1650
25950
25950
Rent Expense
6000
6000
6000
Miscellaneous Expense
1500
1500
1500
Supplies expense
3000
3000
3000
Insurance Expense
1100
1100
1100
Depreciation Expense
1600
1600
1600
96025
96025
7350
7350
99275
99275
39150
56300
60125
42975
Net Income
17150
17150
56300
56300
60125
60125
JOURNAL
Date
Account Description
Debit
Credit
Adjusting Entries
Jan. 31
Supplies Expense
3000
Supplies
3000
Jan. 31
Insurance Expense
1100
Prepaid Insurance
1100
Jan. 31
Depreciation Expense
1600
Accumulated Depreciation
1600
Jan. 31
Salary Expense
1650
Salary Payable
1650
CLOSING ENTRIES
Jan. 31
Service Revenue
56300
Income Summary
56300
Jan. 31
Income Summary
39150
Salary Expense
25950
Rent Expense
6000
Miscellaneous Expense
1500
Supplies expense
3000
Insurance Expense
1100
Depreciation Expense
1600
Jan. 31
Income Summary
17150
Retained Earnings
17150
Jan. 31
Retained Earnings
3425
Dividends
3425
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