General Ledger Problem 12-1 The June 30, 2019 unadjusted balances are included o
ID: 2572392 • Letter: G
Question
General Ledger Problem 12-1 The June 30, 2019 unadjusted balances are included on the General Ledger tab. Based on the following information, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end for the general journal a. Merchandise Inventory, before adjustment, has a balance of $8,300. Record the adjustment related to beginning inventory b. The newly counted inventory balance is $8,800. Record the adjustment related to ending inventory c. Unearned Seminar Fees has a balance of $6,800, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019 d. Prepaid Insurance has a balance of $16,800 for six months insurance paid in advance on May 1, 2019 e. Store equipment costing $11,380 was purchased on March 31, 2019. It has a salvage value of $580, and a useful life of four years f. Employees have earned $330 that has not been paid at June 30, 2019 g. The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, 9.90; FUTA, 1.98; Medicare, $4.79; and social security, $20.46 h. Management estimates uncollectible accounts expense at 1% of sales. This year's sales were $3,000,000 i. Prepaid Rent has a balance of $7,800 for six months rent paid in advance on March 1, 2019 j. The Supplies account in the general ledger has a balance of $480. A count of supplies on hand at June 30, 2019 indicated $190 of supplies remain k. The company borrowed $8,200 from First Bank on June 1, 2019 and issued a four-month note. The note bears interest at 6% Show less General Journal General Trial Balance Statement Ledger Income owners Equity Balance Sheet Requirement 100% of available points-General Journal Tab-For each transaction, prepare the required adjusting entry on the General Journal tab. List debits before credits No input required-General Ledger Tab Review each of the T-accounts to ensure that the adjusted balance is correct. No input required - Trial Balance Tab Review the trial balance to ensure that each adjustment results in a normal ending balance, and that the total debits is equal to the total credits No input required -Income Statement Tab- Review the income statement to see the impact on income as a result of your adjustments No input required -Statement of Owner's Equity Tab No input required Balance Sheet TabExplanation / Answer
Note: The answer has been provided to the question posted however, the description provided for the journal entries on the General Journal tab do not match with the question data and the year and amounts of the two differ.
Date Account Title Debit Credit Jun 30, 2019 Income summary 8300 Merchandise inventory 8300 (To record adjustment for beginning inventory) Jun 30, 2019 Merchandise inventory 8800 Income summary 8800 (To record adjustment for ending inventory) Jun 30, 2019 Unearned seminar fees 2720 Seminar fees ($6800 x 2 / 5) 2720 (To record seminar fees earned) Jun 30, 2019 Insurance expense ($16800 x 2 / 6) 5600 Prepaid insurance 5600 (To record insurance expired) Jun 30, 2019 Depreciation expense [($11380 - $580)/4 years x 3/12] 675 Accumulated depreciation-store equipment 675 (To record depreciation expense on store equipment) Jun 30, 2019 Salaries and wages expense 330 Salaries and wages payable 330 (To record accrued but unpaid salaries and wages) Jun 30, 2019 Payroll tax expense 37.13 SUTA payable 9.9 FUTA payable 1.98 Medicare payable 4.79 Social security payable 20.46 (To record employer's payroll taxes payable) Jun 30, 2019 Uncollectible accounts expense (1% x $3000000) 30000 Allowance for uncollectible accounts 30000 (To record uncollectible accounts expense) Jun 30, 2019 Rent expense ($7800 x 4 / 6) 5200 Prepaid rent 5200 (To record rent expense) Jun 30, 2019 Supplies expense ($480 - $190) 290 Supplies 290 (To record supplies expense) Jun 30, 2019 Interest expense ($8200 6% x 1 / 12) 41 Interest payable 41 (To record interest accrued on note payable)Related Questions
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