3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Paya
ID: 2590605 • Letter: 3
Question
3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Payable Subsidiary Ledger. On December 31, post to the General Ledger. 4. Prepare an Unadjusted Trial Balance, using the worksheet. Complete the worksheet using the following adjustment information for December: a. Office supplies on hand on December 31 are $1,085. b. A physical count of inventory showed an ending inventory cost of $44,000 c. Recorded depreciation on equipment for the month, $4,200. d. Insurance expired during December is $300. e. Earned $1,750 worth of the unearned service revenue. 5. Journalize and post the adjusting entries.Explanation / Answer
Unadjusted Adjusted Account title Trial balance Adjustments Trial balance Dr Cr Dr Cr Dr Cr Cash 1,61,613 - - 1,61,613 Accounts receivable 8,008 - - 8,008 Inventory 46,736 - 2,736 44,000 Office supplies 1,652 - 567 1,085 Prepaid insurance 3,900 - 300 3,600 Equipment 2,65,967 - - 2,65,967 Accum. Dep - Equp 1,15,500 - 4,200 1,19,700 Accounts payable 5,587 - - 5,587 Unearned service revenue 3,000 1,750 - 1,250 Jake walters, capital 2,67,773 - - 2,67,773 Jake walters, withdrawal 1,22,000 - - 1,22,000 Sales 3,41,543 - - 3,41,543 Service revenue 1,70,750 - 1,750 1,72,500 Sales returns & allowances 3,630 - - 3,630 Cost of merchandise sold 1,54,829 2,736 - 1,57,565 Advertising expense 4,500 - - 4,500 Depreciation expense 38,500 4,200 - 42,700 Insurance expense 3,500 300 - 3,800 office supplies expense 3,280 567 - 3,847 Salary expense 39,750 - - 39,750 Rent expense 29,500 - - 29,500 Telephone expense 5,252 - - 5,252 utilities expense 8,071 - - 8,071 Misc. expense 3,465 - - 3,465 Total 9,04,153 9,04,153 9,553 9,553 9,08,353 9,08,353 Net income 2,18,016 -6,053 2,11,963
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