I have this excel project to do and its due tmr. I need some help with the adjusting entries. Here is the information given
Instructions
As the accountant for Turner Corporation, you are to prepare adjusting entries based on the following data, entering the adjustments on the work sheet in Excel. Prepare the income statement, statement of retained earnings, and balance sheet in Excel for the year ended December 31, 2008. This Excel project should be one workbook with four worksheets – working trial balance, income statement, statement of retained earnings, and the balance sheet. Use the excel efficiently!! Round all computations to the nearest dollar.
(a) Turner determined that one percent of accounts receivable will not be collectible.
(b) Depreciation is computed using the straight-line method, with an eight year life and $3,000 salvage value.
(c) Salesmen are paid commissions of 10% of sales. Commissions on sales for the last week of December have not been paid.
(d) The note was issued on October 1, bearing interest at 8%, due Feb. 1, 2009.
(e) A physical inventory of supplies indicated $340 of supplies currently in stock.
(f) Provisions of a lease contract specify rent payments must be made one month in advance, with monthly payments at $900/mo. This provision has been complied with as of Dec. 31, 2008.
(g) The income tax rate is 30%.
Turner Corporation
Trial Balance
December 31, 2008
Trial Balance Adjustments Adjusted Trial Balance
Accounts Dr. Cr. Dr. Cr. Dr. Cr.
Cash 15,400
Marketable Sec. 4,050
Accounts Rec. 50,000
Allow. For D. A. 420
Mdse. Inventory 16,800
Supplies 1,040
Equipment 39,000
Accum. Depr.-Eq. 9,500
Accounts Payable 4,400
Notes Payable 5,000
Common Stock 40,000
Ret. Earnings 24,590
Cost of Goods Sold 228,520
Office Salaries 20,800
Sales Comm. 29,000
Rent Expense 7,200
Misc. Expense 2,200
Sales 330,100
Totals 414,010 414,010
