Adjustments in 10 column work sheet.
Cash... 4250
Notes Receivable... 1690
Account Receivables... 1535
Supplies... 615
Prepaid Insurance... 500
Van... 23600
Accumulated Depreciation: Van... 10200
Equipment... 48000
Accumulated Depreciation: Equipment... 2000
Notes Payables... 10000
Accounts Payables... 400
Unearned Revenue... 1000
Mortgage payable... 43000
Carol Goren, Capital... 14590
Carol Goren, drawings... 2600
Revenue from Teaching... 750
Revenue from Exercise Clinic... 6200
Utilities Expense... 195
Advertising Expense... 250
Interest Expense... 760
Wages expense... 2800
Payroll Tax Expense... 170
Gas and Oil Expense... 130
Repair expense... 225
Insurance Expense... 820
Totals... 88140 88140
Complete the ten column worksheet using word excel by first calculating the adjustments from the following data and enter them in the adjustments column of the work sheet. Label the adjustments a, b, c, and so on.
a. The beginning inventory of supplies was $475. A purchase of supplies was made on June 21st for 4140, and ending inventory of supplies was $270.
b. The insurance policy was purchased on April 1st of this year for $600. It prepaid the insurance for one year.
c. The Van was purchased on January 2nd of last year. It has a useful life of five years and a salvage value of $2000. The equipment was purchased on February 5th of this year. It is expected to last eight years and will have no salvage value.
d. June 30th falls on a Thursday. Wages of $100 a day are paid on each Friday. Record the wage expense for Monday through Thursday, June 27th to 30th.
e. On June 1st , Carol received a check for $1000 from a local exercise firm to give ten aerobics lessons to its new instructors. Carol taught five of the lessons in June.
f. On June 30th , services had been performed in the clinic totaling $1200 for which no payment had been received.
(ii) Journalize the adjusting entries.
