[cassie blake]

Additional Data at December 31, 1993:a) Supplies used during the year $2 580.b) Prepaid rent in force, $1 000c) Unearned sales revenue still not earned, $2 400. The company expects to earn thisamount during the next few months.d) Depreciation. The furniture and fixtures’ estimated useful life is 1 0 years, and they areexpected to be worthless when they are retired from service.e) Accrued salaries, $1 300.f) Accrued interest expense, $600.g) Inventory on hand, $65 800.Required:i) Adjusting journal entriesii) Accounting worksheet.iii) A multi-step income statement, statement of owner’s equity and a balance sheet.iv) Prepare the necessary closing entries.

Worksheet Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 5,670 5,670 Accounts Receivable 37 100 37 100 Inventory 60,500 5300 65,800 Supplies 3,930 2580 1,350 Prepaid Rent 6,000 1000 5,000 Furniture and fixtures 26,500 26,500 Accumulated Depreciation 21,200 2120 23,320 Accounts Payable 46,340 46,340 Salary Payable 1300 1300 Interest Payable 600 600 Unearned Sales Revenue 3,500 2400 1,100 Note Payable, Long Term 35,000 35,000 Wen Teng, Capital 23,680 23,680 Wen Teng, Withdrawals 48000 48000 Sales Revenue 346,700 2400 349,100 Sales Discounts 10,300 10,300 Sales Returns and Allowances 8,200 8,200 Cost of Goods Sold 171,770 171,770 Salary Expense 82,750 1300 84,050 Rent Expense 7,000 1000 8,000 Depreciation expense 2120 2,120 Utilities Expense 5,800 5,800 Supplies Expense 2580 2,580 Interest Expense 2,900 600 3,500 Inventory Change 5300 5300

[paraclete]

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[cassie blake]

I did the adjustments and adjusted trial balance but I am not sure if I did it right because it did not balance
Can I get some feedback

[paraclete]

I don't understand your last line, that probably belongs in cost of goods sold, unearned sales revenue would be a reduction of sales, depreciation is calaclated on the capital value of the asset not the balance of accumulated depreciation, Put some totals into your spreadsheet and carry the balances into the other sections of the spreadsheet