A portion of Anderson Publishings work sheet for the year ended December 31 follows: Required 1. Determine

A portion of Anderson Publishing’s work sheet for the year ended December 31 follows:

Required
1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in the general journal, page 120.
2. Determine the net income for the year.
3. What is the amount of endingcapital?

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INCOME STATEMENT DEBIT BALANCE SHEET DEBIT 6 ACCOUNT NAME CREDIT CREDIT 100,000.00 114,050.00 1,480.00 15,000.00 2,000.00 42,250.00 7 Cash Accounts Receivable 9Publishing Supplies 10Merchandise Inventory 11 Prepaid Insurance 12 Publishing Equipment Accumulated Depreciation, Publishing Equpment 16,900.00 5562.00 |= 9,050.00 4 Accounts Payable 5 Unearned Subecription Renewals 6 J. Anderson, Capital 17 J. Anderson, Drawing 18 Magaina Sales 19 Subscr iption Renewals 20 Sales Returns and Allowances 218450.00 48,000.00 125,000.00 92,000.00 5425.00 65,000.00 21 Purchasas 22 Purchases Returns and Allowances 4,500.00 9,000.00 23 Purchases Discounts 24Freight In 7,500.00 57,825.00 9600.00 25 Salaries Expense 26Rent Expense 15,000.00 28 Income Summary 29 Depreciation Expense, Publishing Equipment 30 Insurance Expense 16,325.00 8,95000 2,800.00 31 Salaries Payable 1,11300 32 Publishing Supplies Expense 370.00 73,795.00 245,500.00 322780.00251,075.00 4 | > Sheet1 Sheet2 Sheet3