A portion of the work sheet of Sadie€™s Flowers for the year ended December 31 is as follows:

Required
1. Determine the entries that appeared in the Adjustments columns and present them in general journal form on page 41.
2. Determine the net income for the year.
3. What is the amount of the endingcapital?

Transcribed Image Text:

INCOME STATEMENT DEBIT BALANCE SHEET DEBIT ACCOUNT NAME 7 Cash 8 Marchandise Inventory 9Supplies 10 Prepaid Insurance CREDIT CREDIT 9,340.00 76,940.00 256.00 240.00 39,280.00 11 Store Equipment 12 Acumulated Depreciation. Store Equipment 13 Accounts Payable 14 S. R. Rodriguez, Capital 1 S. R. Rodriguez, Drawing 16 Sale 17 Salee Returns and Allowances 18 Purchases 19Purchases Returns and Allowances 20 Purchases Discounts 21Freight In 22Salary Expense 23 Rent Expense 26,220.00 14,600.00 68.940.00 | 27 600.00 173420.00 1,520,00 82,31200 940.00 1,600.00 1,948.00 37,560.00 14,800.00 24 25 Income Summary 26Depreciation Expense, Store Equipment 2 Insurance Expense 28 Supplies Expense 65.680.00 76,940.00 4,040.00 760.00 944.00 Salarias Payable 560.00 30 31 NSheeSheet2 Sheet3 209,584 00 252,90000 153656.00 110 320.00