Question

Here are the accounts in the ledger of Misha’s Jewel Box, with the balances as of December 31, the end of its fiscal year.
Cash ....................... $ 13,242
Accounts Receivable ................ 3,984
Merchandise Inventory ............... 126,540
Supplies ..................... 2,484
Prepaid Insurance ................. 2,655
Land 18,000 Building ................ 97,000
Accumulated Depreciation, Building ........... 38,240
Store Equipment ................... 46,170
Accumulated Depreciation, Store Equipment ....... 16,250
Accounts Payable ................. 8,270
Sales Tax Payable ................. 2,371
Mortgage Payable ................. 77,871
M. Beloit, Capital ................. 185,000
M. Beloit, Drawing ................. 48,000
Sales ...................... $ 379,354
Sales Returns and Allowances ............ 3,892
Cost of Goods Sold ................ 279,198
Salary Expense .................. 54,400
Advertising Expense ................. 3,526
Utilities Expense ................. 2,538
Property Tax Expense ............... 1,162
Miscellaneous Expense ............... 1,613
Interest Expense ................. 2,952
Here are the data for the adjustments. Assume that Misha’s Jewel Box uses the perpetual inventory system.
a. Merchandise Inventory at December 31, $ 124,630.
b. Insurance expired during the year, $ 1,294.
c. Depreciation of building, $ 3,300.
d. Depreciation of store equipment, $ 6,470.
e. Salaries accrued at December 31, $ 2,470.
f. Store supplies inventory (on hand) at December 31, $ 1,959.

Required
1. Complete the work sheet after entering the account names and balances onto the work sheet.
2. Journalize the adjusting entries on journal page 63.



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  • CreatedOctober 21, 2014
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