You are going to complete a Worksheet, Income Statement, Statement of Retained Earnings, and Balance Sheet. You
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Question:
You are going to complete a Worksheet, Income Statement,
Statement of Retained Earnings, and Balance Sheet. You are to use the worksheet to prepare
the adjusting entries, statement information, closing entries, and postclosing trial balance.
Use cell references, formulas, and summation functions where applicable and appropriate.
Specific instructions are outlined below.
Instructions:
KJW has a fiscal year end of June Journalize the following adjusting entries for in the Journal and then
transfer to the worksheet in the appropriate Adjusting Entries column. provide descriptions of the entries for a
complete journal entry Keep everything in whole dollars.
a The company estimates uncollectible accounts using the of receivables' allowance method.
As of June th the company estimates that of the accounts receivable balance
is uncollectible. HINT: Be sure to account for what is already in the Allowance account
b Supplies on hand are determined to be $
c of the Prepaid Insurance balance has expired as of June
d The Prepaid Rent balance represents months of rent expense. Those months include
May through October Adjust accordingly for June
e Depreciation of assets is recognized as follows for the year end:
Buildings $
Equipment $
f Invoices for utilities expenses of $ have been received related to June.
g Employees working the last business days of June will be paid in July. The daily expense
for employee wages is $Ignore payroll tax expenses
h of the unearned revenue has been earned as of June
i The interest rate on the Mortgage Payable is Interest expense was last updated
Update the Adjusted Trial Balance columns in the worksheet. Make sure you carry the correct debitcredit columns
across. Use references and formulas to create the adjusted balances.
Carry over the applicable balances to the Income Statement and Balance Sheet columns. Remember the difference
in debitscredits will be the Net Income which should be added to the bottom of the worksheet columns for each.
Use the other provided blank worksheets to prepare, in proper format, the Income Statement, Statement of Retained
Earnings, and classified Balance Sheet for the period ending. Formatting and labeling should be appropriate,
consistent, and userfriendly. USE Spellcheck for each worksheet Please refer to examples in the book if you
question titles and classifications. Note that
$ of the Mortgage Payable is due December
Write up the closing journal entries in the Journal and transfer to the Worksheet. Remember, all temporary accounts
are closed during this process. There are four journal entries involved.
Carry over the balances, after closing entries, to the Post Closing Trial Balance on the worksheet. Only permanent
accounts should have balances.
Complete these requirements and rename the application file as directed. Attach the completed
file to the assignment link by the due date.
CHECK FIGURES:
Total debitcredit amount for adjusting journal entries
Adjusted Trial Balance debitcredit total
Net Income
Total Assets on the Balance Sheet
Related Book For
Posted Date: