The unadjusted trial balance and adjustment data for Edge Sports Repair Shop are provided.

Additional information:
1. Services of $5,350 were provided but not recorded at September 30, 2024.
2. The 12-month insurance policy was purchased on February 1, 2024.
3. A physical count of supplies shows $560 on hand on September 30, 2024.
4. The building has an estimated useful life of 50 years. The equipment has an estimated useful life of eight years.
5. Salaries of $1,975 are accrued and unpaid at September 30, 2024.
6. The mortgage payable has a 4.5% interest rate. Interest is paid on the first day of each month for the previous month’s interest.
7. On September 30, 2024, one-quarter of the unearned revenue was still unearned.
8. During the next fiscal year, $5,400 of the mortgage payable is to be paid.

Instructions
Prepare a work sheet for the year ended September 30, 2024.

Taking It Further

Is it still necessary to record the adjusting entries in the journal and post them to the ledger accounts when using a work sheet?

Transcribed Image Text:

Cash Accounts receivable Prepaid insurance Supplies Land Building Accumulated depreciation-building Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue Mortgage payable R. Brachman, capital R. Brachman, drawings Service revenue Interest expense EDGE SPORTS REPAIR SHOP Trial Balance September 30, 2024 Salaries expense Utilities expense Debit $ 6,750 11,540 4,140 3,780 55,000 100,000 40,000 103,525 6,302 75,900 10,113 $417,050 Credit $ 19,150 11,500 8,850 3,300 125,000 60,000 189,250 $417,050