ACC1020_Instructions_STUDENT_Comp Problem 2

P15-10B Additional Instructions to what is stated on page 608 in the text.

Read all instructions before starting your work. This assessment is worth 150 points.

Use the worksheet file as provided for Darby Kite Store as of December 31, 20X1.

Perform the Adjustments at the end of the year:

A and b): Merchandise Inventory as of December 31, 20X1 = $ 23,600.00

C) Unused supplies on hand $ 1,050.00

D) Insurance expired $ 250.00

E) Depreciation expense for the year: $ 400.00

F) Wages earned but not paid $ 360.00

G) Unearned revenues on December 31: $ 500.00

REQUIRED: (NOTE that this is slightly changed from the text book; added prepare the Income Statement on sheet 1 in the file)

1) Prepare the worksheet as provided in the separate file.

2) Prepare the adjusting entries in the separate file.

3) Prepare the Income Statement after making the adjustments. (SEE SHEET 1 on the file as provided)

4) Prepare the closing entries (these are NOT posted to the worksheet).

5) Prepare a post- closing trial balance and Post-closing Balance Sheet.

6) Prepare the reversing entries as required.

ACC100 Comprehensive Problem 2,P15-108 Template-1-Read-Only- Compabibility Mode Ecel hmet Dm Poge Layout Formulas Data Renew Wew Help ? Te1rne what you want to do Copy Fomat Paie Conditional Formatas Cell Insert Delete Format Clew nter the appreprate answs the shaded (gy)cell anteisk will aar in the column to the night of an incomect an Darby Kte Store Sheet20 Accounts Receivable 11 200 Prepaid Insyrance Accum Depr Eqiment Accounts Payatlie Wages Payable Sales Tax Payable Unearned Ravenue W P Ellis Capta 7,100 Income Summany 55 430 Sales Returs& Alewances Purchases 1.320 O Tyve there to search 6 8