Eight-column work sheet. (PLEASE COMPLETE IN SPREADSHEED)

The trial balance of Winsor Corporation is reproduced on the following page. The information below is relevant to the preparation of adjusting entries needed to both properly match revenues and expenses for the period and reflect the proper balances in the real and nominal accounts. Instructions As the accountant for Winsor Corporation, you are to prepare adjusting entries based on the following data, entering the adjustments on the work sheet and completing the additional columns with respect to the income statement and balance sheet. Carefully key your adjustments and label all items. (Due to time constraints, an adjusted trial balance is not required.) Round all computations to the nearest dollar. (a) Winsor determined that eight percent of accounts receivable will become uncollectible. (b) Depreciation is computed using the straight-line method, with a seven year life and $7,000 salvage value. (c) Salesmen are paid commissions of 9% of sales. Commissions on sales for a portion of December were not paid. (d) The note was issued on September 1, 2018 bearing interest at 4%, due April 1, 2019. A physical inventory of supplies indicated $440 of supplies currently in stock. (f) Provisions of a lease contract specify payments must be made one month in advance, with monthly payments at $900/month. This provision has been complied with as of Dec. 31, 2018. Winsor Corporation Work Sheet For the Year Ended December 31, 2018 Trial Balance Adjustments Balance Sheet Income Statement Cr. Cr. Dr. Cr. Dr. Dr. Cr. Dr. 12,400 14,050 75,500 810 16,800 1,040 70,000 Accounts Cash Equity Invest. Accounts Rec. Allow. for D. A. Inventory Supplies Equipment Accum. Depr.-Equip. Accounts Payable Notes Payable Common Stock Ret. Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Exp. 10,700 5,000 15,000 45,000 58,000 365,000 245,520 29,800 Page 8 Sales Comm. Exp. Rent Expense Misc. Expense Totals 25,000 7,200 2.200 499.510 499.510 Winsor Corporation Worksheet For the Year Ended December 31, 2018 Adjustments Cr Adjusted Trial Balance Dr. Cr. Trial Balance Dr. Cr. 12,400 14.050 Income Statement Dr. Cr. Balance Sheet Dr. Cr. Dr. 75,500 810 16,800 1,040 70,000 Cash Equity Investments Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Common Stock Retained Earnings Sales Cost of Goods Sold Office Salaries Expense Sales Commission Expense Rent Expense Miscellaneous Expense 10.700 5,000 15,000 45,000 58,000 365,000 245,520 29,800 25,000 7,200 2,200 Total 499,510 499,510