Financial Accounting Project $1$

Chapters $1-5($Problem and Data$)$

$100$ points

Part $2$ Complete the Worksheet

Use the following data for adjustments, complete the rest of worksheet $($columns $3-10).($Hint it might help to journalize the adjustments first.$)$

Be sure to complete the entire worksheet showing totals and net income.

$22$ points

Check Answer: Adjusted Trial Balance $=$

$96,910\mathrm{.}00$

Adjustments: $,1.$ Sales eamed but not billed yet $$1800$

$2.$ Additional $$225$ in sales salaries has been accrued, but not yet recorded

$3.$ Depreciation expense on the store equipment for the month is $$135$

$4.$ Insurance expired for the month is $$54$

$5.$ Store Supplies on hand at end of the month is $$45$

$6.$ $$900$ of the unearned rent has now been earned

$7.$ Physical count of merchandise inventory on June $30$ is $$19640$

Part $3-$ Complete the Financial Statements

The Multistep Income Statement

$17$ points

Statement of Stockholders' Equity

$7$ points

Balance Sheet $($showing current and long term$)$

$17$ points

Check Answers

Cash Account Balance $=$

$15,000\mathrm{.}00$

Total Assets $=$

$71,646\mathrm{.}00$