Please fill out the General Ledgers below. The General Journal has already been solved and filled out. (If you find any significant errors please note them.)

GENERAL JOURNAL IS ALREADY SOLVED. PLEASE NOTE ANY ERRORS OR CORRECTIONS IF NECESSARY.

Adjusting entries You are now asked to journalize and post the adjusting entries after completing the worksheet. This is because, in the manual accounting system, the worksheet is not part of the journals and ledgers. Therefore completing the Adjustments column in the worksheet does not automatically update the appropriate ledger accounts. Since this practice set is a manual accounting practice set, you are still required to manually journalize the adjusting entries and post them to the general ledger as a separate step. The purpose of adjusting entries is to ensure that the general ledger account balances reflect the revenues earned and expenses incurred during the accounting period. Remember that the details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $10,000, estimated useful life was 5 years, and estimated residual value was $1,000 at the end of the useful life. Depreciation is calculated orn a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Office Equipment owned by the business: original purchase price was $43,000, estimated useful life was 9 years, and estimated residual value was $5,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. Electricity expense for the month of June is estimated to be $846 - The water usage for the month of June is estimated to be $211 - Sales staff work every single day during the week including weekends and are not paid until the end of each two weeks. Wages were last paid up to and including June 28. Wages incurred after that day (from June 29 to June 30 inclusive) are estimated to have been $740 per day - Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $255. - Interest earned from short-term investments in BitiBank for the month of June is $105 Office supplies totalling $2,870 are still on hand at June 30 - 2 months of rent remained pre-paid at the start of June - 3 months of advertising remained pre-paid at the start of June - 5 months of insurance remained pre-paid at the start of June When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. Instructions for adjusting entries 1) Use the worksheet@ to assist you in recording the adjusting entries in the general journal. 2) Post the adjusting entries from the general journal to the general ledger accounts. 3) Record the final adjusted balance of each ledger account in the Adjusted Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Adjusted Balance row must still be filled out in order to receive full points. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. - You are also required to apply the journals and ledgers instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Acct. No. Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 85,714 21,000 6,295 85,714 21,000 6,295 105 81,696 2,870 3,000 8,000 2,600 10,000 85,714 21,000 6,295 105 66,991 2,870 3,000 8,000 2,600 10,000 100 Cash 102 Short-term Investments 110 ARC - Accounts Receivable Control 112 Interest Receivable 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC-Accounts Payable Control 220 |Wages Payable 221 Electricity Payable 222Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 105 81,696 81,696 5,416 6,000 12,000 3,250 10,000 66,991 2,546 3,000 4,000 650 2,850 3,000 3,000 43,000 43,000 43,000 24,653 340 1,480 846 24,306 24,653 1,480 1,480 846 255 51,000 80,000 90,114 50,206 51,000 51,000 80,000 90,114 80,000 50,206 50,206 2,740 2,740 2,740 196 402 Sales Discounts 403 Interest Revenue 500 Purchases 501Purchase Returns and Allowances 502 Purchase Discounts 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense Bank Charges 196 196 156 105 261 261 5,545 5,545 5,545 1,327 1,327 1,327 76 76 76 4,000 1,480 3,000 846 211 650 2,546 4,000 12,397 3,000 846 211 650 2,546 6,600 150 347 255 4,000 12,397 3,000 846 211 650 2,546 6,600 150 347 255 6 10,917 6,600 150 347 255 Totals300,375 300,375 13,590 13,590303,769 303,769 121,185 118,861249,575 251,899 Net income or loss 2,324 2,324 Totals21,185 121,185251,899 251,899 GENERAL LEDGER Account: Interest Receivable Account No. 112 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit Account: Office Supplies Account No. 130 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit 5,416 DR Account: Prepaid Rent Account No. 140 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit 6,000 DF Account: Prepaid Advertising Account No. 141 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit 12,000 DR Account: Prepaid Insurance Account No. 142 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit 3,250 DR Account: Accum Depn: Office Furniture Account No. 151 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit 2,850 CR Account: Accum Depn: Office Equipment Account No. 161 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit 24,306 CR Account: Wages Payable Account No. 220 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit Account: Electricity Payable Account No. 221 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit Account: Water Payable Account No. 222 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Account: Interest Payable Account No. 225 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Account: Interest Revenue Account No. 403 Date May 31 Balance Jun 30 Interest received from the bank Jun 30 Jun 30 Jun 30 Jun 30 Adjusted Balance Ref. Debit GJ 156 156 CR Account: Advertising Expense Account No. 511 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit Account: Wages Expense Account No. 516 Date May 31 Balance Jun15Paid staff wages Jun29Paid staff wages Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit CPJ 5,587 5,587 DR CPJ 5,330 10,917 DR Account: Rent Expense Account No. 540 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit Account: Electricity Expense Account No. 541 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit Account: Water Expense Account No. 542 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit Account: Insurance Expense Account No. 543 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit Account: Office Supplies Expense Account No. 544 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Account: Depn Expense: Office Furniture Account No. 560 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit Account: Depn Expense: Office Equipment Account No. 561 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref Debit Credit Balance Account: Interest Expense Account No. 571 Date May 31 Balance Jun 30 Jun 30 Jun 30 Jun 30Adjusted Balance Ref. Debit Credit Balance GENERAL JOURNAL Post Ref Date Account and Explanation Debit Credit Jun 30 Depn Expense: Office Furniture select) 150 Depn: Office Furniture 150 Jun 30 Depn Expense: Office Equipment select 37 Accum Depn: Office Equipment elect) 347 Jun 30 Electricity Expense 846 Electricity Payable 846 Jun 30 Water Expense 211 Water Payable 211 Jun 30 Wages Expense 1480 Wages Payable 1480 Jun 30 Interest Expense 255 Interest Payable 255 Jun 30 Interest Receivable 105 Interest Revenue 105 Jun 30 Office Supplies Expense 2546 Office Supplies 2546 Jun 30 Rent Expense 3000 Prepaid Rent elect 3000 Jun 30 ertising Expense 4000 Prepaid Advertising 4000 Jun 30 Insurance Expense 650 Prepaid Advertising 650