1. Record the adiusting journal entries necessary, if any for the additional information (label the reference # for your entries.
2. Complete the worksheet. taking into account the adiusting journal entries, preparing the adiusted trial balance, and extending the accounts to the approriate financial statement that they affect.

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223Spring2023 Exam Take Home 1: Required - Complete the Worksheet: Bozeman Lasers Company Worksheet for the Year Ending 12/31/2020 Unadjusted TB CR Account Title Cash Accounts Receivable Inventories Prepaid Insurance Equipment Accum. Depr. Equip. Wages Payable Unearned Revenue Owner Capital Drawings Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Insurance Expense Depreciation Expense Totals Net Income Totals DR 164.000 0 240.000 0 480.000 80.000 1,450,000 270.000 60.000 36.000 40,000 0 370.000 320.000 2.050.000 2,780,000 2,780,000 Adjustments DR 1# CR Adjusted TB DR CR Income Statement DR CR Additional Information: 1) a) There was an unrecorded sale of a $180.000 Laser in late December delivered to a customer who will pay in January 2021. b) The costs of building this Laser were $ 90,000 and are currently included in the Inventory account. 2) There are unrecorded wages of $28.000 earned in December, but will not be paid until January 3, 2021. 3) A 2-year property and liability insurance policy was purchased on January 1, 2020 for $36.000. 4) In 2020 customers paid $370.000 in advance cash deposits for Lasers. As of 12/31/20, $100.000 of lasers were finished and delivererd. The costs of the finished lasers of $50.000 are included in Inventory. 5) The equipment purchased on Jan. 1. 2019 has a 12 year useful life, and has no estimated salvage value. C) Total all columns. D) Determine the Net Income or Loss, and circle & label your answer. E) There are no actual errors in the accounts, and the cash balance is correct. Required: A) Record the adjusting journal entries necessary, if any for the additional information (label the reference # for your entries.) B) Complete the worksheet, taking into account the adjusting journal entries, preparing the adjusted trial balance, and extending the accounts to the approriate financial statement that they affect Balance Sheet DR CR 223Spring2023 Exam Take Home 1: Required - Complete the Worksheet: Bozeman Lasers Company Worksheet for the Year Ending 12/31/2020 Unadjusted TB CR Account Title Cash Accounts Receivable Inventories Prepaid Insurance Equipment Accum. Depr. Equip. Wages Payable Unearned Revenue Owner Capital Drawings Sales Revenue Cost of Goods Sold Wages Expense Rent Expense Insurance Expense Depreciation Expense Totals Net Income Totals DR 164.000 0 240.000 0 480.000 80.000 1,450,000 270.000 60.000 36.000 40,000 0 370.000 320.000 2.050.000 2,780,000 2,780,000 Adjustments DR 1# CR Adjusted TB DR CR Income Statement DR CR Additional Information: 1) a) There was an unrecorded sale of a $180.000 Laser in late December delivered to a customer who will pay in January 2021. b) The costs of building this Laser were $ 90,000 and are currently included in the Inventory account. 2) There are unrecorded wages of $28.000 earned in December, but will not be paid until January 3, 2021. 3) A 2-year property and liability insurance policy was purchased on January 1, 2020 for $36.000. 4) In 2020 customers paid $370.000 in advance cash deposits for Lasers. As of 12/31/20, $100.000 of lasers were finished and delivererd. The costs of the finished lasers of $50.000 are included in Inventory. 5) The equipment purchased on Jan. 1. 2019 has a 12 year useful life, and has no estimated salvage value. C) Total all columns. D) Determine the Net Income or Loss, and circle & label your answer. E) There are no actual errors in the accounts, and the cash balance is correct. Required: A) Record the adjusting journal entries necessary, if any for the additional information (label the reference # for your entries.) B) Complete the worksheet, taking into account the adjusting journal entries, preparing the adjusted trial balance, and extending the accounts to the approriate financial statement that they affect Balance Sheet DR CR

Answer rating: 100% (QA)

Adjusting Journal Entries and Worksheet Completion A Adjusting Journal Entries 1 Unrecorded Sale and Cost of Goods Sold 1 Debit Accounts Receivable 18... View the full answer