The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Intermaweb Computer in a later section of this practice set. The details of the end of month adjustments for June are as follows: Office Furniture owned by the business: original purchase price was $8,000, estimated useful life was 5 years, and estimated residual value was $1,000 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. Office Equipment owned by the business: original purchase price was $53,000, estimated useful life was 11 years, and estimated residual value was $3,000 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 $828. 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 $660 per day. Interest expense incurred during the month of June but not yet paid to EastPac Bank for the bank loan is $245. . Interest earned from short-term investments in MRMC Bank for the month of June is $120. Office supplies totalling $2,336 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. Acct. No. Account Name 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 222 Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock sojusted tha Balance Debit Credit 96484 24000 4438 74065 4408 5000 12000 3500 8000 53000 2100 23106 1230 49000 55000 Adjustments Debit 120 Credit 660 828 211 245 Adjusted Triatr Balance Debit Credit 96484 24000 4438 120 74065 2336 8000 53000 12:30 660 828 211 245 49000 55000 Income Statement Debit Credit 74065 59993 Balance Sheet Debit Credit 96484 24000 4438 120 59993 8000 53000 1230 660 828 211 245 49000 55000 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500 Purchases 501 Purchase Returns and Allowances 502 Purchase Discounts 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin Expense-Bank Charges 1157 173 3210 10510 6600 10 49000 55000 126025 48722 232 1055 85 120 1157 173 6600 10 49000 55000 126025 48722 352 1055 85 1157 173 6600 48722 352 1055 85 49000 55000 126025 502 Purchase Discounts 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Submit answers Totals 10510 6600 10 85 6600 10 85 Net income or loss Totals 6600 www. 85 10 Account No. Name 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 Debit ($) 27,917 24,000 9,183 74,065 4,408 5,000 12,000 3,500 8,000 53,000 Credit ($) ............ Works 2,10 23,10 14,842