Using the information from the Excel workbook from Week 3s submission, complete a worksheet using the following information for accounting adjustments. (week 3 workbook is below)

Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.

Expired insurance, $553.

Ending store supplies inventory, $2,632.

Ending office supplies inventory, $504.

Depreciation of store equipment, $567.

Depreciation of office equipment, $329.

Week 3 workbook:

General Journal

GENERAL JOURNAL

Date

Account Titles and Explanation

Debit

Credit

May

1

Rent Expense- Selling Space

2968

Rent Expense- Office Space

742

Cash

3710

Paid May's rent

May

2

Accounts Receivable- Cole

6100

Sales Revenue

6100

Cost of Goods Sold

4100

Merchandise Inventory

4100

Merchandise Sales on credit

May

2

Sale Returns

175

Accounts Receivable (Mercer Co)

175

Credit Memorandum Raised

May

3

Accounts Payable (preston Products)

798

Purchase Returns

798

Credit Memorandum Raised

May

4

Merchandise

37,072

Store Supplies

574

Office Supplies

83

Account Payable ( Davis Co.)

37,729

Purchased stock from Davis Co. on Account

May

5

Cash or Bank

(4725-175)*98%

4,459

Discount (4,725-175)*2%

91

Accounts Receivable (Mercer Co.)

4,550

Cash received in settlement of credit sale

May

8

Account Payable (Preston Co.)

6,300

Bank (7,098-798)*98%

6,174

Discount received (7,098-798)*2%

126

Cash paid in settlement of credit Purchase

May

9

Account Reveivable

350

Sales

350

Sold store supplies to merchant nedt door for 350

May

10

Office Equipment

4074

Account Payable ( Davis Sup CO)

4074

Purchased office equipment on credit

May

11

Cash (6,100)898%

5978

Disount (6,1000)*98%

122

Account Reveivable ( Cole CO )

6,100

Cash received in settlement of credit

May

11

Merchandise

8,800

Account Payable (Henley Co)

8,800

Purchased Stock on Credit

May

12

Davis Supply Co. (Account Payable)

854

Office Equipment

854

Defective Equipment returned

Mary

15

Sales Salaries

5,320

Office Salaries

3,150

Bank

A/c

8,470

Issued

check for pmt of salaries

May

15

Cash

59,220

Sales

59,220

Cash Sales For Half Month

May

16

Account Recevable (Cole Company)

3,990

Sales

3,990

Sold merchandise on credit

May

17

Merchandise

13,650

Account payable (Summit Corp)

13,650

Purchase merchandise on account

May

19

Account payable (Henley Co)

8,800

Bank A/c

(8800)*98%

8,624

Discount received (8800)*2%

176

Cash paid in settlement of credit Purchase

Mayy

22

Account Receivable (Crane Services)

6,850

Sales

6,850

Sale of merchandise on account

May

23

Account Payable (Summit Corp)

13,650

Bank A/c (13,650)*98%

13,377

Disount received (13650)*2%

273

Cash paid in settlement of credit purchase

May

24

Merchandise

8,120

Store Supplies

630

Office Supplies

280

Account Payable (Davis Co)

9,030

Purchased stock from Davis Co on Account

May

25

Merchandise

3,080

Account Payable (Preston Co)

3080

Purchased stock from Davis Co on account

May

26

Account Payable (Crank Corp)

14,210

Sales

14,210

Sale of merchandise on account

May

26

Electricity Expense

1,283

Bank A/c

1,283

Paid to Perennial power for electricity

May

29

Jenny Spark

7,000

Bank A/c

7,000

Cash withdrawn for personal use

May

11

Cash or Bank A/c

(6850)*98%

6,713

Discount (6850)*98%

137

Account receivable (Crane Services)

6,850

Cash received in settlement of credit sale

May

15

Sales Salaries

5,320

Office Salaries

3,150

Bank A/c

8,470

Issued check for pmt of salaries

May

15

Cash

66,052

Sales

66,052

				CLOSING ENTRIES
Date		Account Titles and Explanation					Debit	Credit

Cash sales for half month

Worksheet

Company Name

Work Sheet

For Month Ended Date, Year

Balance Sheet &

Unadjusted

Adjusted

Statement of

Trial Balance

Adjustments

Trial Balance

Income Statement

Owner's Equity

Account Titles

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

Accounts receivable

Merchandise inventory

Store supplies

Office supplies

Prepaid insurance

Office equipment

Accumulated depreciation-Office Equipment

Store Equipment

Accumulated depreciation-Store Equipment

Accounts payable

J. Spark, Capital

J. Spark, Withdrawls

Sales revenue

Sales returns and allowances

Sales discounts

Cost of Goods Sold

Depreciation expense - Office Equipment

Depreciation expense - Store Equipment

Store supplies expense

Office supplies expense

Insurance expense

Rent expense -Selling space

Rent expense -Office space

Salaries expense- Sales

Salaries expense- Office

Utilities expense - Electric

				ADJUSTING ENTRIES
Date		Account Titles and Explanation					Debit	Credit