The unadjusted trial balance of Ben's Jewelers on December 31, 2019, the end of its fiscal year,

Question:

The unadjusted trial balance of Ben's Jewelers on December 31, 2019, the end of its fiscal year, appears below.

INSTRUCTIONS

1. Copy the unadjusted trial balance onto a worksheet and complete the worksheet using the following information:

a.-b. Ending merchandise inventory, $98,700.

c. Uncollectible accounts expense, $1,000.

d. Store supplies on hand December 31, 2019, $625.

e. Office supplies on hand December 31, 2019, $305.

f. Depreciation on store equipment, $11,360.

g. Depreciation on office equipment, $3,300.

h. Accrued sales salaries, $4,000, and accrued office salaries, $1,000.

i. Social security tax on accrued salaries, $326; Medicare tax on accrued salaries, $76. (Assumes that tax rates have increased.)

j. Federal unemployment tax on accrued salaries, $56; state unemployment tax on accrued salaries, $270.

2. Journalize the adjusting entries on page 30 of the general journal. Omit descriptions.

3. Journalize the closing entries on page 32 of the general journal. Omit descriptions.

4. Compute the following:

a. net sales

b. net delivered cost of purchases

c. cost of goods sold

d. net income or net loss

e. balance of Ben Waites, Capital on December 31, 2019.

Analyze:

What change(s) to Ben Waites, Capital will be reported on the statement of owner's equity?

The unadjusted trial balance of Ben's Jewelers on December 31,
The unadjusted trial balance of Ben's Jewelers on December 31,
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

College Accounting A Contemporary Approach

ISBN: 978-0077639730

4th edition

Authors: David Haddock, John Price, Michael Farina

Question Posted: