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Below is an incomplete year-end worksheet which you will have to complete

1

Make the necessary adjustments, given the information items a through g.

2

Once the worksheet is completed make the gen. journal closing entries.

Trial Balance

----Adjustments----

Adjusted Trial Balance

Inc. Statement

Balance Sheet

Debit

Credit

adj. ref.

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

12200

Accounts receivable

25200

Prepaid Rent

8250

Prepaid Insurance

1125

Supplies

1240

Equipment

53200

Accum. Depreciation, Equip.

18500

Accounts Payable

14600

Unearned Service revenue

1400

salary payable

Betty, Jones, Capital

60100

Betty, Jones, Withdrawals

35600

Service Revenue

105315

b and e

Depreciation Expense

Supplies Exp.

Salary Expense

58000

Utilities Exp.

5100

Insurance Exp.

Rent Exp.

Totals

199915

199915

0

0

0

0

0

0

0

0

Profit/Loss

Totals

0

0

0

0

a.

A year-end inventory reveals there is now 80 supplies on hand

b.

$520 of revenue has been earned but not yet recorded nor collected.

c.

The office we rent has been in use all 12 months this past year and the monthly rental rate has been 550 per month for many years.

d.

Our current insurance policy will expire after 1 month into next year. Insurance Costs us 125 per month.

e.

800 of the Unearned serv. Rev. account balance has now been earned

f.

At year end we owe our employees $850 in accrued compensation.

g.

The equipment is estimated to last 7 years. All the equipment was bought a few years ago.

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