Completion of a Work Sheet Showing a Net Loss 1. Complete theAdjustments columns. 2....

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Completion of a Work Sheet Showing a Net Loss 1. Complete theAdjustments columns. 2. Complete the work sheet. 3. Enter theadjustments in a general journal. If an amount box does not requirean entry, leave it blank. The trial balance for Cascade BicycleShop, a business owned by David Lamond, is shown below. CascadeBicycle Shop Trial Balance December 31, 20 -- ACCOUNT TITLE DEBITBALANCE CREDIT BALANCE Cash 23,385 Accounts Receivable 14,985Merchandise Inventory 31,390 Supplies 7,375 Prepaid Insurance 4,695Land 28,045 Building 51,180 Accumulated Depr.—Building 16,440 StoreEquipment 27,690 Accumulated Depr.—Store Equip. 9,230 AccountsPayable 3,915 Wages Payable Sales Tax Payable 2,890 UnearnedStorage Revenue 5,605 Mortgage Payable 44,600 D. Lamond, Capital162,650 D. Lamond, Drawing 32,680 Income Summary Sales 50,960 SalesReturns and Allowances 2,410 Storage Revenue Purchases 20,795Purchases Returns and Allow. 1,295 Purchases Discounts 1,935Freight-In 1,750 Wages Expense 35,240 Advertising Expense 5,715Supplies Expense Phone Expense 2,135 Utilities Expense 9,160Insurance Expense Depreciation Expense—Building DepreciationExp.—Store Equipment Miscellaneous Expense 890 299,520 299,520Year-end adjustment information is as follows: (a and b)Merchandise inventory costing $22,165 is on hand as of December 31,20--. (The periodic inventory system is used.) (c) Suppliesremaining at the end of the year, $2,410. (d) Unexpired insuranceon December 31, $1,775. (e) Depreciation expense on the buildingfor 20--, $3,860. (f) Depreciation expense on the store equipmentfor 20--, $3,692. (g) Unearned storage revenue as of December 31,$1,950. (h) Wages earned but not paid as of December 31, $790.

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All working forms part of the answer Adjustment column and completion of Worksheet Accounts title Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Summary Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 2338500 2338500 2338500 Accounts receivables 1498500 1498500 1498500 Merchandise Inventory 3139000 2216500 3139000 2216500 2216500 Supplies 737500 496500 241000 241000 Prepaid Insurance 469500 292000 177500 177500 Land 2804500 2804500 2804500 Building 5118000 See Answer

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In: AccountingCompletion of a Work Sheet Showing a Net Loss 1. Complete theAdjustments columns. 2. Complete...Completion of a Work Sheet Showing a Net Loss 1. Complete theAdjustments columns. 2. Complete the work sheet. 3. Enter theadjustments in a general journal. If an amount box does not requirean entry, leave it blank. The trial balance for Cascade BicycleShop, a business owned by David Lamond, is shown below. CascadeBicycle Shop Trial Balance December 31, 20 -- ACCOUNT TITLE DEBITBALANCE CREDIT BALANCE Cash 23,385 Accounts Receivable 14,985Merchandise Inventory 31,390 Supplies 7,375 Prepaid Insurance 4,695Land 28,045 Building 51,180 Accumulated Depr.—Building 16,440 StoreEquipment 27,690 Accumulated Depr.—Store Equip. 9,230 AccountsPayable 3,915 Wages Payable Sales Tax Payable 2,890 UnearnedStorage Revenue 5,605 Mortgage Payable 44,600 D. Lamond, Capital162,650 D. Lamond, Drawing 32,680 Income Summary Sales 50,960 SalesReturns and Allowances 2,410 Storage Revenue Purchases 20,795Purchases Returns and Allow. 1,295 Purchases Discounts 1,935Freight-In 1,750 Wages Expense 35,240 Advertising Expense 5,715Supplies Expense Phone Expense 2,135 Utilities Expense 9,160Insurance Expense Depreciation Expense—Building DepreciationExp.—Store Equipment Miscellaneous Expense 890 299,520 299,520Year-end adjustment information is as follows: (a and b)Merchandise inventory costing $22,165 is on hand as of December 31,20--. (The periodic inventory system is used.) (c) Suppliesremaining at the end of the year, $2,410. (d) Unexpired insuranceon December 31, $1,775. (e) Depreciation expense on the buildingfor 20--, $3,860. (f) Depreciation expense on the store equipmentfor 20--, $3,692. (g) Unearned storage revenue as of December 31,$1,950. (h) Wages earned but not paid as of December 31, $790.