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Bolton Consulting Work Sheet For the year ended December 31 Balance Sheet and Statement of Stockholders Income Statement Equity
Adjusted Unadjusted Trial Trial Balance Adjustments Balance Account Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Cash 31,000 Accounts Receivable 8,000 Supplies 12,500 Automobiles 175,000 Accum. Depr. – Autos 52,000 17,500 Accounts payable Unearned 26,500 fees Salaries payable Capital Stock 58.000 Dividends 42,500 241,750 Fees earned Salary 91,000 Module 8: Portfolio Project 262020 expense Rent expense 35,750 Advertising expense Supplies expense Depreciation expense Totals 395.750 395,750 Instructions Complete the worksheet using the following information: (a) Unpaid and unrecorded salaries earned by employees, $6,500 (b) Unused supplies still on hand is $3,200. (c) Machinery depreciation, $20,000. (d) Customers who paid $12,750 in advance have received their services. (e) Advertising for last quarter of the year in the amount of $5,200 remains unpaid and unrecorded. (1) The rent expense incurred and not yet paid or recorded at fiscal year-end is $4,100
ANSWER
| Accounts | Unadjusted | Trial Balance | Adjustments | Adjusted | Trial Balance | Income | Statement | Balance | Sheet | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | |
| Cash | $31,000 | $31,000 | $31,000 | |||||||
| Accounts Receivable | 8,000 | 8,000 | 8,000 | |||||||
| Supplies | 12,500 | 9,300 | 3,200 | 3,200 | ||||||
| Automobiles | 175,000 | 175,000 | 175,000 | |||||||
| Accumulated Depreciation, Autos | $52,000 | 20,000 | $72,000 | $72,000 | ||||||
| Accounts Payable | 17,500 | 9,300 | 26,800 | 26,800 | ||||||
| Unearned Fees | 26,500 | 12,750 | 13,750 | 13,750 | ||||||
| Salaries Payable | 0 | 6,500 | 6,500 | 6,500 | ||||||
| Capital Stock | 58,000 | 58,000 | 58,000 | |||||||
| Dividends | 42,500 | 42,500 | 42,500 | |||||||
| Fees Earned | 241,750 | 12,750 | 254,500 | $254,500 | ||||||
| Salary Expense | 91,000 | 6,500 | 97,500 | $97,500 | ||||||
| Rent Expense | 35,750 | 4,100 | 39,850 | 39,850 | ||||||
| Advertising Expense | 0 | 5,200 | 5,200 | 5,200 | ||||||
| Supplies Expense | 0 | 9,300 | 9,300 | 9,300 | ||||||
| Depreciation Expense | 0 | 20,000 | 20,000 | 20,000 | ||||||
| Totals | $395,750 | $395,750 | $57,850 | $57,850 | $431,550 | $431,550 | $171,850 | $254,500 | $259,700 | $177,050 |
| Net Income | $82,650 | $82,650 | ||||||||
| Totals | 254,500 | $254,500 | $259,700 | 259,700 | ||||||
Working Notes:-
(a) Salaries Unrecorded, so Debit the Salary Expense and Credit the Salaries Payable by $6,500.
(b) Supplies Expense=(Supplies – Supplies on hand)
=($12,500-$3,200)
=$9,300
(c) Depreciation Expense Debited and Accumulated Depreciation Credited by $20,000.
(d) The amount of $12,750 was earned. So Debit the Unearned Fees and Credit the Fees Earned by $12,750.
(e) Advertising Expense remain unpaid of $5,200. So Debit the Advertising Expense and Credit the Accounts Payable by $5,200.
(f) Rent Expense incurred but not paid. So Debit the Rent Expense and Credit the Accounts Payable by $4,100.
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