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quot;Unbilled sales as of the balance sheet date The unadjusted trial balance for Johnson Wholesale, Inc for the YEAR ended March 31 is shown below,...
"Unbilled sales as of the balance sheet date The unadjusted trial balance for Johnson Wholesale, Inc for the YEAR ended March 31 is shown below, followed by a series of "facts" requiring adjusting journal entries. See the "Requirement" below the facts. Johnson Wholesale, Inc Trial Balance for the Year Ended March 31, 2010 Unadjusted Accounts payable 4,500 CreditAccounts receivable 5,000 Debit Accumulated depreciation - building 2,000 Credit Accumulated depreciation - equipment 3,000 Credit Advertising expense 3,000 Debit Building 25,000 Debit Cash 1,500 Debit Commission expense 3,000 Debit Common stock 7,000 CreditCost of goods sold 70,000 Debit Depreciation expense - building 0 Depreciation expense - equipment 0 Dividends 5,500 Debit Equipment 10,000 Debit Income tax expense 0 Insurance expense 3,000 Debit Inventory 4,000 DebitMortgage payable (due in 15 years) - 12,000 Credit Officers salaries 3,000 Debit Prepaid insurance expense 1,000 Debit Retained earnings at beginning of year 10,000 Credit Telephone expense 1,500 Debit Sales 107,000 CreditUnearned revenue 1,000 Credit Wages expense 11,000 Debit Wages payable 0 Total debits = total credits 146,500 146,500 Facts: 1 The building is estimated to have a 25-year useful life. The straight-line method of depreciation is used. 2 The equipment is estimated to have a 5-year useful life. The straight-line method of depreciation is used. No depreciation expense has been recorded yet this year. 3 $500 that was recorded as a sale was actually a deposit by a customer for a future delivery of merchandise. 4 Inventory was counted on the balance sheet date and determined to have an actual cost of $3,000 5 Prepaid insurance was calculated to be $400 6 Unpaid wages amounted to $500 7 $500 advertising bill for the month received but not yet entered 8 Unbilled sales as of the balance sheet date amounted to $2,500 Requirement Enter the adjusting entries on the attached General Journal form: Enter the "Fact no." in the "Date or Ref. column. Enter the debit side of the adjusting entry first, then the credit side. In the Account Title column, indent the title of the credit entries to the right a few spaces. In the Category column, enter the appropriate category of the account (A for Asset, L for Liability, etc.) For those AJEs that are accruals to be reversed next period, write REV below the Fact No. Skip a line between each of the numbered adjusting entries so that they don't run together. " - Sent to Accounting Expert Tutor on 11/6/2010 at 6:35pm You asked:"I have the excel general journal spreadsheet if you want me to attach and send?" - Sent to Accounting Expert Tutor on 11/6/2010 at 6:42pm You asked:"Are you there?" - Sent to Accounting Expert Tutor on 11/6/2010 at 6:58pm The Expert Tutor on Course Hero answered:Dear Student,Please provide the relevant data which you have with you so that I can evaluate your question better.Regards Michael I.Answered your question on 11/6/2010 at 7:00pm (1 minute 44 seconds later)I'm Online | Verified Expert Tutor | 99.2% positive feedback | 388 answers The Expert Tutor on Course Hero answered:We need you to clarify your question for our tutors!Clarification request: Dear Student,Please increase the deadline of your assignment relevant with the complexity of your assignment so that it could be evaluated.Thank you.Please resubmit your questions below. Michael I.Answered your question on 11/6/2010 at 7:00pm (19 seconds later)I'm Online | Verified Expert Tutor | 99.2% positive feedback | 388 answers You asked:"These questions need to be entered as debits/credits on a general journal ledger. How long do you need to get it done?1 The building is estimated to have a 25-year useful life. The straight-line method of depreciation is used. 2 The equipment is estimated to have a 5-year useful life. The straight-line method of depreciation is used. No depreciation expense has been recorded yet this year. 3 $500 that was recorded as a sale was actually a deposit by a customer for a future delivery of merchandise. 4 Inventory was counted on the balance sheet date and determined to have an actual cost of $3,000 5 Prepaid insurance was calculated to be $400 6 Unpaid wages amounted to $500 7 $500 advertising bill for the month received but not yet entered 8 Unbilled sales as of the balance sheet date amounted to $2,500
