Glencoe Accounting

Chapter 18: Adjustments and the Ten-Column Work Sheet

Homework Practice

Adjusting Entries

Instructions

Shown below are the trial balance columns and the adjusted trial balance columns from a work sheet for the year ended December 31, 2010. Download the general journal form by clicking on Accounting Forms from the Student Center. Prepare the entries to record the adjusting entries.

Account Name

Trial Balance

Adjusted Trial Balance

 

Debit

Credit

Debit

Credit

Cash in Bank

3,000

 

3,000

 

Accounts Receivable

2,300

 

2,300

 

Merchandise Inventory

12,000

 

9,500

 

Supplies

1,200

 

300

 

Prepaid Insurance

2,000

 

1,200

 

Delivery Equipment

13,000

 

13,000

 

Accounts Payable

 

2,500

 

2,500

Sales Tax Payable

 

900

 

900

Federal Corp. Income Tax Payable

   

600

Capital Stock

 

23,000

 

23,000

Retained Earnings

 

5,000

 

5,000

Income Summary

  

2,500

 

Sales

 

14,700

 

14,700

Sales Discounts

500

 

500

 

Sales Returns and Allowances

800

 

800

 

Purchases

4,000

 

4,000

 

Purchases Discounts

 

200

 

200

Transportation In

100

 

100

 

Federal Corp. Income Tax Expense

2,000

 

2,600

 

Salaries Expense

2,500

 

2,500

 

Insurance Expense

  

800

 

Utilities Expense

2,900

 

2,900

 

Supplies Expense

  

900

 
 

46,300

46,300

46,900

46,900

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