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    Sorval Sales Ltd adjusting entries financial statements excel

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    Sorval Sales Ltd., a family owned business, sells small tools to retailers...

    I need help with the journal and adjusting entries. Please view the attachments (do the entries under the additional facts). It is number 1 to 12.

    Create 12 adjusting entries required to prepare a full set of financial statements. Post in a worksheet to show the adjusted trial balance and the income statement and balance sheet. Link cells in excel.

    Unadjusted Trial Bal
    debit credit
    Cash $6,000
    AR $56,000
    Allow doubtful acct $2,500
    Warehouse supplies $3,600
    Merchandise Invy $45,000
    Prepaids $3,900
    Investment in Totem $21,000
    Land $150,000
    Building $250,000
    Acc depr bldg $31,250
    Equip $60,000
    Acc depr equip $18,960
    Fixtures $22,000
    Acc depr fixtures $9,000
    AP $30,000
    Accrued liab
    Income taxes pay $1,000
    Mortgage pay $315,284
    Common stock $70,000
    Dividends $5,000
    RE $82,100
    Sales $570,000
    COGS $306,594
    Ad exp $34,000
    Depr exp
    Bad debt exp
    Insur exp $12,000
    Int exp
    Prop tax exp $12,000
    Office exp $22,000
    Repair exp $12,000
    Salaries exp $90,000
    Warehouse supp exp $9,000
    income tax exp $5,000
    Equity invest in subsid
    totals $1,127,594 $1,127,594

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    https://brainmass.com/business/journal-entries/608956

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    Solution Preview

    Your tutorial is completed in excel. The journal entries and schedules needed to complete them with instructional notes are on ...

    Solution Summary

    Your tutorial is completed in excel. The journal entries and schedules needed to complete them with instructional notes are on the second tab. The trial balance, unadjusted, adjusted and then worksheet extended to income statement and balance sheet are on the first tab. All amounts are linked to the journal entries or a formula. Click into the cells to discover the source of each amount.

    $2.19