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Forest Adventures

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Forest Adventures has the following account balances on August 30, 2008

Accounts payable: 10,875
Accounts receivable: 11,625
Accumulated amortization - equipment: 32,250
Cash: 3,750
Cost of goods sold: 342,375
E. Correa, Capital: 181,875
E. Correa, Withdrawals: 7,500
Equipment: 90,000
Interest earned: 3,000
Inventory: 70,125
Operating expenses: 180,750
Sales discounts: 4,125
Sales returns and allowances: 28,500
Sales revenues: 517,500
Supplies: 14,250
Unearned sales revenue: 7,500

Additional date at August 30, 2008

1) A physical count of items showed $1,500 of supplies on hand
2) An inventory count showed inventory on hand at August 30, 2008, $66,400
3) The equipment has an estimated useful life of eight years and is expected to have no value at the end of its life
4) Unearned sales revenues of $2625 were earned by August 30, 2008

Required

1) Record all adjustments and closing entries that would be required on August 30, 2008
2) Prepare the financial statements of Forest adventures for the year ended August 30, 2008

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Solution Preview

Please see the revised in the attached file.

Forest Adventures has the following account balances on August 30, 2008

Accounts payable: 10,875
Accounts receivable: 11,625
Accumulated amortization - equipment: 32,250
Cash: 3,750
Cost of goods sold: 342,375
E. Correa, Capital: 181,875
E. Correa, Withdrawals: 7,500
Equipment: 90,000
Interest earned: 3,000
Inventory: 70,125
Operating expenses: 180,750
Sales discounts: 4,125
Sales returns and allowances: 28,500
Sales revenues: 517,500
Supplies: 14,250
Unearned sales revenue: 7,500

Additional date at August 30, 2008

1) A physical count of items showed $1,500 of supplies on hand
2) An inventory count showed inventory on hand at August 30, 2008, $66,400
3) The equipment has an estimated useful ...

Solution Summary

This solution is comprised of a detailed explanation to record all adjustments and closing entries that would be required on August 30, 2008.

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