prepare the Trial balance with adjustments for a merchandising company
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The MS Excel file contains the trial balance and adjustment information for a merchandising company.
Trial Balance and Adjustment Information
DR CR
Cash $20,000.00
Machinery $16,000.00
Accumulated Depreciation $4,000.00
Merchandise (Jan 1) $30,000.00
Accounts Payable $7,000.00
Capital $44,000.00
Service Fees $8,000.00
Sales $20,000.00
Purchases $9,000.00
Telephone Expense $8,000.00
Total $83,000.00 $83,000.00
Adjustment Information:
(a) Depreciation for the year is $2,000.
(b) The ending merchandise inventory is $34,000
(c) Accrued Electrical usage is $120
(d) Service fees earned but not yet collected are $2,000
Prepare a worksheet for the company at the end of the financial period.
You can use Template_A_I for the solution.
Solution:
Account Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
DR CR DR CR DR CR DR CR DR CR
Cash $20,000
Machinery $16,000
Accumulated Depreciation $4,000
Merchandise (Jan 1) $30,000
Accounts Payable $7,000
Capital $44,000
Service Fees $8,000
Sales $20,000
Purchases $9,000
Telephone Expense $8,000
Totals $83,000 $83,000
Depreciation Expense
Electrical Expense
Utilities Payable
Accounts Receivable
Totals
Totals
Net Income
Total
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