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    St James: Prepare a Trial Balance, adjustments and worksheet

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    I am requesting assistance on the trial balance added to and completed to a worksheet for a month ending. All operating expenses under two accounts, Selling Expense and General Expense. If I could have guidance on the adjusted trial balance, adjustments, and the closing accounts.

    Supplies consumed during the month, 1500. Half is selling expense and the other half is general expense

    Depreciation for the month: building, $4000 furniture, $4800. One fourth of depreciation is selling expense and three-fourths is general expense.

    Unearned sales revenue earned during January, $4580

    Accrued salaries, a general expense, $1150

    Inventory on hand, $63,720. St James uses the perpetual inventory system

    Debit Credit
    Cash 16,430
    Accounts Receivable 19,090
    Inventory 65,400
    Supplies 2,700
    Building 188,170
    Accum. Depre- Building 36,000
    Furniture 45,600
    Accum deprec-Furniture 5,800
    Accounts payable 28,300
    Salary Payable
    Unearned Sales revenue 6,560
    Note payable, long-term 87,000
    D. St. James capital 144,980
    D. St. James withdrawls 9,200
    Sales revenue 187,970
    Sales discounts 7,300
    Sales returns and allowances 8,140
    Cost of goods sold 103,000
    Selling expense 21,520
    General expense 10,060
    496,610 496,610

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    Solution Preview

    Attached is an Excel worksheet showing the trial balance, adjustments and adjusted trial balance.

    The closing entries are not usually prepared until after the balance sheet and income statement are completed.

    The procedure for the closing ...

    Solution Summary

    in an Excel worksheet attached, the solution shows the trial balance, adjustments and adjusted trial balance for St James. The adjustment journal entries are given together with explanations. The process and explanations for closing entries are given,