50.1K

Verified Solution

Link Copied!

\begin{tabular}{|c|c|c|c|} \hline \multicolumn{5}{|c|}{ COMMON STOCK - 311 } \\ \hline DEC 31 & 96,500 & NOV 30 & 90,300 \\ \hline & & DEC 18 & 6,200 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Total & 96,500 & Total & 96,500 \\ \hline & & DEC 31 & 96,500 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{5}{|c|}{ RETAINED EARNINGS -312 } \\ \hline & & NOV 30 & 283,000 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|} \hline \multicolumn{5}{|c|}{ DIVIDENDS - 313 } \\ \hline NOV 30 & 0 & DEC 31 & 6,400 \\ \hline DEC 31 & 6,400 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Total & 6,400 & Total & 6,400 \\ \hline DEC #! & 6,400 & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{5}{|c|}{ INCOME SUMMARY - 314 } \\ \hline & & NOV 30 & 0 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ JEWELRY SERVICE REVENUE-411 } \\ \hline DEC 31 & 1,320,350 & NOV 30 & 1,231,850 \\ \hline & & DEC 6 & 18,000 \\ \hline & & DEC 21 & 34,000 \\ \hline & & DEC 31 & 36,500 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Total & 1,320,350 & Total & 1,320,350 \\ \hline & & DEC 31 & 1,320,350 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|} \hline \multicolumn{5}{|c|}{ WAGES EXPENSE - 5II } \\ \hline NOV 30 & 211,500 & DEC 31 & 229,000 \\ \hline DEC 13 & 7,000 & & \\ \hline DEC 27 & 10,500 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Total & 229,000 & Total & 229,000 \\ \hline DEC 31 & & & \\ \hline \end{tabular} STORE RENTAL EXPENSE - 512 ADVERTISING EXPENSE - 515 \begin{tabular}{|l|c|c|c|} \hline \multicolumn{5}{|c|}{ ADVERTISING EXPENSE - 515} \\ \hline NOV 30 & 5,200 & DEC 31 & 8,100 \\ \hline DEC 29 & 2,900 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Total & 8,100 & Total & 8,100 \\ \hline DEC 31 & 8,100 & & \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|} \hline \multicolumn{5}{|c|}{ MAINTENANCE EXPENSE - 516 } \\ \hline NOV 30 & 64,300 & DEC 31 & 70,300 \\ \hline DEC 23 & 6,000 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Total & 70,300 & Total & 70,300 \\ \hline DEC 31 & 70,300 & & \\ \hline \end{tabular} The following transactions occurred during the month of December 2022: Dec. 4 Paid accounts payable of $10,500 5 Paid store rental of $6,400 in advance. 6 Purchased supplies, $650, on account. 6 Deposited $18,000 of jewelry revenue receipts. 9 Unearned jewelry service revenue is for gift certificates sold for future jewelry services. $630 more of these gift certificates were sold to a local shop, for cash. 11 Acquired additional equipment worth $25,000 by paying $600cash and giving a long-term note payable for the balance. 13 Paid wages of $7,000 for the period December 1 through 14 . 15 Paid for the supplies purchased on December 6. 16 Purchased $11,300 of supplies on credit. 18 Issued 400 shares of common stock for $6,200. 21 Deposited $34,000 from jewelry service revenue receipts. 23 Paid $6,000 for repairs at the jewelry boutique. 27 Paid for the supplies purchased on December 16. 27 Paid wages of $10,500 for the period December 15 through 28 . 29 Paid \$2,900 to newspaper for advertisements that appeared in December. 31 Deposited $36,500 from jewelry service revenue receipts. 31 Paid the annual dividend, amounting to $6,400. REQUIREMENTS Please follow these instructions carefully! 1. Prepare journal entries to record the December transactions listed above. 2. Post the December journal entries to the T-accounts to get your unadjusted balances. Put those balances in the unadjusted trial balance columns of the worksheet. 3. Prepare adjusting journal entries based on the following: a. Unpaid wages were $4,000 as of December 31 . b. The supplies balance was $13,000 on December 31 . c. The unexpired portion of the prepaid store rental was $8,650 as of December 31 . d. Depreciation for the year on the equipment was $13,000. e. Depreciation for the year on the building was $19,450. f. Unpaid utilities expense for December was $2,500. g. Interest expense on the note payable for 2022 was $4,300, to be paid in 2023 . h. Jewelry service gift certificates still unredeemed at December 31 totaled $1,700 4. Post the adjusting journal entries to the T-accounts and to the Adjustments columns of the worksheet. 5. Prepare the adjusted trial balance section of the worksheet. 6. Prepare an income statement, statement of retained earnings, and a classified balance sheet for the year ended December 31,2022. 7. Journalize and post the closing entries to the T-accounts. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ WORKSHEET } \\ \hline \multirow[t]{2}{*}{ DESCRIPTION } & \multicolumn{2}{|c|}{UNADJUSTEDTRIALBALANCE} & \multicolumn{4}{|c|}{ ADJUSTMENTS } & \multicolumn{2}{|c|}{ADJUSTEDTRIALBALANCE} \\ \hline & DEBIT & CREDIT & REF. & DEBIT & REF. & CREDIT & DEBIT & CREDIT \\ \hline Cash & 728,330 & & 111 & & & & 728,330 & \\ \hline Supplies & & & & & & & & \\ \hline Prepaid Store Rental & & & & & & & & \\ \hline Equipment & & & & & & & & \\ \hline AccumulatedDepreciation,Equipment & & & & & & & & \\ \hline Building & & & & & & & & \\ \hline AccumulatedDepreciation,Building & & & & & & & & \\ \hline Accounts Payable & & & & & & & & \\ \hline Wages Payable & & & & & & & & \\ \hline Utilities Payable & & & & & & & & \\ \hline Interest Payable & & & & & & & & \\ \hline UneamedJewelryServiceRevenue & & & & & & & & \\ \hline Long-TermNotesPayable & & & & & & & & \\ \hline Common Stock & & & & & & & & \\ \hline Retained Earnings & & & & & & & & \\ \hline Dividends & & & & & & & & \\ \hline JewelryServiceRevenue & & & & & & & & \\ \hline Wages Expense & & & & & & & & \\ \hline Store Rental Expense & & & & & & & & \\ \hline Supplies Expense & & & & & & & & \\ \hline Utilities Expense & & & & & & & & \\ \hline Advertising Expense & & & & & & & & \\ \hline Maintenance Expense & & & & & & & & \\ \hline DepreciationExpense,Equipment & & & & & & & & \\ \hline DepreciationExpense,Building & & & & & & & & \\ \hline Interest Expense & & & & & & & & \\ \hline & & & & & & & & \\ \hline Totals & & & & & & & & \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert

See Answer