Adjusting Entries v1

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You have currently completed approximately 68% of your Accounting Practice Set. We estimate that it may take you up to a further 6.5 hours of study time to complete this and the remaining Practice Set pages.

This page of the Accounting Practice Set could take you up to 1.5 hour of study time to complete.

These time frames are a guide only. It may take you more or less time to complete each step.

Additional information

To answer this question you may need the following information: Background information

Adjusting entries

Original information

The information in the above links comes from the 'Overview' and 'Further information' pages at the beginning of the practice set. If you did not print them out, and you would like to refer to them, you may review them below:

Adjusting entries

This practice set continues over multiple pages.

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Instructions for adjusting entries

Today is the last day of the month. Record adjusting entries in the general journal.

Post the adjusting entries from the general journal to the relevant ledgers.

Record the final adjusted balance of each ledger account in the Adjusted Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Adjusted Balance row must still be filled out in order to receive full marks.

Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) are the correct answers, not your particular answers.

Remember to enter all answers to the nearest whole dollar. Additional instructions

Displaying selected journals and ledgers:

Not all journals and ledgers will be displayed on every page. On this page you can access the general journal and all ledgers necessary to answer this question.

There are several tabs representing different views of the journal and ledgers. The active tab by default is Show All, but you may also select General Journal to just view the general journal or select General Ledger to just view the general ledger accounts.

If you fill in the journal or any ledger accounts and change the view on this page by selecting a different tab, the information that you have entered will remain in that journal or ledger and be displayed whenever you can see that journal or ledger.

On this page, you will not be able to select the tabs for special journals and the subsidiary ledgers because you do not need to use them in this question.

General journal:

Please note that in the general journal, when you select accounts, you will select the account using a popup link. You cannot type directly into the field.

For the general journal, in the Post ref. column you will need to correctly type the account number of the account you are posting to.

General journal entries do NOT require a description of the journal entries.

The general journal may have blank rows left at the end of this question.

Ledgers:

Some ledger accounts may have blank rows left at the end of this question.

Some ledger accounts may not require any entries for this question.

When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly into the field. The exact wording does not matter for marking purposes. For example, it does not

Specialty Sports Store Practice Set

Being completed by: chapm0n

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Overview

Further information matter in an electricity transaction if you type Paid for electricity or Paid electricity bill.

For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop-down box provided, in order to receive full marks.

If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.

Special Journals

General Journal

Subsidary Ledgers

General Ledger

(Q=861.generalJournalAdjEntries)

GENERAL JOURNAL

Date Account and Explanation Post

Ref. DR CR Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select) (select) Jun 30 (select)

Depn Expense: Store fixtures

560

239

Accum Depn: Store fixtures

161

239

Depn Expense: Cash registers

561

231

Accum Depn: Cash registers

151

231

Water Expense

516

110

Water Payable

222

110

Electricity Expense

541

280

Electricity Payable

221

280

Wages Expense

516 1100

Wages Payable

220 1100

Interest Expense

571

496

Interest Payable

225

496

Office Supplies Expense

544

519

Office Supplies

130

519

Rent Expense

540 4000

Prepaid Rent

140 4000

Advertising Expense

511 5000

Prepaid Advertising

141 5000

Insurance Expense

543

850

Prepaid Insurance

142

850

Show All

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(select)

Jun 30 (select)

(select)

(Q=870-130.StoreSupplies_adjEntry)

Account: Office Supplies

Account No. 130

Date Description Ref. DR CR Balance

May 31 Balance 2,729 DR

Jun 30

GJ

DR

Jun 30

Jun 30 Adjusted Balance

DR

(Q=870-140.PrepaidRent_adjEntry)

Account: Prepaid Rent

Account No. 140

Jun 30

GJ

DR

Jun 30

DR

(Q=870-141.PrepaidAdvertising_adjEntry)

Account: Prepaid Advertising

Account No. 141

Jun 30

GJ

DR

Jun 30

DR

(Q=870-142.PrepaidInsurance_adjEntry)

Account: Prepaid Insurance

Account No. 142

Jun 30

GJ

DR

Jun 30

DR

asdfasdfasdfadsfadf

519 2210

2210

lalallalalala

4000

asdfasdf

5000

10000

asdfasdfadf

850 3400

3400

(4)

(Q=870-151.AccDepnCapitalAsset2_adjEntry)

Account: Accum Depn: Cash registers

Account No. 151

May 31 Balance 13,979 CR

Jun 30

GJ

CR

Jun 30

CR

(Q=870-161.AccDepnCapitalAsset1_adjEntry)

Account: Accum Depn: Store fixtures

Account No. 161

May 31 Balance 11,455 CR

Jun 30

GJ

CR

Jun 30

CR

(Q=870-220.WagesPayable_adjEntry)

Account: Wages Payable

Account No. 220

May 31 Balance 662 CR

Jun 5 Staff wages CPJ 662 0

Jun 30

GJ

CR

Jun 30

CR

(Q=870-221.ElectricityPayable_adjEntry)

Account: Electricity Payable

Account No. 221

Jun 12 Paid electricity bill CPJ 760 89 CR

Jun 30

CR

(Q=870-222.WaterPayable_adjEntry)

Account: Water Payable

Account No. 222

asdfasdfasdfa

231 14210

14210

asdfasdfasdf

239 11694

11694

asdfasdfasdfasdf

1100

89

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Jun 30

GJ

CR

Jun 30

CR

(Q=870-225.InterestPayable_adjEntry)

Account: Interest Payable

Account No. 225

Jun 30

GJ

CR

Jun 30

CR

(Q=870-403.InterestRevenue_adjEntry)

Account: Interest Revenue

Account No. 403

May 31 Balance 0

Jun 30 Interest received from the bank CRJ 372 372 CR

Jun 30

CR

(Q=870-511.AdvertisingExpense_adjEntry)

Account: Advertising Expense

Account No. 511

May 31 Balance 0

Jun 30

GJ

DR

Jun 30

CR

(Q=870-516.WagesExpense_adjEntry)

Account: Wages Expense

Account No. 516

May 31 Balance 0

Jun 30 Total from cash payments journal CPJ 6,227 6,227 DR

Jun 30

GJ

DR

Jun 30

asdfasdf

110

217

496

743

372 asdfasdf

5000

asdfasdf

1100

7327

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Jun 30

DR

(Q=870-540.RentExpense_adjEntry)

Account: Rent Expense

Account No. 540

May 31 Balance 0

Jun 30

GJ

DR

Jun 30

CR

(Q=870-541.ElectricityExpense_adjEntry)

Account: Electricity Expense

Account No. 541

May 31 Balance 0

Jun 30

(Q=870-542.WaterExpense_adjEntry)

Account: Water Expense

Account No. 542

May 31 Balance 0

Jun 30

GJ

DR

Jun 30

DR

(Q=870-543.InsuranceExpense_adjEntry)

Account: Insurance Expense

Account No. 543

May 31 Balance 0

Jun 30

GJ

DR

Jun 30

DR

(Q=870-544.SuppliesExpense_adjEntry)

7327

asdfasdfasdf

4000

0 asdfasdfasdf

110

110 asdfasdf

850

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Account No. 544

May 31 Balance 0

Jun 30

(Q=870-560.DepnExpenseCapitalAsset1_adjEntry)

Account: Depn Expense: Store fixtures

Account No. 560

May 31 Balance 0

Jun 30

GJ

DR

Jun 30

DR

(Q=870-561.DepnExpenseCapitalAsset2_adjEntry)

Account: Depn Expense: Cash registers

Account No. 561

May 31 Balance 0

Jun 30

GJ

CR

Jun 30

CR

(Q=870-571.InterestExpense_adjEntry)

Account: Interest Expense

Account No. 571

May 31 Balance 0

Jun 30

GJ

DR

Jun 30

DR

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