Using the adjusting journal entriesComplete the adjusted tri

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as well using only formulas.

Grizzlies, Inc.

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as well using only formulas. Grizzlies, Inc.
Worksheet
For the Year Ended December 31, 2017
	Unadjusted			Adjusted
	Trial Balance	Adjustments	Trial Balance	Income Stmt	Balance Sheet
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	36,000
Accounts Receivable	277,000
Inventory	242,500
Prepaid Insurance	11,200
Prepaid Rent	3,000
Store Supplies	-
Shop Supplies	7,500
Store Equipment	120,000
Accumulated Depreciation - Store Equipment		13,200
Office Equipment	32,000
Accumulated Depreciation - Office Equipment		2,550
Accounts Payable		49,000
Salaries Payable
Interest Payable
Utilities Payable
Unearned Consulting Revenue		14,000
Unearned Rent Revenue		16,800
Note Payable		18,000
Common Stock		300,000
Retained Earnings		189,350
Dividends	12,800
Sales Revenue		1,576,150
Consulting Revenue
Rent Revenue
Interest Revenue
Cost of Goods Sold	975,000
Sales Salaries Expense	275,000
Office Salaries Expense	150,000
Miscellaneous Administrative Expense	5,650
Miscellaneous Selling Expense	13,900
Depreciation Expense - Store Equipment
Depreciation Expense - Office Equipment
Store Supplies Expense	17,500
Shop Supplies Expense
Rent Expense
Insurance Expense
Interest Expense
Utilities Expense-Store
Utilities Expense-Office
	2,179,050	2,179,050
						Net Income

Grizzlies, Inc.

Adjusting Journal Entries

For the Year Ended December 31, 2017

Item

Account Title

Dr.

Cr.

Interest Expense

360

Interest Payable

360

Rent Expense

1,200

Prepaid Rent

1,200

Shop Supplies Expense

3,600

Shop Supplies

3,600

Store Supplies Expense

12,700

Shop Supplies

12,700

Insurance Expense

4,200

Prepaid Insurance

4,200

Unearned Consulting Revenue

10,500

Consulting Revenue

10,500

Unearned Rent Revenue

15,400

Rent Revenue

15,400

Office Salaries Expense

3,240

Sales Salaries Expense

7,560

Salaries Payable

10,800

Depreciation Expense - Store Equipment

15,840

Accumulated Depreciation - Store Equipment

15,840

Depreciation Expense - Office Equipment

10,200

Accumulated Depreciation - Office Equipment

10,200

Utilities Expense-Office

182

Utilities Expense-Store

1,118

Utilities Payable

1,300

Answer

For the Year Ended December 31, 2017

Unadjusted

Adjusted

Trial Balance

Adjustments

Trial Balance

Income Stmt

Balance Sheet

Account Title

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

$ 36,000.00

Accounts Receivable

$ 2,77,000.00

Inventory

$ 2,42,500.00

Prepaid Insurance

$ 11,200.00

$ 4,200.00

$ 7,000.00

Prepaid Rent

$ 3,000.00

$ 1,200.00

$ 1,800.00

Store Supplies

$ -

Shop Supplies

$ 7,500.00

$ 3,600.00

$ 3,900.00

Store Equipment

$ 1,20,000.00

$ 12,700.00

$ 1,07,300.00

Accumulated Depreciation - Store Equipment

$ 13,200.00

$ 15,840.00

$ 29,040.00

$ -

$ 29,040.00

Office Equipment

$ 32,000.00

$ -

Accumulated Depreciation - Office Equipment

$ 2,550.00

$ 10,200.00

$ 12,750.00

Accounts Payable

$ 49,000.00

Salaries Payable

$ 10,800.00

Interest Payable

$ 360.00

Utilities Payable

$ 1,300.00

Unearned Consulting Revenue

$ 14,000.00

$ 10,500.00

$ 3,500.00

Unearned Rent Revenue

$ 16,800.00

$ 15,400.00

$ 1,400.00

Note Payable

$ 18,000.00

Common Stock

$ 3,00,000.00

Retained Earnings

$ 1,89,350.00

Dividends

$ 12,800.00

Sales Revenue

$ 15,76,150.00

Consulting Revenue

$ 10,500.00

Rent Revenue

$ 15,400.00

Interest Revenue

$ -

Cost of Goods Sold

$ 9,75,000.00

Sales Salaries Expense

$ 2,75,000.00

$ 7,560.00

$ 2,82,560.00

Office Salaries Expense

$ 1,50,000.00

$ 3,240.00

$ 1,53,240.00

Miscellaneous Administrative Expense

$ 5,650.00

Miscellaneous Selling Expense

$ 13,900.00

Depreciation Expense - Store Equipment

$ 15,840.00

Depreciation Expense - Office Equipment

$ 10,200.00

Store Supplies Expense

$ 17,500.00

$ 3,600.00

$ 21,100.00

Shop Supplies Expense

$ 12,700.00

Rent Expense

$ 1,200.00

Insurance Expense

$ 4,200.00

Interest Expense

$ 360.00

Utilities Expense-Store

$ 1,118.00

Utilities Expense-Office

$ 182.00

TOTALS

$ 21,79,050.00

$ 86,100.00

$ 22,17,550.00

$ 14,97,250.00

$ 16,02,050.00

$ 7,20,300.00

$ 6,15,500.00

Net Income

$ 1,04,800.00

$ 21,79,050.00

$ 86,100.00

$ 22,17,550.00

$ 16,02,050.00

$ 7,20,300.00

For the Year Ended December 31, 2017
	Unadjusted		Adjusted
	Trial Balance	Adjustments	Trial Balance	Income Stmt	Balance Sheet
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	$ 36,000.00				$ 36,000.00				$ 36,000.00
Accounts Receivable	$ 2,77,000.00				$ 2,77,000.00				$ 2,77,000.00
Inventory	$ 2,42,500.00				$ 2,42,500.00				$ 2,42,500.00
Prepaid Insurance	$ 11,200.00			$ 4,200.00	$ 7,000.00				$ 7,000.00
Prepaid Rent	$ 3,000.00			$ 1,200.00	$ 1,800.00				$ 1,800.00
Store Supplies	$ -				$ -				$ -
Shop Supplies	$ 7,500.00			$ 3,600.00	$ 3,900.00				$ 3,900.00
Store Equipment	$ 1,20,000.00			$ 12,700.00	$ 1,07,300.00				$ 1,07,300.00
Accumulated Depreciation - Store Equipment		$ 13,200.00		$ 15,840.00		$ 29,040.00			$ -	$ 29,040.00
Office Equipment	$ 32,000.00				$ 32,000.00				$ 32,000.00	$ -
Accumulated Depreciation - Office Equipment		$ 2,550.00		$ 10,200.00		$ 12,750.00				$ 12,750.00
Accounts Payable		$ 49,000.00				$ 49,000.00				$ 49,000.00
Salaries Payable				$ 10,800.00		$ 10,800.00				$ 10,800.00
Interest Payable				$ 360.00		$ 360.00				$ 360.00
Utilities Payable				$ 1,300.00		$ 1,300.00				$ 1,300.00
Unearned Consulting Revenue		$ 14,000.00	$ 10,500.00			$ 3,500.00				$ 3,500.00
Unearned Rent Revenue		$ 16,800.00	$ 15,400.00			$ 1,400.00				$ 1,400.00
Note Payable		$ 18,000.00				$ 18,000.00				$ 18,000.00
Common Stock		$ 3,00,000.00				$ 3,00,000.00				$ 3,00,000.00
Retained Earnings		$ 1,89,350.00				$ 1,89,350.00				$ 1,89,350.00
Dividends	$ 12,800.00				$ 12,800.00				$ 12,800.00
Sales Revenue		$ 15,76,150.00				$ 15,76,150.00		$ 15,76,150.00
Consulting Revenue				$ 10,500.00		$ 10,500.00		$ 10,500.00
Rent Revenue				$ 15,400.00		$ 15,400.00		$ 15,400.00
Interest Revenue					$ -			$ -
Cost of Goods Sold	$ 9,75,000.00				$ 9,75,000.00		$ 9,75,000.00
Sales Salaries Expense	$ 2,75,000.00		$ 7,560.00		$ 2,82,560.00		$ 2,82,560.00
Office Salaries Expense	$ 1,50,000.00		$ 3,240.00		$ 1,53,240.00		$ 1,53,240.00
Miscellaneous Administrative Expense	$ 5,650.00				$ 5,650.00		$ 5,650.00
Miscellaneous Selling Expense	$ 13,900.00				$ 13,900.00		$ 13,900.00
Depreciation Expense - Store Equipment			$ 15,840.00		$ 15,840.00		$ 15,840.00
Depreciation Expense - Office Equipment			$ 10,200.00		$ 10,200.00		$ 10,200.00
Store Supplies Expense	$ 17,500.00		$ 3,600.00		$ 21,100.00		$ 21,100.00
Shop Supplies Expense			$ 12,700.00		$ 12,700.00		$ 12,700.00
Rent Expense			$ 1,200.00		$ 1,200.00		$ 1,200.00
Insurance Expense			$ 4,200.00		$ 4,200.00		$ 4,200.00
Interest Expense			$ 360.00		$ 360.00		$ 360.00
Utilities Expense-Store			$ 1,118.00		$ 1,118.00		$ 1,118.00
Utilities Expense-Office			$ 182.00		$ 182.00		$ 182.00
TOTALS	$ 21,79,050.00	$ 21,79,050.00	$ 86,100.00	$ 86,100.00	$ 22,17,550.00	$ 22,17,550.00	$ 14,97,250.00	$ 16,02,050.00	$ 7,20,300.00	$ 6,15,500.00
Net Income							$ 1,04,800.00			$ 1,04,800.00
	$ 21,79,050.00	$ 21,79,050.00	$ 86,100.00	$ 86,100.00	$ 22,17,550.00	$ 22,17,550.00	$ 16,02,050.00	$ 16,02,050.00	$ 7,20,300.00	$ 7,20,300.00

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as wel

Using the adjusting journal entriesComplete the adjusted tri

Solution

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