Bedazzle De

Work
For the period of Jan

Trial Balance Adjustment

Account Title Dr Cr Dr
Cash $ 14,500
Account receivable $ 11,770
Prepaid insurance $ 4,500
Supplies $ 150,000
Merchandise inventory $ 34,360
Store equipment $ 125,000
Accum. Depr. Store Equipment $ 41,800
Building $ 210,000
Acum. Depr. Building $ 42,000
Accounts payable $ 40,210
Property taxes payable
Sales commissions payable $ 8,000
Shared capital $ 245,880
Retained earnings $ 6,500
Dividend $ 12,000
Purchases $ 650,000
Freight-in $ 5,060
Purchases discount $ 8,900
Purchases return & allow $ 6,500
Sales $ 980,000
Sales returns & allowances $ 10,000
Cost of good sold
Sales salaries expense $ 130,000
Sales commisssion expense $ 12,000 $ 1,000
Supplies expense $ 30,000
Insurance expense $ 750
Property taxes expense $ 4,200
Utilities expense $ 10,600
Depre. Expense-store equipment $ 300
Depre. Expese-building $ 3,630
Merchandise inventory expense $ 34,310
Totals $ 1,379,790 $ 1,379,790 $ 74,190
Net Income
Totals

Adjustment journal entries (a)

1 Merchandise inventory expense $ 34,310
Merchandise inventory $ 34,310

2 Supplies expense $ 30,000

Supplies $ 30,000
3 Insurance expense $ 750
Prepaid insurance $ 750

4 Depre. Expense-store equipment $ 300

Accum. Depr. Store Equipment $ 300

5 Depre. Expese-building $ 3,630

Acum. Depr. Building $ 3,630

6 Property taxes expense $ 4,200

Property taxes payable $ 4,200

7 Sales commisssion expense $ 1,000

Sales commissions payable $ 1,000

Closing Journal Entries (d)

1 Sales $ 980,000
Purchases discount $ 8,900
Purchases return & allow $ 6,500
Closing entry $ 995,400

2 Closing entry $ 236,790

Sales returns & allowances $ 10,000
Sales salaries expense $ 130,000
Sales commisssion expense $ 13,000
Supplies expense $ 30,000
Insurance expense $ 750
Property taxes expense $ 4,200
Utilities expense $ 10,600
Depre. Expense-store equipment $ 300
Depre. Expese-building $ 3,630
Merchandise inventory expense $ 34,310

3 Closing entry $ 6,500

Retained earnings $ 6,500

4 Closing entry $ 12,000

Dividend $ 12,000

5 Closing entry $ 103,550

Income summary $ 103,550
 Bedazzle Department Store
Worksheet (b)
For the period of January 1 - March 31, 2019

Adjustment Adjusted Trial Balance Income Statement Statement of Financial

Position ( C )
Cr Dr Cr Dr Cr Dr Cr
$ 14,500 $ 14,500
$ 11,770 $ 11,770
$ 750 $ 3,750 $ 3,750
$ 30,000 $ 120,000 $ 120,000
$ 34,310 $ 50 $ 50
$ 125,000 $ 125,000
$ 300 $ 42,100 $ 42,100
$ 210,000 $ 210,000
$ 3,630 $ 3 $ 45,630 $ 45,630
$ 40,210 $ 40,210
$ 4,200 $ 4,200 $ 4,200
$ 1,000 $ 9,000 $ 9,000
$ 245,880 $ 245,880
$ 6,500 $ 6,500
$ 12,000 $ 12,000
$ 650,000 $ 650,000
$ 5,060 $ 5,060
$ 8,900 $ 8,900
$ 6,500 $ 6,500
$ 980,000 $ 980,000
$ 10,000 $ 10,000

$ 130,000 $ 130,000
$ 13,000 $ 13,000
$ 30,000 $ 30,000
$ 750 $ 750
$ 4,200 $ 4,200
$ 10,600 $ 10,600
$ 300 $ 300
$ 3,630 $ 3,630
$ 34,310 $ 34,310
$ 74,190 $ 1,388,923 $ 1,388,920 $ 891,850 $ 995,400 $ 497,070 $ 393,520
$ 103,550 $ 103,550
$ 891,850 $ 891,850 $ 393,520 $ 393,520