The following accounts appear in the ledger of Celso and

The following accounts appear in the ledger of Celso and Company as of June 30, the end of
this fiscal year. Cash ............... $ 15,349Accounts Receivable .......... 13,810Merchandise
Inventory ......... 50,280Store Supplies ........... 1,935Prepaid Insurance ........... 1,385Store
Equipment $ 18,640 Accumulated Depreciation, Store Equipment 6,882 Accounts Payable
10,065 B. E. Celso, Capital 96,524 B. E. Celso, Drawing 30,000 Sales 208,030 Sales Returns
and Allowances 1,740 Purchases 133,050 Purchases Returns and Allowances 4,295
Purchases Discounts 3,853 Freight In 8,350 Wages Expense 35,400 Advertising Expense
7,710 Rent Expense 12,000 The data needed for the adjustments on June 30 are as follows: a–
b. Merchandise inventory, June 30, $ 54,600. c. Insurance expired for the year, $ 475. d.
Depreciation for the year, $ 4,380. e. Accrued wages on June 30, $ 1,492. f. Supplies on hand
at the end of the year, $ 100. Required 1. Prepare a work sheet for the fiscal year ended June
30. 2. Prepare an income statement. 3. Prepare a statement of owner’s equity. No additional
investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting
entries. 6. Journalize the closing entries. 7. Journalize the reversing entry.View Solution: The
following accounts appear in the ledger of Celso and
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