Escolar Documentos
Profissional Documentos
Cultura Documentos
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Your progress
Your grading
Your grading outcome (still in progress)
Awarded Total
Points (prior to this page)
Points (on this page)
Points (after this page)
Total
Completed:
673
880
40
40
130
713 1,050
75% (approximately)
You are now asked to journalise and post the adjusting entries after completing the worksheet. This is because, in the
manual accounting system, the worksheet is not part of the journals and ledgers. Therefore completing the Adjustments
column in the worksheet does not automatically update the appropriate ledger accounts. Since this practice set is a
manual accounting practice set, you are still required to manually journalise the adjusting entries and post them to the
general ledger as a separate step.
The purpose of adjusting entries is to ensure that the general ledger account balances reflect the income earned and
expenses incurred during the accounting period.
Remember that the details of the end of month adjustments for June are as follows:
Cash Registers owned by the business: original purchase price was $7,000, estimated useful life was 4 years, and
estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis
using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense
divided by the number of months in a year.
Store Fixtures owned by the business: original purchase price was $38,000, estimated useful life was 10 years,
and estimated residual value was $6,000 at the end of the useful life. Depreciation is calculated on a monthly basis
using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense
divided by the number of months in a year.
The water usage for the month of June is estimated to be $107.
The estimated electricity payable as at the end of June is $325.
Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were
last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are
estimated to have been $390 per day.
Interest expense incurred during the month of June but not yet paid to Earth Bank for the bank loan is $205.
Office supplies totalling $439 are still on hand at 30 June.
One month of prepaid rent expired during June. Remember that at the beginning of June, the business paid two
month's worth of rent in advance.
3 months of advertising remained pre-paid at the start of June.
23/01/2012 3:10 AM
Adjusting entries
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GENERAL JOURNAL
Post
Date
Debit
Credit
Ref.
Jun 30 Depn Expense: Cash Registers
560
115
151
115
561
267
161
267
542
107
Water Payable
222
107
541
263
Electricity Payable
221
263
516
2340
23/01/2012 3:10 AM
Adjusting entries
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Wages Payable
220
2340
571
205
Interest Payable
225
205
544
146
Office Supplies
130
146
540
4750
140
4750
511
4000
Prepaid Advertising
141
4000
543
860
142
860
Prepaid Insurance
Feedback
GENERAL JOURNAL
Post
Date
Explanation
Debit
Credit
Ref.
Jun
Jun
19
401
1,890
110/110-3
1,890
(sales return)
Jun
19 Inventory
120
Jun
19
500
Cost of Sales
1,071
1,071
(sales return)
Jun
Jun
28
Inventory
210/210-5
252
120
252
(purchase return)
Jun
560
115
23/01/2012 3:10 AM
Adjusting entries
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Jun
30
151
115
(adjusting entry)
Jun
561
Jun
30
161
267
267
(adjusting entry)
Jun
30 Water Expense
542
Jun
30
222
Water Payable
107
107
(adjusting entry)
Jun
30 Electricity Expense
541
Jun
30
221
Electricity Payable
263
263
(adjusting entry)
Jun
30 Wages Expense
516
Jun
30
220
Wages Payable
2,340
2,340
(adjusting entry)
Jun
30 Interest Expense
571
Jun
30
225
Interest Payable
205
205
(adjusting entry)
Jun
544
Jun
30
130
Office Supplies
146
146
(adjusting entry)
Jun
30 Rent Expense
540
Jun
30
140
Prepaid Rent
4,750
4,750
(adjusting entry)
Jun
30 Advertising Expense
511
Jun
30
141
Prepaid Advertising
4,000
4,000
(adjusting entry)
Jun
30 Insurance Expense
543
Jun
30
142
Prepaid Insurance
860
860
(adjusting entry)
(Q=870-130.StoreSupplies_adjEntry)
23/01/2012 3:10 AM
Adjusting entries
5 of 16
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Date
May
Description
Ref.
Debit
Credit
Balance
30 Balance
Jun
243 DR
6 Cash purchase
Office Supplies Expense
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
CPJ
342
GJ
585 DR
146
439 DR
439 DR
Feedback
Date
May
Description
Ref.
Debit
Credit
Balance
30 Balance
243 DR
Jun
6 Cash purchase
CPJ
Jun
30 Supplies used
GJ
Jun
30 Adjusted Balance
342
585 DR
146
439 DR
439 DR
(Q=870-140.PrepaidRent_adjEntry)
Date
May
Description
Ref.
Debit
Credit
Balance
30 Balance
Jun
1 Prepaid rent
Rent Expense
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
CPJ
GJ
9,500
0
9,500 DR
4750
4750 DR
4750 DR
Feedback
Date
May
Description
30 Balance
Ref.
Debit
Credit
Balance
0
23/01/2012 3:10 AM
Adjusting entries
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Jun
1 Prepaid rent
CPJ
Jun
30 Rent expired
GJ
Jun
30 Adjusted Balance
9,500
9,500 DR
4,750
4,750 DR
4,750 DR
(Q=870-141.PrepaidAdvertising_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
12,000 DR
Advertising Expense
GJ
4000
8000 DR
8000 DR
Feedback
Date
Description
May
30 Balance
Jun
30 Benefits consumed
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
12,000 DR
GJ
4,000
8,000 DR
8,000 DR
(Q=870-142.PrepaidInsurance_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Insurance Expense
Ref.
Debit
Credit
Balance
4,300 DR
GJ
860
3440 DR
3440 DR
Feedback
23/01/2012 3:10 AM
Adjusting entries
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http://www.perdisco.com/elms/qsam/html/qsam.aspx
Date
Description
May
30 Balance
Jun
30 Insurance expired
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
4,300 DR
GJ
860
3,440 DR
3,440 DR
(Q=870-151.AccDepnCapitalAsset2_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
1,375 CR
Accumulated Depreciation
GJ
115
1490 CR
1490 CR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
1,375 CR
GJ
115
1,490 CR
1,490 CR
(Q=870-161.AccDepnCapitalAsset1_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Accumulated Depreciation
Ref.
Debit
Credit
Balance
16,800 CR
GJ
267
17067 CR
17067 CR
Feedback
23/01/2012 3:10 AM
Adjusting entries
8 of 16
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Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
16,800 CR
GJ
267
17,067 CR
17,067 CR
(Q=870-220.WagesPayable_adjEntry)
Date
May
Description
Ref.
Debit
Credit
Balance
30 Balance
Jun
1,429 CR
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
CPJ
1,429
GJ
0
2340
2340 CR
2340 CR
Feedback
Date
May
Description
Ref.
Debit
Credit
30 Balance
Jun
1,429 CR
Jun
Jun
30 Adjusted Balance
Balance
CPJ
1,429
GJ
0
2,340
2,340 CR
2,340 CR
(Q=870-221.ElectricityPayable_adjEntry)
Date
May
Jun
Description
Ref.
Debit
Credit
30 Balance
4 Paid electricity bill
Electricity Expense
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Balance
985 CR
CPJ
GJ
923
0
62 CR
263
325 CR
325 CR
23/01/2012 3:10 AM
Adjusting entries
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Feedback
Date
May
Description
Ref.
Debit
Credit
Balance
30 Balance
Jun
985 CR
Jun
Jun
30 Adjusted Balance
CPJ
923
62 CR
GJ
263
325 CR
325 CR
(Q=870-222.WaterPayable_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
102 CR
Water Expense
GJ
107
209 CR
209 CR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
102 CR
GJ
107
209 CR
209 CR
(Q=870-225.InterestPayable_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Interest Expense
Ref.
Debit
Credit
Balance
205 CR
GJ
205
410 CR
410 CR
23/01/2012 3:10 AM
Adjusting entries
10 of 16
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Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
205 CR
GJ
205
410 CR
410 CR
(Q=870-403.InterestRevenue_adjEntry)
Date
Description
May
30 Balance
Jun
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
CRJ
420
420 CR
420 CR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
CRJ
420
420 CR
420 CR
(Q=870-511.AdvertisingExpense_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Prepaid Advertising
Ref.
Debit
Credit
Balance
0
GJ
4000
4000 DR
4000 DR
23/01/2012 3:10 AM
Adjusting entries
11 of 16
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Feedback
Date
Description
May
30 Balance
Jun
30 Benefits consumed
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
4,000
4,000 DR
4,000 DR
(Q=870-516.WagesExpense_adjEntry)
Date
Description
May
30 Balance
Jun
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
CPJ
Staff Wages
8,917
GJ
8,917 DR
2340
11257 DR
11257 DR
Feedback
Date
Description
Ref.
May
30 Balance
Jun
Jun
Jun
30 Adjusted Balance
Debit
Credit
Balance
0
CPJ
8,917
8,917 DR
GJ
2,340
11,257 DR
11,257 DR
(Q=870-540.RentExpense_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Ref.
Debit
Credit
Balance
0
GJ
4750
4750 DR
23/01/2012 3:10 AM
Adjusting entries
12 of 16
http://www.perdisco.com/elms/qsam/html/qsam.aspx
Jun
4750 DR
30 Adjusted Balance
Feedback
Date
Description
May
30 Balance
Jun
30 Rent Expired
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
4,750
4,750 DR
4,750 DR
(Q=870-541.ElectricityExpense_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
Electricity used
GJ
263
263 DR
263 DR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
263
263 DR
263 DR
(Q=870-542.WaterExpense_adjEntry)
Date
Description
May
30 Balance
Jun
30
Water used
Ref.
Debit
Credit
Balance
0
GJ
107
107 DR
23/01/2012 3:10 AM
Adjusting entries
13 of 16
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Jun
30
Jun
30
Jun
30 Adjusted Balance
107 DR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
107
107 DR
107 DR
(Q=870-543.InsuranceExpense_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
860
860 DR
860 DR
Feedback
Date
Description
May
30 Balance
Jun
30 Insurance expired
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
860
860 DR
860 DR
(Q=870-544.SuppliesExpense_adjEntry)
Date
Description
Ref.
Debit
Credit
Balance
23/01/2012 3:10 AM
Adjusting entries
14 of 16
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May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
GJ
146
146 DR
146 DR
Feedback
Date
Description
May
30 Balance
Jun
30 Supplies used
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
146
146 DR
146 DR
(Q=870-560.DepnExpenseCapitalAsset2_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
115
115 DR
115 DR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
115
115 DR
115 DR
(Q=870-561.DepnExpenseCapitalAsset1_adjEntry)
23/01/2012 3:10 AM
Adjusting entries
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Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
267
267 DR
267 DR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
267
267 DR
267 DR
(Q=870-571.InterestExpense_adjEntry)
Date
Description
May
30 Balance
Jun
30
Jun
30
Jun
30
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
205
205 DR
205 DR
Feedback
Date
Description
May
30 Balance
Jun
Jun
30 Adjusted Balance
Ref.
Debit
Credit
Balance
0
GJ
205
205 DR
205 DR
23/01/2012 3:10 AM
Adjusting entries
16 of 16
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23/01/2012 3:10 AM