Adjusting entries

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Specialty Sports Store Practice Set Being completed by: chapm0n

Adjusting entries

This practice set continues over multiple pages. Saving your position. If you want to save this practice set where you are up to and come back to it at a later time, click the bookmark button on this page to save your position and be returned to your home page. To re-enter the practice set at this page at a later time, simply click the link that you originally clicked to access this practice set. Please note that any answers you have entered on the bookmarked page are not kept with your bookmark. When you are ready, enter your answers and click submit answers. You will receive immediate feedback to everything you have attempted. You cannot go backwards once you have submitted a page. Instructions for adjusting entries 1) Today is the last day of the month. Record adjusting entries in the general journal. 2) Post the adjusting entries from the general journal to the relevant ledgers. 3) 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

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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:

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Adjusting entries

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matter in an electricity transaction if you type Paid for electricity or Paid electricity bill. Overview For each ledger, under the Ref. column, you need to select Further information 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.

Show All

Special Journals

General Journal

Subsidary Ledgers

General Ledger
(Q=861.generalJournalAdjEntries)

GENERAL JOURNAL

Date

Account and Explanation

Post Ref.

DR

CR

Jun

30

Depn Expense: Store fixtures

(select)

560 161 561 151 516 222 541 221 516 220 571 225 544 130 540 140 511 141 543 142

239 239 231 231 110 110 280 280 1100 1100 496 496 519 519 4000 4000 5000 5000 850 850

Accum Depn: Store fixtures

(select)

Jun

30

Depn Expense: Cash registers

(select)

Accum Depn: Cash registers

(select)

Jun

30

Water Expense

(select)

Water Payable

(select)

Jun

30

Electricity Expense

(select)

Electricity Payable

(select)

Jun

30

Wages Expense

(select)

Wages Payable

(select)

Jun

30

Interest Expense

(select)

Interest Payable

(select)

Jun

30

Office Supplies Expense

(select)

Office Supplies

(select)

Jun

30

Rent Expense

(select)

Prepaid Rent

(select)

Jun

30

Advertising Expense

(select)

Prepaid Advertising

(select)

Jun

30

Insurance Expense

(select)

Prepaid Insurance

(select)

Jun

30

(select)

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(select)

Jun

30

(select)

(select)

(Q=870-130.StoreSupplies_adjEntry)

Account: Office Supplies Account No. 130

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 2,729 DR

asdfasdfasdfadsfadf

GJ

519

2210 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

2210 DR
(Q=870-140.PrepaidRent_adjEntry)

Account: Prepaid Rent Account No. 140

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 8,000 DR

lalallalalala

GJ

4000

4000 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

4000 DR
(Q=870-141.PrepaidAdvertising_adjEntry)

Account: Prepaid Advertising Account No. 141

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 15,000 DR

asdfasdf

GJ

5000

10000 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

10000 DR
(Q=870-142.PrepaidInsurance_adjEntry)

Account: Prepaid Insurance Account No. 142

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 4,250 DR

asdfasdfadf

GJ

850

3400 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

3400 DR

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(Q=870-151.AccDepnCapitalAsset2_adjEntry)

Account: Accum Depn: Cash registers Account No. 151

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 13,979 CR

asdfasdfasdfa

GJ

231

14210 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

14210 CR
(Q=870-161.AccDepnCapitalAsset1_adjEntry)

Account: Accum Depn: Store fixtures Account No. 161

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 11,455 CR

asdfasdfasdf

GJ

239

11694 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

11694 CR
(Q=870-220.WagesPayable_adjEntry)

Account: Wages Payable Account No. 220

Date May Jun Jun 31 Balance 5 Staff wages 30 CPJ 662 Description Ref. DR CR Balance 662 CR 0

asdfasdfasdfasdf

GJ

1100

1100 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

1100 CR
(Q=870-221.ElectricityPayable_adjEntry)

Account: Electricity Payable Account No. 221

Date May Jun Jun 31 Balance 12 Paid electricity bill 30 CPJ 760 Description Ref. DR CR Balance 849 CR 89 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

89 CR
(Q=870-222.WaterPayable_adjEntry)

Account: Water Payable Account No. 222

Date Description Ref. DR CR Balance

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May Jun

31 Balance 30

107 CR

asdfasdf

GJ

110

217 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

217 CR
(Q=870-225.InterestPayable_adjEntry)

Account: Interest Payable Account No. 225

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 247 CR

496

GJ

496

743 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

743 CR
(Q=870-403.InterestRevenue_adjEntry)

Account: Interest Revenue Account No. 403

Date May Jun Jun 31 Balance 30 Interest received from the bank 30 CRJ 372 Description Ref. DR CR Balance 0 372 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

372 CR
(Q=870-511.AdvertisingExpense_adjEntry)

Account: Advertising Expense Account No. 511

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

asdfasdf

GJ

5000

5000 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

5000 CR
(Q=870-516.WagesExpense_adjEntry)

Account: Wages Expense Account No. 516

Date May Jun Jun 31 Balance 30 Total from cash payments journal 30 CPJ 6,227 Description Ref. DR CR Balance 0 6,227 DR

asdfasdf

GJ

1100

7327 DR

Jun

30

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Jun

30

Jun

30

Adjusted Balance

7327 DR
(Q=870-540.RentExpense_adjEntry)

Account: Rent Expense Account No. 540

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

asdfasdfasdf

GJ

4000

4000 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

4000 CR
(Q=870-541.ElectricityExpense_adjEntry)

Account: Electricity Expense Account No. 541

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

Jun

30

Jun

30

Jun

30

Adjusted Balance

0
(Q=870-542.WaterExpense_adjEntry)

Account: Water Expense Account No. 542

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

asdfasdfasdf

GJ

110

110 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

110 DR
(Q=870-543.InsuranceExpense_adjEntry)

Account: Insurance Expense Account No. 543

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

asdfasdf

GJ

850

850 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

850 DR
(Q=870-544.SuppliesExpense_adjEntry)

Account: Office Supplies Expense

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Account No. 544

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

Jun

30

Jun

30

Jun

30

Adjusted Balance

0
(Q=870-560.DepnExpenseCapitalAsset1_adjEntry)

Account: Depn Expense: Store fixtures Account No. 560

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

sdf

GJ

239

239 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

239 DR
(Q=870-561.DepnExpenseCapitalAsset2_adjEntry)

Account: Depn Expense: Cash registers Account No. 561

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

dfasdf

GJ

231

231 CR

Jun

30

Jun

30

Jun

30

Adjusted Balance

231 CR
(Q=870-571.InterestExpense_adjEntry)

Account: Interest Expense Account No. 571

Date May Jun 31 Balance 30 Description Ref. DR CR Balance 0

496496

GJ

496

496 DR

Jun

30

Jun

30

Jun

30

Adjusted Balance

496 DR

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