Adjusting Entries v1

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.

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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.

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.

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.

Additional information To answer this question you may need the following information: Background information Adjusting entries

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

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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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

Jun

Jun

Jun

Jun

Jun

Jun

Jun

Jun

Jun

Jun

Jun

Account and Explanation

30

30

30

30

30

30

30

30

30

30

30

Post Ref.

Depn Expense: Store fixtures

(select)

560

Accum Depn: Store fixtures

(select)

161

Depn Expense: Cash registers

(select)

561

Accum Depn: Cash registers

(select)

151

Water Expense

(select)

516

Water Payable

(select)

222

Electricity Expense

(select)

541

Electricity Payable

(select)

221

Wages Expense

(select)

516

Wages Payable

(select)

220

Interest Expense

(select)

571

Interest Payable

(select)

225

Office Supplies Expense

(select)

544

Office Supplies

(select)

130

Rent Expense

(select)

540

Prepaid Rent

(select)

140

Advertising Expense

(select)

511

Prepaid Advertising

(select)

141

Insurance Expense

(select)

543

Prepaid Insurance

(select)

142

DR

CR

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

(select)

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(select)

Jun

(select)

30

(select)

(Q=870-130.StoreSupplies_adjEntry)

Account: Office Supplies Account No. 130 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

2,729 DR

asdfasdfasdfadsfadf

GJ

519

2210 DR

2210 DR

Adjusted Balance

(Q=870-140.PrepaidRent_adjEntry)

Account: Prepaid Rent Account No. 140 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

8,000 DR

lalallalalala

GJ

4000

4000 DR

4000 DR

Adjusted Balance

(Q=870-141.PrepaidAdvertising_adjEntry)

Account: Prepaid Advertising Account No. 141 Date May

Description

Ref.

DR

CR

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

Balance 15,000 DR

asdfasdf

GJ

5000

10000 DR

10000 DR

Adjusted Balance

(Q=870-142.PrepaidInsurance_adjEntry)

Account: Prepaid Insurance Account No. 142 Date May

Description

Ref.

DR

CR

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

asdfasdfadf

Adjusted Balance

Balance 4,250 DR

GJ

850

3400 DR

3400 DR

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(Q=870-151.AccDepnCapitalAsset2_adjEntry)

Account: Accum Depn: Cash registers Account No. 151 Date May

Description

Ref.

DR

CR

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

Balance 13,979 CR

asdfasdfasdfa

231

GJ

14210 CR

14210 CR

Adjusted Balance

(Q=870-161.AccDepnCapitalAsset1_adjEntry)

Account: Accum Depn: Store fixtures Account No. 161 Date May

Description

Ref.

DR

CR

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

Balance 11,455 CR

asdfasdfasdf

GJ

239

11694 CR

11694 CR

Adjusted Balance

(Q=870-220.WagesPayable_adjEntry)

Account: Wages Payable Account No. 220 Date May Jun

Description

Ref.

DR

CR

Balance

31 Balance

662 CR

5 Staff wages

Jun

30

Jun

30

Jun

30

Jun

30

asdfasdfasdfasdf

CPJ

662

GJ

0

1100

1100 CR

1100 CR

Adjusted Balance

(Q=870-221.ElectricityPayable_adjEntry)

Account: Electricity Payable Account No. 221 Date May

Description

Ref.

DR

CR

Balance

31 Balance

849 CR

Jun

12 Paid electricity bill

Jun

30

Jun

30

Jun

30

Jun

30

CPJ

760

89 CR

89 CR

Adjusted Balance

(Q=870-222.WaterPayable_adjEntry)

Account: Water Payable Account No. 222 Date

Description

Ref.

DR

CR

Balance

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May

http://www.perdisco.com/elms/qsam/html/qsam.aspx

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

107 CR

asdfasdf

GJ

110

217 CR

217 CR

Adjusted Balance

(Q=870-225.InterestPayable_adjEntry)

Account: Interest Payable Account No. 225 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

247 CR

496

GJ

496

743 CR

743 CR

Adjusted Balance

(Q=870-403.InterestRevenue_adjEntry)

Account: Interest Revenue Account No. 403 Date May

Description

Ref.

DR

CR

Balance

31 Balance

0

Jun

30 Interest received from the bank

Jun

30

Jun

30

Jun

30

Jun

30

CRJ

372

372 CR

372 CR

Adjusted Balance

(Q=870-511.AdvertisingExpense_adjEntry)

Account: Advertising Expense Account No. 511 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

0

asdfasdf

GJ

5000

5000 DR

5000 CR

Adjusted Balance

(Q=870-516.WagesExpense_adjEntry)

Account: Wages Expense Account No. 516 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30 Total from cash payments journal

Jun

30

Jun

30

asdfasdf

0 CPJ

GJ

6,227

1100

6,227 DR

7327 DR

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Jun

30

Jun

30

7327 DR

Adjusted Balance

(Q=870-540.RentExpense_adjEntry)

Account: Rent Expense Account No. 540 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

0

asdfasdfasdf

GJ

4000

4000 DR

4000 CR

Adjusted Balance

(Q=870-541.ElectricityExpense_adjEntry)

Account: Electricity Expense Account No. 541 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

0

0

Adjusted Balance

(Q=870-542.WaterExpense_adjEntry)

Account: Water Expense Account No. 542 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

0

asdfasdfasdf

GJ

110 DR

110

110 DR

Adjusted Balance

(Q=870-543.InsuranceExpense_adjEntry)

Account: Insurance Expense Account No. 543 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

asdfasdf

Adjusted Balance

0

GJ

850

850 DR

850 DR (Q=870-544.SuppliesExpense_adjEntry)

Account: Office Supplies Expense

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Account No. 544 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

0

0

Adjusted Balance

(Q=870-560.DepnExpenseCapitalAsset1_adjEntry)

Account: Depn Expense: Store fixtures Account No. 560 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

0

sdf

GJ

239

239 DR

239 DR

Adjusted Balance

(Q=870-561.DepnExpenseCapitalAsset2_adjEntry)

Account: Depn Expense: Cash registers Account No. 561 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

0

dfasdf

GJ

231

231 CR

231 CR

Adjusted Balance

(Q=870-571.InterestExpense_adjEntry)

Account: Interest Expense Account No. 571 Date May

Description

Ref.

DR

CR

Balance

31 Balance

Jun

30

Jun

30

Jun

30

Jun

30

496496

0

GJ

Adjusted Balance

496

496 DR

496 DR

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