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(Answered) Unbilled sales as of the balance sheet date The unadjusted


Unbilled sales as of the balance sheet date

 

The unadjusted
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Unbilled sales as of the balance sheet date ,

 

The unadjusted trial balance for Johnson Wholesale, Inc for the YEAR ended ,

 

March 31 is shown below, followed by a series of "facts" requiring adjusting ,

 

journal entries. See the "Requirement" below the facts. ,

 

,

 

Johnson Wholesale, Inc ,

 

Trial Balance for the Year Ended March 31, 2010 ,

 

Unadjusted ,

 

Dr Cr,

 

Accounts payable 4,500 ,

 

Accounts receivable 5,000 ,

 

Accumulated depreciation - building 2,000 ,

 

Accumulated depreciation - equipment 3,000 ,

 

Advertising expense 3,000 ,

 

Building 25,000 ,

 

Cash 1,500 ,

 

Commission expense 3,000 ,

 

Common stock 7,000 ,

 

Cost of goods sold 70,000 ,

 

Depreciation expense - building ,

 

Depreciation expense - equipment ,

 

Dividends 5,500 ,

 

Equipment 10,000 ,

 

Income tax expense ,

 

Insurance expense 3,000 ,

 

Inventory 4,000 ,

 

Mortgage payable (due in 15 years) - 12,000 ,

 

Officers salaries 3,000 ,

 

Prepaid insurance expense 1,000 ,

 

Retained earnings at beginning of year 10,000 ,

 

Telephone expense 1,500 ,

 

Sales 107,000 ,

 

Unearned revenue 1,000 ,

 

Wages expense 11,000 ,

 

Wages payable ,

 

146,500 146,500 ,

 

,

 

Facts: ,

 

1 The building is estimated to have a 25-year useful life. ,

 

The straight-line method of depreciation is used. ,

 

,

 

2 The equipment is estimated to have a 5-year useful life. ,

 

The straight-line method of depreciation is used. ,

 

No depreciation expense has been recorded yet this year. ,

 

,

 

3 $500 that was recorded as a sale was actually a ,

 

deposit by a customer for a future delivery of merchandise. ,

 

,

 

4 Inventory was counted on the balance sheet date and ,

 

determined to have an actual cost of $3,000 ,

 

,

 

5 Prepaid insurance was calculated to be $400 ,

 

,

 

6 Unpaid wages amounted to $500 ,

 

,

 

7 $500 advertising bill for the month received but not yet entered ,

 

,

 

8 Unbilled sales as of the balance sheet date amounted to $2,500 ,

 

,

 

Requirement ,

 

Enter the adjusting entries on the attached General Journal form: ,

 

Enter the "Fact no." in the "Date or Ref. column. ,

 

Enter the debit side of the adjusting entry first, then the credit side. ,

 

In the Account Title column, indent the title of the credit entries ,

 

to the right a few spaces. ,

 

In the Category column, enter the appropriate category of the ,

 

account (A for Asset, L for Liability, etc.) ,

 

For those AJEs that are accruals to be reversed next period, ,

 

write REV below the Fact No. ,

 

Skip a line between each of the numbered adjusting entries so ,

 

that they don't run together. ,

 


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