Worksheet

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Now that you have completed the June bank reconciliation process, you are asked to complete the worksheet for Intermaweb Computer. The worksheet is an internal document that exists outside the journals and ledgers. It is often used in the manual accounting system to help record adjusting entries and prepare financial statements. After you have prepared the worksheet, in the next section of the practice set you will be asked to use the completed worksheet to help journalize and post adjusting entries to general ledger. You will also use this worksheet to assist you in preparing the financial statements for Intermaweb Computer in a later section of this practice set. The details of the end of month adjustments for June are as follows:

Office Furniture owned by the business: original purchase price was $10,000, estimated useful life was 5 years, and estimated residual value was $1,000 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. Office Equipment owned by the business: original purchase price was $52,000, estimated useful life was 9 years, and estimated residual value was $3,000 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 $119. The estimated electricity payable as at the end of the month is $486. 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 June 25 to June 30 inclusive) are estimated to have been $1,900 per day. Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $270. Interest earned from short-term investments in ZNZ Bank for the month of June is $115. Office supplies totaling $2,246 are still on hand at June 30. 15 days of rent remained pre-paid at the start of June. 3 months of advertising remained pre-paid at the start of June. 5 months of insurance remained pre-paid at the start of June.

When calculating the portion of prepayments that expire during the month of June, you are asked to assume that an equal amount of expense is incurred per month. After taking a physical count of inventory at the end of the month, the balance of inventory on hand as at June 30 is found to be equal to the closing balance of the Merchandise Inventory account. This means there is no adjusting entry required for inventory shrinkage. Instructions for worksheet Complete all columns in the worksheet. To do this, you need to use the account balances provided in the general ledger to fill out the Unadjusted Trial Balance columns. You are also required to calculate the end of month adjustments for June and enter them into the worksheet before completing the remaining columns. Note that not all boxes in each column of the worksheet will need to be filled. Remember to enter all answers to the nearest whole dollar. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full.

(Q=832.worksheetQuestion)

Intermaweb Computer

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Worksheet

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Worksheet
For the month ended June 30, 2013

Acct. Account Name No. 100 Cash 102 Short-term Investments 112 Interest Receivable 110 ARC - Accounts Receivable Control 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 240 Sales Tax Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 400 Sales Revenue 403 Interest Revenue 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges

Unadjusted Trial Balance Debit 242562 23000 Credit

Adjustments Debit Credit

Adjusted Trial Balance Debit 242562 23000 Credit

Income Statement Debit Credit

Balance Sheet Debit 242562 23000 115 129438 70040 2246 1600 2000 2240 10000 Credit

115 129438 70040 2495 4800 3000 2800 10000 3600 52000 25407 13440 11400 58 127 486 119 270 33368 54000 55000 239985 354740 693 189380 1000 45490 11400 3200 486 119 560 249 5400 150 454 270 13 115 454 150 249 3200 1000 560

115 129438 70040 2246 1600 2000 2240 10000 3750 52000 25861 13440 11400 544 246 270 33368 54000 55000 239985 354740 808 189380 1000 56890 3200 486 119 560 249 5400 150 454 270 13 189380 1000 56890 3200 486 119 560 249 5400 150 454 270 13 354740 808

3750 52000 25861 13440 11400 544 246 270 33368 54000 55000 239985

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Worksheet

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Totals

780418

780418

18003

18003

793412

793412

258171

355548

535241

437864

Net income or loss Totals

97377 355548 355548 535241

97377 535241

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Intermaweb Computer
Worksheet
For the month ended June 30, 2013
Unadjusted Trial Balance Debit 100 102 112 110 120 130 140 141 142 150 151 160 161 210 220 221 222 225 240 250 300 301 400 403 500 511 516 540 541 542 543 544 545 560 561 571 572 Cash Short-term Investments Interest Receivable ARC - Accounts Receivable Control Merchandise Inventory Office Supplies Prepaid Rent Prepaid Advertising Prepaid Insurance Office Furniture Accum Depn: Office Furniture Office Equipment Accum Depn: Office Equipment APC - Accounts Payable Control Wages Payable Electricity Payable Water Payable Interest Payable Sales Tax Payable Bank Loan Payable Common Stock Retained Earnings Sales Revenue Interest Revenue Cost of Goods Sold Advertising Expense Wages Expense Rent Expense Electricity Expense Water Expense Insurance Expense Office Supplies Expense Salary Expense Depn Expense: Office Furniture Depn Expense: Office Equipment Interest Expense Admin. Expense - Bank Charges Totals 13 780,418 780,418 17,945 17,945 5,400 150 454 270 45,490 189,380 1,000 11,400 3,200 428 119 560 249 33,368 54,000 55,000 239,985 354,740 693 115 189,380 1,000 56,890 3,200 428 119 560 249 5,400 150 454 270 13 793,354 793,354 58 127 52,000 25,407 13,440 11,400 428 119 270 454 129,438 70,040 2,495 4,800 3,000 2,800 10,000 3,600 150 52,000 25,861 13,440 11,400 486 246 270 33,368 54,000 55,000 239,985 354,740 808 189,380 1,000 56,890 3,200 428 119 560 249 5,400 150 454 270 13 258,113 355,548 535,241 437,806 354,740 808 249 3,200 1,000 560 242,562 23,000 115 Credit Adjustments Debit Credit Adjusted Trial Balance Debit 242,562 23,000 115 129,438 70,040 2,246 1,600 2,000 2,240 10,000 3,750 52,000 25,861 13,440 11,400 486 246 270 33,368 54,000 55,000 239,985 Credit Income Statement Debit Credit Balance Sheet Debit 242,562 23,000 115 129,438 70,040 2,246 1,600 2,000 2,240 10,000 3,750 Credit

Acct. No.

Account Name

Net income or loss Totals

97,435 355,548 355,548 535,241

97,435 535,241

Manual Accounting Practice Set Technology Boutique, US GAAP Edition 3 (VTU3p)

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