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Manual Accounting Practice Set

Technology Boutique, US GAAP Edition 3

Feedback: 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.

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If you want to print this page, please read and follow the special printing information to ensure you can print the worksheet in full.

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(Q=832.worksheetQuestion)

Intermaweb Computer

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10/8/2013http://www.perdisco.com/elms/qsam/html/qsam.aspx

Worksheet

For the month ended June 30, 2013

Acct. No.

Account Name

Unadjusted Trial Balance

AdjustmentsAdjusted Trial Balance

Income Statement Balance Sheet

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

100 Cash 224256242562 242562242562 242562242562

102 Short-term Investments 2300023000 2300023000 2300023000

112 Interest Receivable 115115 115115 115115

110 ARC - Accounts Receivable Control 129438129438 129438129438 129438129438

120 Merchandise Inventory 7004070040 7004070040 7004070040

130 Office Supplies 24952495 249249 22462246 22462246

140 Prepaid Rent 48004800 32003200 16001600 16001600

141 Prepaid Advertising 30003000 10001000 20002000 20002000

142 Prepaid Insurance 28002800 560560 22402240 22402240

150 Office Furniture 1000010000 1000010000 1000010000

151 Accum Depn: Office Furniture 36003600 150150 37503750 37503750

160 Office Equipment 5200052000 5200052000 5200052000

161 Accum Depn: Office Equipment 2540725407 454454 2586125861 2586125861

210 APC - Accounts Payable Control 1344013440 1344013440 1344013440

220 Wages Payable 1140011400 1140011400 1140011400

221 Electricity Payable 5858 486486 544544 544544

222 Water Payable 127127 119119 246246 246246

225 Interest Payable 270270 270270 270270

240 Sales Tax Payable 3336833368 3336833368 3336833368

250 Bank Loan Payable 5400054000 5400054000 5400054000

300 Common Stock 5500055000 5500055000 5500055000

301 Retained Earnings 239985239985 239985239985 239985239985

400 Sales Revenue 354740354740 354740354740 354740354740

403 Interest Revenue 693693 115115 808808 808808

500 Cost of Goods Sold 189380189380 189380189380 189380189380

511 Advertising Expense 10001000 10001000 10001000

516 Wages Expense 4549045490 1140011400 5689056890 5689056890

540 Rent Expense 32003200 32003200 32003200

541 Electricity Expense 486486 486486 486486

542 Water Expense 119119 119119 119119

543 Insurance Expense 560560 560560 560560

544 Office Supplies Expense 249249 249249 249249

545 Salary Expense 54005400 54005400 54005400

560 Depn Expense: Office Furniture 150150 150150 150150

561 Depn Expense: Office Equipment 454454 454454 454454

571 Interest Expense 270270 270270 270270

572 Admin. Expense - Bank Charges 1313 1313 1313

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Manual Accounting Practice Set

Technology Boutique, US GAAP Edition 3 (VTU3p)

Totals 780418780418 780418780418 1800318003 1800318003 793412793412 793412793412 258171258171 355548355548 535241535241 437864437864

Net income or loss 9737797377 9737797377

Totals 355548355548 355548355548 535241535241 535241535241

Feedback

Intermaweb Computer

Worksheet

For the month ended June 30, 2013

Acct. No. Account Name

Unadjusted Trial Balance

AdjustmentsAdjusted Trial

BalanceIncome Statement Balance Sheet

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

100 Cash 242,562 242,562 242,562

102 Short-term Investments 23,000 23,000 23,000

112 Interest Receivable 115 115 115

110 ARC - Accounts Receivable Control 129,438 129,438 129,438

120 Merchandise Inventory 70,040 70,040 70,040

130 Office Supplies 2,495 249 2,246 2,246

140 Prepaid Rent 4,800 3,200 1,600 1,600

141 Prepaid Advertising 3,000 1,000 2,000 2,000

142 Prepaid Insurance 2,800 560 2,240 2,240

150 Office Furniture 10,000 10,000 10,000

151 Accum Depn: Office Furniture 3,600 150 3,750 3,750

160 Office Equipment 52,000 52,000 52,000

161 Accum Depn: Office Equipment 25,407 454 25,861 25,861

210 APC - Accounts Payable Control 13,440 13,440 13,440

220 Wages Payable 11,400 11,400 11,400

221 Electricity Payable 58 428 486 486

222 Water Payable 127 119 246 246

225 Interest Payable 270 270 270

240 Sales Tax Payable 33,368 33,368 33,368

250 Bank Loan Payable 54,000 54,000 54,000

300 Common Stock 55,000 55,000 55,000

301 Retained Earnings 239,985 239,985 239,985

400 Sales Revenue 354,740 354,740 354,740

403 Interest Revenue 693 115 808 808

500 Cost of Goods Sold 189,380 189,380 189,380

511 Advertising Expense 1,000 1,000 1,000

516 Wages Expense 45,490 11,400 56,890 56,890

540 Rent Expense 3,200 3,200 3,200

541 Electricity Expense 428 428 428

542 Water Expense 119 119 119

543 Insurance Expense 560 560 560

544 Office Supplies Expense 249 249 249

545 Salary Expense 5,400 5,400 5,400

560 Depn Expense: Office Furniture 150 150 150

561 Depn Expense: Office Equipment 454 454 454

571 Interest Expense 270 270 270

572 Admin. Expense - Bank Charges 13 13 13

Totals 780,418 780,418 17,945 17,945 793,354 793,354 258,113 355,548 535,241 437,806

Net income or loss 97,435 97,435

Totals 355,548 355,548 535,241 535,241

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