THE SPORT SHOP

ADJUSTING ENTRIES
FOR THE YEARS ENDED DECEMBER 31, 19

DATE ACCOUNT TITLE REF DEBIT

19 31 Store supplies expense P $ 660
DEC Store supplies P

31 Insurance expense P $ 180

Prepaid insurance P

31 Depreciation store equipment expense P $ 950

Accumulated depreciation store equipment P

31 Sales salaries P $ 125

Salaries payable P

31 Income summary P $ 14,950

Merchandise inventory P

Merchandise inventory P $ 16,210

Income summary P

TOTAL $ 33,075
 CREDIT

$ 660

$ 180

$ 950

$ 125

$ 14,950

$ 16,210

$ 33,075
 THE SPORT SHOP
WORKSHEET
FOR THE YEARS ENDED DECEMBER 31, 19

CODE TRIAL BALANCE ADJUSTING ENTRIES

ACCOUNT TITLES
ACCOUNT
DEBIT KREDIT DEBIT
Cash $ 3,110
Merchandise inventory $ 14,950 $ 16,210
Store supplies $ 875
Prepaid insurance $ 335
Store equipment $ 9,940
Accumulated depreciation, store equipment $ 2,780
Account payable $ 2,890
Harry Holt, capital $ 17,550
Harry Holt, withdrawals $ 7,200
Sales $ 74,675
Sales returns and allowance $ 1,915
Purchases $ 39,880
Purchases return and allowance $ 755
Freight-in $ 1,125
Sales salaries $ 12,215 $ 125
Rent expense $ 6,000
Advertising expense $ 465
Utilities expense $ 640
TOTAL $ 98,650 $ 98,650
Salaries payable
Income summary $ 14,950
Store supplies expense $ 660
Insurance expense $ 180
Depreciation store equipment $ 950
TOTAL $ 33,075
NET INCOME
TOTALS
 SPORT SHOP
WORKSHEET
ENDED DECEMBER 31, 19

ADJUSTING ENTRIES ADJUSTED TRIAL INCOME STATEMENT BALANCE SHEET

BALANCE
KREDIT DEBIT KREDIT DEBIT KREDIT DEBIT KREDIT
$ 3,110 $ 3,110
$ 14,950 $ 16,210 $ 16,210
$ 660 $ 215 $ 215
$ 180 $ 155 $ 155
$ 9,940 $ 9,940
$ 950 $ 3,730 $ 3,730
$ 2,890 $ 2,890
$ 17,550 $ 17,550
$ 7,200 $ 7,200
$ 74,675 $ 74,675
$ 1,915 $ 1,915
$ 39,880 $ 39,880
$ 755 $ 755
$ 1,125 $ 1,125
$ 12,340 $ 12,340
$ 6,000 $ 6,000
$ 465 $ 465
$ 640 $ 640

$ 125 $ 125 $ 125

$ 16,210 $ 14,950 $ 16,210 $ 14,950 $ 16,210
$ 660 $ 660
$ 180 $ 180
$ 950 $ 950
$ 33,075 $ 115,935 $ 115,935 $ 79,105 $ 91,640 $ 36,830 $ 24,295
$ 12,535 $ 12,535
$ 91,640 $ 91,640 $ 36,830 $ 36,830
 THE SPORT SHOP
INCOME STATEMENT
FOR THE YEARS ENDED DECEMBER 31, 19

SALES
Sales $ 74,675
Sales returns and allowance $ 1,915
Net sales $ 72,760

COST OF GOODS SOLD :

Merchandise Inventory $ 14,950
Purchases $ 39,880
Freight-in $ 1,125
$ 41,005
Purchases return and allowance $ 755
Pembelian bersih $ 40,250
Barang tersedia untuk dijual $ 55,200
Ending Merchandise Inventory $ 16,210
Cost of goods sold $ 38,990
Gross profit $ 33,770
EXPENSE :
Sales salaries $ 12,340
Rent expense $ 6,000
Advertising expense $ 465
Utilities expense $ 640
Store supplies expense $ 660
Insurance expense $ 180
Depreciation store equipment $ 950
TOTAL EXPENSE $ 21,235
NET INCOME $ 12,535
 THE SPORT SHOP
CLOSING ENTRIES
FOR THE YEARS ENDED DECEMBER 31, 19

DATE ACCOUNT TITLE REF DEBIT

19 31 Sales P $ 74,675
DEC Purchases return and allowance P $ 755
Income Summary P
( Close sales account to income summary )

31 Income Summary P $ 64,155

Purchases P
Freight-in P
Sales returns and allowance P
Sales salaries P
Rent expense P
Advertising expense P
Utilities expense P
Store supplies expense P
Insurance expense P
Depreciation store equipment P
( Close expense account to income summary)

31 Income Summary P $ 12,535

Harry Holt, capital P
( To transfer net income in 19 to the Harry Holt, capital)

31 Harry Holt, capital P $ 7,200

Harry Holt, withdrawals P
( To transfer devidend in 19 to Harry Holt, capital)
TOTAL $ 159,320
 CREDIT

$ 75,430

$ 39,880
$ 1,125
$ 1,915
$ 12,340
$ 6,000
$ 465
$ 640
$ 660
$ 180
$ 950

$ 12,535

$ 7,200

$ 159,320