5/13/2017 Worksheet

ManualAccountingPracticeSet
BallMart,USGAAPEdition3

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NowthatyouhavecompletedtheJunebankreconciliationprocess,youareaskedtocompletetheworksheetforBallMart.

Theworksheetisaninternaldocumentthatexistsoutsidethejournalsandledgers.Itisoftenusedinthemanualaccountingsystemtohelprecordadjustingentriesand
preparefinancialstatements.Afteryouhavepreparedtheworksheet,inthenextsectionofthepracticesetyouwillbeaskedtousethecompletedworksheettohelp
journalizeandpostadjustingentriestogeneralledger.YouwillalsousethisworksheettoassistyouinpreparingthefinancialstatementsforBallMartinalatersectionofthis
practiceset.

ThedetailsoftheendofmonthadjustmentsforJuneareasfollows:

OfficeFurnitureownedbythebusiness:originalpurchasepricewas$6,000,estimatedusefullifewas5years,andestimatedresidualvaluewas$2,000attheendofthe
usefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciationexpense
dividedbythenumberofmonthsinayear.
OfficeEquipmentownedbythebusiness:originalpurchasepricewas$45,000,estimatedusefullifewas12years,andestimatedresidualvaluewas$4,000attheendof
theusefullife.Depreciationiscalculatedonamonthlybasisusingthestraightlinemethod.Themonthlydepreciationchargeiscalculatedastheyearlydepreciation
expensedividedbythenumberofmonthsinayear.
ElectricityexpenseforthemonthofJuneisestimatedtobe$896.
ThewaterusageforthemonthofJuneisestimatedtobe$218.
Salesstaffworkeverysingledayduringtheweekincludingweekendsandarenotpaiduntiltheendofeachtwoweeks.WageswerelastpaiduptoandincludingJune
28.Wagesincurredafterthatday(fromJune29toJune30inclusive)areestimatedtohavebeen$760perday.
InterestexpenseincurredduringthemonthofJunebutnotyetpaidtoEastPacBankforthebankloanis$260.
InterestearnedfromshortterminvestmentsinBitiBankforthemonthofJuneis$120.
Officesuppliestotalling$3,539arestillonhandatJune30.
2monthsofrentremainedprepaidatthestartofJune.
3monthsofadvertisingremainedprepaidatthestartofJune.
5monthsofinsuranceremainedprepaidatthestartofJune.

WhencalculatingtheportionofprepaymentsthatexpireduringthemonthofJune,youareaskedtoassumethatanequalamountofexpenseisincurredpermonth.

Instructionsforworksheet

Completeallcolumnsintheworksheet.Todothis,youneedtousetheaccountbalancesprovidedinthegeneralledgertofillouttheUnadjustedTrialBalancecolumns.You
arealsorequiredtocalculatetheendofmonthadjustmentsforJuneandenterthemintotheworksheetbeforecompletingtheremainingcolumns.Notethatnotallboxesin
eachcolumnoftheworksheetwillneedtobefilled.

Aftertakingaphysicalcountofinventory,thebalanceofinventoryonhandasatJune30is$61,195.YouwillneedtousethisinformationtocompleteboththeIncome
StatementandtheBalanceSheetcolumnsoftheworksheet.Hint:Thisinformationwillassistyouincalculatingcostofgoodssoldundertheperiodicinventorysystem.

Remembertoenterallanswerstothenearestwholedollar.

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Ifyouwanttoprintthispage,pleasereadandfollowthespecialprintinginformationtoensureyoucanprinttheworksheetinfull.

(Q=831.worksheetQuestion)

BallMart

Worksheet

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5/13/2017 Worksheet
ForthemonthendedJune30,2017

UnadjustedTrial AdjustedTrial
Acct. Adjustments IncomeStatement BalanceSheet
AccountName Balance Balance
No.
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
100 Cash 97933 97933 97933

102 ShorttermInvestments 24000 24000 24000

110 ARCAccountsReceivableControl 5748 5748 5748

112 InterestReceivable 120 120 120

120 MerchandiseInventory 73729 73729 73729 62821 62821

130 OfficeSupplies 5998 2459 3539 3539

140 PrepaidRent 5000 2500 2500 2500

141 PrepaidAdvertising 12000 4000 8000 8000

142 PrepaidInsurance 2900 580 2320 2320

150 OfficeFurniture 6000 6000 6000

151 AccumDepn:OfficeFurniture 1267 67 1334 1334

160 OfficeEquipment 45000 45000 45000

161 AccumDepn:OfficeEquipment 16799 285 17084 17084

210 APCAccountsPayableControl 1026 1026 1026

220 WagesPayable 1520 1520 1520

221 ElectricityPayable 896 896 896

222 WaterPayable 218 218 218

225 InterestPayable 260 260 260

250 BankLoanPayable 52000 52000 52000

300 CommonStock 85000 85000 85000

301 RetainedEarnings 95071 95071 95071

400 SalesRevenue 49936 49936 49936

401 SalesReturnsandAllowances 3159 3159 3159

402 SalesDiscounts 250 250 250

403 InterestRevenue 208 120 328 328

500 Purchases 2970 2970 2970

501 PurchaseReturnsandAllowances 1507 1507 1507

502 PurchaseDiscounts 80 80 80

511 AdvertisingExpense 4000 4000 4000

516 WagesExpense 11597 1520 13117 13117

540 RentExpense 2500 2500 2500

541 ElectricityExpense 896 896 896

542 WaterExpense 218 218 218

543 InsuranceExpense 580 580 580

544 OfficeSuppliesExpense 2459 2459 2459

545 SalaryExpense 6600 6600 6600

560 DepnExpense:OfficeFurniture 67 67 67

561 DepnExpense:OfficeEquipment 285 285 285

571 InterestExpense 260 260 260

572 Admin.ExpenseBankCharges 10 10 10

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5/13/2017 Worksheet
Totals 302894 302894 12905 12905 306260 306260 111100 114672 257981 254409

Netincomeorloss 3572 3571

Totals 114672 114672 257981 257981

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BallMart

Worksheet
ForthemonthendedJune30,2017

UnadjustedTrial AdjustedTrial
Adjustments IncomeStatement BalanceSheet
Acct.No. AccountName Balance Balance

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

100 Cash 97,933 97,933 97,933

102 ShorttermInvestments 24,000 24,000 24,000

110 ARCAccountsReceivableControl 5,748 5,748 5,748

112 InterestReceivable 120 120 120

120 MerchandiseInventory 73,729 73,729 73,729 61,195 61,195

130 OfficeSupplies 5,998 2,459 3,539 3,539

140 PrepaidRent 5,000 2,500 2,500 2,500

141 PrepaidAdvertising 12,000 4,000 8,000 8,000

142 PrepaidInsurance 2,900 580 2,320 2,320

150 OfficeFurniture 6,000 6,000 6,000

151 AccumDepn:OfficeFurniture 1,267 67 1,334 1,334

160 OfficeEquipment 45,000 45,000 45,000

161 AccumDepn:OfficeEquipment 16,799 285 17,084 17,084

210 APCAccountsPayableControl 1,026 1,026 1,026

220 WagesPayable 1,520 1,520 1,520

221 ElectricityPayable 896 896 896

222 WaterPayable 218 218 218

225 InterestPayable 260 260 260

250 BankLoanPayable 52,000 52,000 52,000

300 CommonStock 85,000 85,000 85,000

301 RetainedEarnings 95,071 95,071 95,071

400 SalesRevenue 49,936 49,936 49,936

401 SalesReturnsandAllowances 3,159 3,159 3,159

402 SalesDiscounts 250 250 250

403 InterestRevenue 208 120 328 328

500 Purchases 2,970 2,970 2,970

501 PurchaseReturnsandAllowances 1,507 1,507 1,507

502 PurchaseDiscounts 80 80 80

511 AdvertisingExpense 4,000 4,000 4,000

516 WagesExpense 11,597 1,520 13,117 13,117

540 RentExpense 2,500 2,500 2,500

541 ElectricityExpense 896 896 896

542 WaterExpense 218 218 218

543 InsuranceExpense 580 580 580

544 OfficeSuppliesExpense 2,459 2,459 2,459

545 SalaryExpense 6,600 6,600 6,600

560 DepnExpense:OfficeFurniture 67 67 67

561 DepnExpense:OfficeEquipment 285 285 285

571 InterestExpense 260 260 260

572 Admin.ExpenseBankCharges 10 10 10

Totals 302,894 302,894 12,905 12,905 306,260 306,260 111,100 113,046 256,355 254,409

Netincomeorloss 1,946 1,946

Totals 113,046 113,046 256,355 256,355

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5/13/2017 Worksheet

ManualAccountingPracticeSet
BallMart,USGAAPEdition3(VCU3q)
20092014Perdisco/latin/.v.,learnthoroughly
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