Excel Applications for Accounting Principles 4th Edition by Gaylord Smith

Exercise 4

PROBLEM DATA
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows:

Adjustment information is as follows:
a. Supplies on hand as of June 30, 2013, $450.
b. Insurance premiums that expired during the year, $2,420.
c. Depreciation on equipment during the year, $1,500.
d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
e. Salaries accrued but not paid at June 30, 2013, $1,440.
f. Merchandise inventory on June 30, 2013, $68,864.
REQUIREMENT
As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.