You can use the excel template contained in the unit to complete the items below.
The template may require minor modifications along the way, it is just a template.
Scuttlebutt Publishers Corporation was incorporated on June 1, 2020. The company
had the following transactions during June:
Issued common stock for $10,000 cash
Purchased equipment for $6,000 on credit
Purchased $750 of supplies on credit. These are expected to last three
months (record as unused supplies)
Paid two months of newspaper advertising for $500 (record as prepaid
Collected $12,000 of three‐month subscription revenue for its ONLINE
REVIEW magazine, effective June 1 (record as unearned subscription
Paid the following expenses in cash: telephone, $350; rent for
Collected $5,000 revenue in cash from advertisers for the June edition of
ONLINE REVIEW magazine
Paid half of the equipment purchased June 1
Paid $2,000 for supplies purchased
Paid the following expenses in cash: telephone, $250; salaries,
Received a $200 bill for electricity used during the month
(recorded as Utilities Expense).
1. Create general ledger T‐accounts for the following: Cash, Prepaid Advertising,
Unused Supplies, Equipment, Accounts Payable, Unearned Subscriptions
Revenue, Common Stock, Other Revenue, Rent Expense, Salaries Expense,
Supplies Expense, Telephone Expense, and Utilities Expense. General ledger
account numbers are not needed. (These are created on the template already.)
2. Prepare journal entries to record the June transactions. Descriptions are not
3. Post the entries to general ledger T‐accounts and calculate balances at June 30,
At June 30, the following additional information is available.
The June portion of advertising paid in transaction (c) has expired.
One month of the subscriptions revenue collected June 5 has been earned.
A physical count indicates that $100 of supplies is still on hand.
$200 of commission expense is owed on the June portion of the subscriptions
p. Two days of salary for June 29 and 30 are unpaid, amounting to $600.
q. The equipment purchased in transaction (b) has an estimated useful life of 5
r. Income taxes payable at June 30 amount to $50.
4. Open additional general ledger T‐accounts for the following: Accumulated
Depreciation – Equipment, Salaries Payable, Income Taxes Payable,
Subscription Revenue, Advertising Expense, Commissions Expense,
Depreciation Expense – Equipment, and Income Taxes Expense. (These are
already setup on the template.)
5. Prepare all necessary adjusting entries at June 30, 2020. General ledger
account numbers and descriptions are not necessary, but show depreciation
6. Post the entries to the general ledger T‐accounts and calculate balances.
7. Prepare an adjusted trial balance at June 30.
8. Assume that the company’s year‐end is June 30. Prepare an income statement,
statement of changes in equity, and balance sheet.
9. Prepare closing entries.
10. Prepare a post-closing trial balance.
Use these T-accounts for recording all entries t
or recording all entries throughout the problem.
GENERAL JOURNAL ENTRIES
UNADJUSTED TRIAL BALANCE
Use this to ensure your balances tie after step 3.
ADJUSTED TRIAL BALANCE
Income taxes payable
Unearned subscription revenue
Income taxes expense
As of December 31, 200X
Total Current Assets
Total Current Liabilities
Total Long Term Assets
Total Liabilities & Equity
For the Year Ending Dec 31, 200X
Statement of Retained Earnings
For the Year Ending Dec 31, 200X
Beginning Ret. Earnings
Plus Net Income
Ending Ret. Earnings
** You may need to add lines or remove lines accordingly,
double check formulas are working correctly, this is
a basic template.
** You may need to add lines or remove line
double check formulas are working correct
a basic template.
dd lines or remove lines accordingly,
POST CLOSING TRIAL BALANCE
Accumulated Depreciation – equipment
Income Taxes Payable
Unearned Subscription revenue
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