A six-column table for JJW Company follows. The first two columns contain the unadjusted trial balance forthe company as...

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A six-column table for JJW Company follows.

April 14, 2018

A six-column table for JJW Company follows. The first two columns contain the unadjusted trial balance for
the company as of July 31, 2011. The last two columns contain the adjusted trial balance as of the same date.
Required
Analysis Component
1. Analyze the differences between the unadjusted and adjusted trial balances to determine the eight adjustments
that likely were made. Show the results of your analysis by inserting these adjustment
amounts in the table’s two middle columns. Label each adjustment with a letter a through h and provide
a short description of it at the bottom of the table.

Preparation Component
2. Use the information in the adjusted trial balance to prepare the company’s (a) income statement and
its statement of retained earnings for the year ended July 31, 2011 (note: retained earnings at July 31,
2010, was $23,420, and the current-year dividends were $10,000), and (b) the balance sheet as of
July 31, 2011.
Check (2) Net income, $37,020;
Total assets, $131,340
Unadjusted Adjusted
Trial Balance Adjustments Trial Balance
Cash . . . . . . . . . . . . . . . . . . . . . . . $ 27,000 _________________ $ 27,000
Accounts receivable . . . . . . . . . . . 12,000 _________________ 22,460
Office supplies . . . . . . . . . . . . . . . . 18,000 _________________ 3,000
Prepaid insurance . . . . . . . . . . . . . 7,320 _________________ 4,880
Office equipment . . . . . . . . . . . . . 92,000 _________________ 92,000
Accum. depreciation —
Office equip. . . . . . . . . . . . . . . . $ 12,000 _________________ $ 18,000
Accounts payable . . . . . . . . . . . . . 9,300 _________________ 10,200
Interest payable . . . . . . . . . . . . . . . 0 _________________ 800
Salaries payable . . . . . . . . . . . . . . . 0 _________________ 6,600
Unearned consulting fees . . . . . . . 16,000 _________________ 14,300
Long-term notes payable . . . . . . . 44,000 _________________ 44,000
Common stock . . . . . . . . . . . . . . . 5,000 _________________ 5,000
Retained earnings . . . . . . . . . . . . . 23,420 _________________ 23,420
Dividends . . . . . . . . . . . . . . . . . . . 10,000 _________________ 10,000
Consulting fees earned . . . . . . . . . 156,000 _________________ 168,160
Depreciation expense —
Office equip. . . . . . . . . . . . . . . . 0 _________________ 6,000
Salaries expense . . . . . . . . . . . . . . 71,000 _________________ 77,600
Interest expense . . . . . . . . . . . . . . 1,400 _________________ 2,200
Insurance expense . . . . . . . . . . . . 0 _________________ 2,440
Rent expense . . . . . . . . . . . . . . . . 13,200 _________________ 13,200
Office supplies expense . . . . . . . . 0 _________________ 15,000
Advertising expense . . . . . . . . . . . 13,800 _________________ 14,700
Totals . . . . . . . . . . . . . . . . . . . . . . . $265,720 $265,720 _________________ $290,480 $290,480










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