Exercise 4-20 (Algo) Effects of adjustments LO 4-6, 4-7 A bookkeeper prepared the year-end financial statements of Giftwrap, Incorporated The income statement showed net income of $22,800, and the balance sheet showed ending retained earnings of $91,900. The firm's accountant reviewed the bookkeeper's work and determined that adjustments should be made that would increase revenues by $5,600 and increase expenses by $8,900. Required: Calculate the amounts of net income and retained earnings after the preceding adjustments are recorded. Note: Enter any decreases as negatives. Amounts before adjustment Revenue increase adjustment Expense increase adjustment Amounts after adjustment Net Income Retained Earnings

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Please Include June 23 transaction on page 11

PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL