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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:2. Use the following adjustment information to complete the Adjustments columns of the work sheet.
a. Depreciation on equipment, $3
b. Accrued salaries, $6
c. The $12 of unearned revenue has been earned
d. Supplies available at December 31, $15
e. Expired insurance, $15
3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns including net income.
WESTCOTT COMPANY
Partial Work Sheet
For the year ended December 31
Unadjusted Trial
Balance
Adjusted
Trial Balance
Adjustments
Income Statement
Balance Sheet
Account Title
Cr.
Dr.
Cr.
Dr.
Dr.
Cr.
Cash
21
21
21
S
Accounts receivable
12
12
12
15
Supplies
24
Prepaid insurance
Equipment
Accum. depreciation-Equip
Accounts payable
3
18
39
39
18
$
15
3
6
6
Salaries payable
6
6
Unearned revenue
12
Common stock
10
Retained earnings
32
6
Dividends
Revenue
87
75
12
Depreciation expense-Equip
3
3
24
Salaries expense
18
6
Insurance expense
15
15
Supplies expense
9
9
Utilities expense
12
12
12
21 $
159 $
Totals
150 $
33 $
150
117
12
C
33
6
Net income
12 $
33
6
Totals
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