FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Adjustments are:
Blair’s Custom Shop performed a count of supplies at the end of the accounting period (June 30, 20XX) and determined that value of supplies "on hand" (not used) was $1,700.00. The value of prepaid insurance coverage "on hand" (not used) at the same time was $750.00. Calculate the adjustment amount for Supplies and Prepaid Insurance and enter those amounts on the worksheet.
Remember, for each adjustment you should have one entry in the Adjustments DEBIT column and a matching entry in the Adjustments CREDIT column.
- Extend the adjusted balances for the Supplies and Prepaid Insurance accounts and their related expense accounts to the appropriate columns on the worksheet.
- Total the Adjustment columns to ensure the debits equal the credits.
- Total the Income Statement columns and determine net income or net loss to balance debits/credits.
- Total the
Balance Sheet columns and use net income/net loss amount to balance debits/credits. - Single and double rule all totals. SAVE
- Journalize the Adjustments from the worksheet onto the Journal tab. SAVE
Post the journal entries onto the Ledger tab. SAVE
Transcribed Image Text:Module Ten Lesson One Assignment Two * a
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Blair's Custom Shop
Work Sheet
For Period Ended June 30, 200X
5.
6.
7.
5
ADJUSTMENTS
TRIAL BALANCE
DEBIT CREDIT
INCOME STATEMENT
BALANCE SHEET
CREDIT
ACCOUNT TITLE
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
1Cash
2 Accounts Receivable - Bill Lang Upholstry
15,267.00
Add adjustments to the Adjustments columns.
10
1,450.00
12
Must have matching debits and credits.
11
3 Accounts Receivable - Vinnie's Custom Designs
4 Supplies
5 Prepaid Insurance
6 Account Payable - Pop's Gun Shop
7 Accourts Payable - Ammo R Us
a Jack Black, Capital
9 Jack Black, Drawing
1,664.00
3
Total Adjustments columns; total debits must equal total credits.
12
3,189.00
14
13
1,500.00
5
Extend amounts (don't forget adjustments) to the Income Statement and Balance Sheet columns.
14
3,295.00
15
1,700.00
Total debit and credit columns in the Income Statement and Balance Sheet sections.
16
14,044.00
17
1,750.00
19
Complete worksheet by calculating Net Income or Net Loss.
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10 Income Summary
10
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11 Sales
8,772 00
11
Remember, total debits must equal total credits in all sections.
20
12 Advertising Expense
13 Insurance Expense
14 Miscellaneous Expense
15 Rent Expense
16 Supplies Expense
17 Utilities Expanse
1,000.00
12
21
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Contact instructor with any questions!
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216.00
14
23
1,000.00
15
Click Journal tab to journalize adjustments.
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16
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775.00
17
26
18 Totals
27,811.00
27,811.00
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27
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29
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Worksheet -
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Transcribed Image Text:Module Ten Lesson One Assignment Two
Module Ten Lesson One Assignment Two
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GENERAL JOURNAL
PAGE 8
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ACCOUNT Prepsid Insurance
ACCOUNT NO.
140
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DOC. POST.
REF
GENERAL
CREDIT
POST.
BALANCE
16
DATE
ACCOUNT TITLE
NO.
DEBIT
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DATE
ITEM
REF.
DEBIT
CREDIT
DEBIT
CREDIT
Adjusting Entries
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Jan
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1.500.00
1.500.00
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ACCOUNT Insurance Expanse
ACCOUNT NO
530
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POST.
BALANCE
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DATE
ITEM
REF
DEBIT
CREDIT
DEBIT
CREDIT
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ACCOUNT Succlies Expense
ACCOUNT NO.
560
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POST.
BALANCE
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DATE
ITEM
REF.
DEBIT
CREDIT
DEBIT
CREDIT
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