FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Using the information in the attached pictures, prepare the Post-Closing
Debit Credit
Cash
Store Supplies
Prepaid Insurance
Copy Equipment
Accounts Payable
Salaries Payable
Unearned Copy Services Revenue Terry Dow, Capital
Total
Transcribed Image Text:Clear Copy Co.
Worksheet
For month ended December 31, 2021
Unadjusted Trial
Balance
Account
Adjustments
Adjusted Trial Balance Income Statement
Balance Sheet
No
Title
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
101 Cash
7,950.00
7,950.00
7,950.00
102 Store Supplies
103 Prepaid Insurance
|104 Copy Equipment
105 Accumulated Depreciation
201 Accounts Payable
202 Salaries Payable
203 Unearned Copy Services Revenue
301 Terry Dow, Capital
302 Terry Dow, Withdrawals
401 Copy Services Revenue
501 Depreciation Expense
502 Salaries Expense
503 Insurance Expense
504 Rent Expense
505 Store Supplies Expense
506 Utilities Expense
Totals
3,720.00
1,500.00
2,220.00
2,220.00
2,400.00
26,000.00
1,600.00
800.00
800.00
26,000.00
26.000.00
1,300.00
1,300.00
1,300.00
6,200.00
6,200.00
6,200.00
200.00
200.00
200.00
3,000.00
1,000.00
2,000.00
2,000.00
30,000.00
30,000.00
30.000.00
400.00
400,00
400.00
3,900.00
1,000.00
4,900.00
4,900.00
1,300.00
1,300.00
1,300.00
200.00
1,600.00
1,600.00
1,600.00
1,400.00
1,600.00
1,600.00
1,000.00
1,000.00
1,000.00
1,500.00
1,500.00
1,500.00
230.00
230.00
230.00
43,100.00
43,100.00
5,600.00
5,600.00
44,600.00
44,600.00
7,230.00
4,900.00
37,370.00
39,700.00
Net Income
(2,330.00)
(2,330.00)
Transcribed Image Text:505 Store Supplies Expense
506 Utilities Expense
1,500.00
1,500.00
1,500.00
230.00
230.00
230.00
Totals
43,100.00
43,100.00
5,600.00
5,600.00
44,600.00
44,600.00 7,230.00
4,900,00
37,370.00
39,700.00
(2,330.00)
37,370.00
Net Income
(2,330.00)
4,900.00 4,900.00
Totals
37,370.00
Adjustment Data :
a.) Unexpired insurance is P 800.
b.) Store supplies used is P 1,500.
c.) Depreciation on copy equipment is 5% of cost.
d.) Accrued Salaries is P 200.
e.) 2/3 of the unearned copy services revenue is unearned.
Directions:
1.) Prepare adjusting entries and write the entries below.
2.) Complete the worksheet.
Adjusting Entries
Debit
Credit
a.) Insurance Expenses (2400-800)
Prepaid Insurance
(To record insurance expenses)
b.) Store Supplies Expenses
Store Supplies
(To record supplies expenses)
c.) Depreciation (26000*5%)
Асc Dep
(To record depreciation)
d.) Salaries Expense
Salaries Payable
(To record salaries payable)
e.) Unearned Copy Services Revenue (3000*1/3)
Copy Services Revenue
(To record revenue)
1,600.00
1,600.00
1,500.00
1,500.00
1,300.00
1,300.00
200.00
200.00
1,000.00
1,000.00
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