Complete the worsheet one section at a time, beginning with the Adjustments columns. For the Adjustments columns use the appropriate letters a. through d. as posting references. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: Acc. = Acccumulated; Adj. = Adjusted; Depr. = Depreciation; Stmt. = Statement.) Mullen Co. Worksheet For Year Ended December 31, 201X Trial Balance Adjustments Account Dr. Cr. Dr. Cr. Cash 7 Accounts Receivable 3 Merchandise Inventory 9 Store Supplies 7 Store Equipment 20 Acc. Depr., Store Equipment 8 Accounts Payable 7 J. Mullen, Capital 33 Sales 49 Sales Returns and Allowances 7 Cost of Goods Sold 18 Salaries Expense 9 Advertising Expense 17 Store Supplies Expense Depr. Exp., Store Equip. Accrued Salaries Payable Totals 97 97 Net Income/Loss Totals Adj. Trial Balance Dr. Cr. Income Stmt. Dr. Cr. Balance Sheet Dr. Cr.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Complete the worsheet one section at a time, beginning with the Adjustments columns.

For the Adjustments columns use the appropriate letters a. through d. as posting references.

For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again.

(If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: Acc. = Acccumulated; Adj. = Adjusted; Depr. = Depreciation; Stmt. = Statement.)

Mullen Co.
	Worksheet
	For Year Ended December 31, 201X
		Trial Balance	Adjustments
	Account	Dr.	Cr.	Dr.	Cr.
	Cash	7
	Accounts Receivable	3
	Merchandise Inventory	9
	Store Supplies	7
	Store Equipment	20
	Acc. Depr., Store Equipment		8
	Accounts Payable		7
	J. Mullen, Capital		33
	Sales		49
	Sales Returns and Allowances	7
	Cost of Goods Sold	18
	Salaries Expense	9
	Advertising Expense	17
	Store Supplies Expense
	Depr. Exp., Store Equip.
	Accrued Salaries Payable
	Totals	97	97
	Net Income/Loss
	Totals




Adj. Trial Balance
Dr.	Cr.




Income Stmt.
Dr.	Cr.




Balance Sheet
Dr.	Cr.

Prepare a worksheet from the following information:
E (Click the icon to view the trial balance.)
E (Click the icon to view the additional data.)
Complete the worsheet one section at a time, beginning with the Adjustments columns. For the Adjustments columns use the appropriate letters a. through d. as posting references. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (If a box is not used in the
worksheet, leave the box empty;, do not enter a zero. Abbreviations used: Acc. = Acccumulated; Adj. = Adjusted; Depr. = Depreciation; Stmt. = Statement.)
Mullen Co.
Worksheet
For Year Ended December 31, 201X
1 Trial balance
Trial Balance
Adjustments
Income Stmt.
Adi. Trial Balance
Balance Sheet
Account
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Dr.
Cr.
Mullen Co.
Cash
7
A Additional data
Accounts Receivable
3
Trial Balance
Merchandise Inventory
9
December 31, 201X
Store Supplies
7
Dr.
Cr.
Additional Data
Store Equipment
20
Cash
7
a. Inventory physical count
$
11
Acc. Depr., Store Equipment
8||
Accounts Receivable
3
b. Store supplies on hand
4
Accounts Payable
7
Merchandise Inventory
9
c. Depreciation on store equipment
d. Accrued salaries
2
J. Mullen, Capital
33
Store Supplies
7
Sales
49|||
Store Equipment
20
Sales Returns and Allowances
Accumulated Depreciation, Store Equipment
8
Print
Done
Cost of Goods Sold
18
Accounts Payable
7
Salaries Expense
9
J. Mullen, Capital
33
Advertising Expense
17
Sales
49
Store Supplies Expense
Sales Returns and Allowances
7
Depr. Exp., Store Equip.
Cost of Goods Sold
18
Accrued Salaries Payable
Salaries Expense
9
97
97
Advertising Expense
17
Totals
97
97
Net Income/Loss
Totals
Totals
Print
Done

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