![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Prepare a worksheet for Brown’s Plumbing and Heating.
- Write the heading for the worksheet for the fiscal period ending December 31, 20xx.
- Record the
trial balance using the accounts and their balances from the Ledger tab. Some are done for you. - Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year.
- Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year.
- Prove the Adjustments columns.
- Extend all
balance sheet account balances. - Extend all income statement account balances.
- Calculate and record the net income or loss.
- Total and rule the Income Statement and Balance Sheet columns.
![ACCOUNT Cash
DATE
Dec.
ACCOUNT Petty Cash
DATE
31
Dec. 31
DATE
ACCOUNT Accounts Receivable
Dec. 31
ACCOUNT Supplies
DATE
Dec.
ACCOUNT Insurance
DATE
=
Dec. 4
ITEM
ITEM
DATE
Dec. 1
ITEM
ITEM
ACCOUNT Accounts Payable
ITEM
DATE
Dec. 31
ACCOUNT Ray Brown, Capital
ITEM
ITEM
POST
REF
DEBIT
2 $35,640.00
2
POST
REF
2 $ 300.00
POST
REF
DEBIT
DEBIT
2$ 6,250.00
POST
REF. DEBIT
POST
REF. DEBIT
$ 12,100.00
1$ 3,500.00
POST.
REF.
POST.
REF. DEBIT
1
ill
DENT
ACCOUNT NO
CREDIT DEBIT CREDIT
$35,640.00
$13,660.00 $21.980.00
CREDIT
ACCOUNT NO.
BALANCE
CREDIT DEBIT CREDIT
$ 300.00
BALANCE
ACCOUNT NO. 130
BALANCE
CREDIT
ACCOUNT NO. 140
$ 6.250.00
DEBIT CREDIT
CREDIT DEBIT CREDIT
|$ 12,100.00
ACCOUNT NO.
BALANCE
BALANCE
CREDIT
$10,000.00
DEBR
$3,600.00
ACCOUNT NO. 210
BALANCE
110
CREDIT
CREDIT DEBIT CREDE
$ 1,100.00
$1,100.00
DEBIT
150
120
ACCOUNT NO. 310
BALANCE
CREDIT
$10,000.00
ACCOUNT Ray Brown, Drawing
DATE
Dec.
ACCOUNT Income Summary
DATE
ACCOUNT Sales
DATE
Dec. 31
ITEM
DATE
Dec. 9
ITEM
ACCOUNT Advertising Expense
ITEM
ITEM
POST
REF. DEBIT
1$ 7,000.00
POST
REF. DEBIT
POST
REF. DEBIT
2
POST.
REF.
DEBIT
1$ 2,530.00
ACCOUNT NO.
CREDIT
CREDIT
ACCOUNT NO.
CREDIT
BALANCE
$49,000.00
DEBIT
$ 7,000.00
CREDIT
BALANCE
DEBIT
ACCOUNT NO. 410
DEBIT
ACCOUNT NO.
CREDIT
BALANCE
320
CREDIT
DEBIT
$ 2,530.00
BALANCE
CREDIT
$49,000.00
510
CREDIT
ACCOUNT Insurance Expense
DATE
ACCOUNT Miscellaneous Expense
DATE
I
Dec.
DATE
ACCOUNT Supplies Expense
9
DATE
ITEM
Dec.
ACCOUNT Utilities Expense
ITEM
9
ITEM
ITEM
POST
REF.
POST
REF DEBIT
DEBIT
1$ 780.00
POST.
REF. DEBIT
POST
REF
DEBIT
$ 5.560.00
1$
ACCOUNT NO.
CREDIT
CREDIT
BALANCE
ACCOUNT NO. 530
CREDIT
DEBIT CREDIT
CREDIT
BALANCE
ACCOUNT NO.
520
DEBIT CREDIT
$ 780.00
BALANCE
540
DEBIT CREDIT
ACCOUNT NO. 550
BALANCE
DEBIT
$ 5,560.00
CREDIT](https://content.bartleby.com/qna-images/question/71f6fecc-f270-4274-8050-646232ec73a3/045a8716-de91-4b89-82d5-86ec31df963b/0ltz4s_thumbnail.png)
Transcribed Image Text:ACCOUNT Cash
DATE
Dec.
ACCOUNT Petty Cash
DATE
31
Dec. 31
DATE
ACCOUNT Accounts Receivable
Dec. 31
ACCOUNT Supplies
DATE
Dec.
ACCOUNT Insurance
DATE
=
Dec. 4
ITEM
ITEM
DATE
Dec. 1
ITEM
ITEM
ACCOUNT Accounts Payable
ITEM
DATE
Dec. 31
ACCOUNT Ray Brown, Capital
ITEM
ITEM
POST
REF
DEBIT
2 $35,640.00
2
POST
REF
2 $ 300.00
POST
REF
DEBIT
DEBIT
2$ 6,250.00
POST
REF. DEBIT
POST
REF. DEBIT
$ 12,100.00
1$ 3,500.00
POST.
REF.
POST.
REF. DEBIT
1
ill
DENT
ACCOUNT NO
CREDIT DEBIT CREDIT
$35,640.00
$13,660.00 $21.980.00
CREDIT
ACCOUNT NO.
BALANCE
CREDIT DEBIT CREDIT
$ 300.00
BALANCE
ACCOUNT NO. 130
BALANCE
CREDIT
ACCOUNT NO. 140
$ 6.250.00
DEBIT CREDIT
CREDIT DEBIT CREDIT
|$ 12,100.00
ACCOUNT NO.
BALANCE
BALANCE
CREDIT
$10,000.00
DEBR
$3,600.00
ACCOUNT NO. 210
BALANCE
110
CREDIT
CREDIT DEBIT CREDE
$ 1,100.00
$1,100.00
DEBIT
150
120
ACCOUNT NO. 310
BALANCE
CREDIT
$10,000.00
ACCOUNT Ray Brown, Drawing
DATE
Dec.
ACCOUNT Income Summary
DATE
ACCOUNT Sales
DATE
Dec. 31
ITEM
DATE
Dec. 9
ITEM
ACCOUNT Advertising Expense
ITEM
ITEM
POST
REF. DEBIT
1$ 7,000.00
POST
REF. DEBIT
POST
REF. DEBIT
2
POST.
REF.
DEBIT
1$ 2,530.00
ACCOUNT NO.
CREDIT
CREDIT
ACCOUNT NO.
CREDIT
BALANCE
$49,000.00
DEBIT
$ 7,000.00
CREDIT
BALANCE
DEBIT
ACCOUNT NO. 410
DEBIT
ACCOUNT NO.
CREDIT
BALANCE
320
CREDIT
DEBIT
$ 2,530.00
BALANCE
CREDIT
$49,000.00
510
CREDIT
ACCOUNT Insurance Expense
DATE
ACCOUNT Miscellaneous Expense
DATE
I
Dec.
DATE
ACCOUNT Supplies Expense
9
DATE
ITEM
Dec.
ACCOUNT Utilities Expense
ITEM
9
ITEM
ITEM
POST
REF.
POST
REF DEBIT
DEBIT
1$ 780.00
POST.
REF. DEBIT
POST
REF
DEBIT
$ 5.560.00
1$
ACCOUNT NO.
CREDIT
CREDIT
BALANCE
ACCOUNT NO. 530
CREDIT
DEBIT CREDIT
CREDIT
BALANCE
ACCOUNT NO.
520
DEBIT CREDIT
$ 780.00
BALANCE
540
DEBIT CREDIT
ACCOUNT NO. 550
BALANCE
DEBIT
$ 5,560.00
CREDIT
![Cash
Petty Cash
Account Title
Income Summary
Sales
Net Income
$
$
Trial Balance
Debit
21.980.00
300.00
$
Credit
49,000.00
Debit
Adjustments
Credit
Income Statement
Debit
Credit
$ 49,000.00
Balance Sheet
Debit
Credit](https://content.bartleby.com/qna-images/question/71f6fecc-f270-4274-8050-646232ec73a3/045a8716-de91-4b89-82d5-86ec31df963b/pvl9uaa_thumbnail.png)
Transcribed Image Text:Cash
Petty Cash
Account Title
Income Summary
Sales
Net Income
$
$
Trial Balance
Debit
21.980.00
300.00
$
Credit
49,000.00
Debit
Adjustments
Credit
Income Statement
Debit
Credit
$ 49,000.00
Balance Sheet
Debit
Credit
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