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.

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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  1. Prepare a worksheet for Brown’s Plumbing and Heating.
  2. Write the heading for the worksheet for the fiscal period ending December 31, 20xx.
  3. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you.
  4. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year.
  5. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year.
  6. Prove the Adjustments columns.
  7. Extend all balance sheet account balances.
  8. Extend all income statement account balances.
  9. Calculate and record the net income or loss.
  10. 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
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
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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