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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.

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.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 16MCQ
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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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