College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 1PB
The
Required
- 1. Record amounts in the Trial Balance columns of the work sheet.
- 2. Complete the work sheet by making the following adjustments and lettering each adjustment:
- a. Expired or used-up insurance, $260.
- b. Depreciation expense on office equipment, $900.
- c. Supplies used, $200.
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Students have asked these similar questions
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.
Hankik Enterprises
Worksheet
For the Year Ended July 31, 2015
Adjusted Trial
Trial Balance
Adjustments
Description
Balance
Debit
Debit
Credit
Credit
Debit
Credit
Cash
36
Prepaid Insurance
12
Fees Receivable
56
Supplies
12
Equipment
60
Accum. Depreciation
12
Uncarned Revenue
20
Accounts Payable
32
Wages Payable
Ramon Hikik, Capital
84
Ramon Hikik,
4
Drawing
Service Revenue
80
Advertising Expense
28
Wage Expense
20
Insurance Expense
Supplies Expense
Depreciation Expense
228
Totals
228
A partial work sheet for Marge's Place is shown below.
Prepare the following adjustments on this work sheet for the month ended June 30, 20--.
Expired or used-up insurance, $450.
Depreciation expense on equipment, $750 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment).
Wages accrued or earned since the last payday, $380 (owed and to be paid on the next payday).
Supplies used, $110.
If no amount is required, enter 0.
Marge's Place
Work Sheet
For Month Ended June 30, 20--
TRIAL BALANCE
ADJUSTMENTS
ACCOUNT NAME
DEBIT
CREDIT
DEBIT
CREDIT
1
Cash
4,370
fill in the blank 1
fill in the blank 2
1
2
Supplies
250
fill in the blank 3
fill in the blank 4
2
3
Prepaid Insurance
1,800
fill in the blank 5
fill in the blank 6
3
4
Equipment
4,880
fill in the blank 7
fill in the blank 8
4
5
Accumulated Depreciation, Equipment
1,350
fill in the blank 9
fill in the blank 10
5
6
Accounts Payable…
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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