Question

2. Use the following adjustment Information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment, $3 b. Accrued salarles, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Explred Insurance, $15 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns Including net Income.

Answer 1

21 WESTCOTT COMPANY Partial Work Sheet For the year ended December 31 Unadjusted Trial Balance Adjustements Adjusted Trial Balance Income statement Balance sheet Dr Cr Dr Cr Dr Cr Dr Cr | Dr Cr $ 21 12 $ 12 $ 9 $ $ 15 $ 15 $ $ 3 39 $ 39 15 $ 3 $ 18 $ 6 $ 6 12 $ 12 $ - 10 $ 10 Account Titiles Cash Accounts receivables Supplies Prepaid Insurance Equipment Accumulated depreciation - Equipment Accounts Payable Salaries Payable Unearned Reavenue Comon Stock Reatained Earnings Dividends Revenue Depreciation Expense - Equipment Salaries Expense Insurance Expense Supplies Expense Utilities Expense Totals Net Income Totals 32 $ 32 $ 32 6 $ 6 75 12 $ $ 87 3 $ 18 $ $ $ $ $ 3 6 15 91 87 $ $ $ $ $ 159 $ $ 159 $ $ $ 12 150 3 24 15 9 12 63 24 87 12 159 $ 150 $ 45 $ 45 $ $ $ 87 $ 96 $ $ $ 72 24 96 $ 45 $ 45 $ 159 $ $ 87 $ 96