Question

The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Complete the work sheet following adjustment. Complete the Adjusted Trial Balance columns of the work sheet. (Enter their balances in the correct Debit or Credit column of the Unadjusted Trial Balance columns.)

Use the following adjustment information to complete the Adjustments columns of the work sheet.

1. 
   WESTCOTT COMPANY Partial Work Sheet For the Year Ended December 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Dr. Cr. Dr. Cr. Dr. Cr. $ 30 41 36 60 Account Title Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-Equip. Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends Revenue Depreciation expense-Equip. Salaries expense Insurance expense Supplies expense Utilities expense Totals 50 15 115 24 TL $ 251 $ 251
   Depreciation on equipment, $9
2. Accrued salaries, $13
3. The $29 of unearned revenue has been earned
4. Supplies available at December 31, $11
5. Expired insurance, $11

Answer 1

WESTCOTT COMPANY Worksheet For the Year Ended December 31 Unadjusted TB Adjustments Debit Credit Debit Credit $30 Account Title Adjusted TB Debit Credit $30 $16 $11 $16 $41 [Adjustment = $41 - $11 = $30] $36 $25 $60 $60 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Dep. - Equipment Accounts payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Revenue Depreciation Expense-Equipment Salaries Expense Insurance Expense Supplies Expense Utilities Expense TOTALS $29 $12 $50 $15 $40 $14 $13 $0 [Full unearned revenue of $29 has been earned] $12 $50 $0 $144 [Adjustment for revenue is towards unearned revenue earned] [Depreciation for the year] [Salaries accrued] [Insurance expired] [Supplies used] $115 $9 $37 $11 $30 $29 $29 $251 $251 $92 $92 $273 $273