Question

PROBLEM 1 -Worksheet

The worksheet for Gibler Rental Company appears below. Using the adjustment data below, complete the worksheet. Add any accounts that are necessary.

Adjustment data:

1. A physical count of supplies indicates $3 on hand at August 31.
2. The amount of insurance that expired in the month of August was $2.
3. Depreciation on equipment for August was $5.
4. Interest accrued on the note payable was $1.

GIBLER RENTAL COMPANY Worksheet For the Month Ended August 31, 2010
	Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
Account Titles	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	30
Accounts Receivable	13
Prepaid Insurance	8
Supplies	10
Office Equipment	50
Accum. Depreciation—  Equipment		10
Notes  Payable		10
Accounts Payable		20
Gibler, Capital		25
Gibler, Drawing	2
Rent Revenue		77
Depreciation Expense	5
Insurance Expense	4
Salaries Expense	20
Totals	142	142

Answer 1

GIBLER RENTAL COMPANY Work Sheet For the Month Ended August 31, 2010 Trial Balance Adjustements Adjusted Trial Balance Income statement Debit Credit Debit Credit Debit Credit Debit Credit 30 Balance sheet Debit | Credit 30 $ 7 Account Titiles Cash Accounts receivables Prepaid Insurance Supplies Office Equipment Accumulated depreciation - Equipment Notes Payable Accounts Payable Gibler, Capital Gibler, Drawing Rent Revenue Depreciation expenses Insurance Expense Salaries expense Supplies Expense Interest Expense Totals Net Income Totals $ 21 $ 77 $ $ 5 2 $ 20 $ $ 1 15 $ $ $ $ $ 148$ $ $ 10 6 20 7 1 44 33 77 $ 142 $ 142 $ 15 $ 148 $ $ 77 $ 104 $ $ 104 $ 71 33 104 $ 77 $