Question

The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Each account carries a normal balance and the accounts are shown here Accounts Payable Accounts Receivable Accumulated Depreciation-Equip Cash Equipment Prepaid Insurance Revenue Salaries Expense Supplies Common stock Retained earnings Dividends UnearnedRevenue Utilities Expense 12 15 21 39 18 18 24 10 32 12 12 Use the following adjustment information to complete the ten-column work sheet. a. Depreciation on equipment, $3 b. Accrued salaries, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Expired insurance, $15

Answer 1

WESTCOTT COMPANY
Worksheet
For the Month Ended June 30, 2020
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance [Answer]		Income Statement		Balance sheet
Accounts	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$   21.00				$   21.00				$     21.00
Accounts receivables	$   12.00				$   12.00				$     12.00
Supplies	$   24.00			$    9.00	$   15.00				$     15.00
Prepaid Insuyrance	$   18.00			$ 15.00	$      3.00				$       3.00
Equipment	$   39.00				$   39.00				$     39.00
Accumulated depreciation-Equip		$    15.00		$    3.00		$     18.00				$ 18.00
Accounts payable		$      6.00				$       6.00				$    6.00
Salaries payable				$    6.00		$       6.00				$    6.00
Unearned revenue		$    12.00	$ 12.00			$            -				$         -
Common stock		$    10.00				$     10.00				$ 10.00
Retained earnings		$    32.00				$     32.00				$ 32.00
Dividends	$      6.00				$      6.00				$       6.00
Revenue		$    75.00		$ 12.00		$     87.00		$   87.00
Depreciation expense-Equip			$    3.00		$      3.00		$     3.00
Salaries expense	$   18.00		$    6.00		$   24.00		$   24.00
Insurance expense			$ 15.00		$   15.00		$   15.00
Supplies expense			$    9.00		$      9.00		$     9.00
Utilities expense	$   12.00				$   12.00		$   12.00
TOTALS	$ 150.00	$ 150.00	$ 45.00	$ 45.00	$ 159.00	$ 159.00	$   63.00	$   87.00	$     96.00	$ 72.00
Net income							$   24.00			$ 24.00
TOTALS	$ 150.00	$ 150.00	$ 45.00	$ 45.00	$ 159.00	$ 159.00	$   87.00	$   87.00	$     96.00	$ 96.00