Question

EXERCISE 4-1 LO 2 Practice Exercise 2 1. List the following classifications of accounts in all of the columns in which they appear on the work sheet, with the exception of the Adjustments columns. (Example: Assets) Assets Capital Accumulated Depreciation Drawing (with previous balance) Revenue Liabilities Expenses 2. List Net Income in the appropriate columns Show HOW B 4 с D 5 ACCOUNT NAME TRIAL BALANCE DEBIT CREDIT Ascots ADJUSTMENTS DEDIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT 10 11 12 13 14 Net Income 16 Sheet1 Sheet2 Sheet <

Answer 1

Solution:

	Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet
Account title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Assets	Assets				Assets				Assets
Accumulated Depreciation		Accumulated Depreciation				Accumulated Depreciation				Accumulated Depreciation
Liabilities		Liabilities				Liabilities				Liabilities
Capital		Capital				Capital				Capital
Drawing	Drawing				Drawing
Revenue		Revenue				Revenue		Revenue
Expenses	Expenses				Expenses		Expenses
Net Income								Net Income