Question

J. Torn Trial Balance March 31, 2017 Account Titles Dr. Cr. Cash 22 Accounts Receivable 10 Prepaid Insurance 11 8 9 Store Supplies Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable 2 6 J. Torn, Capital 29 J. Torn, Withdrawals 4 Revenue from Clients 38 Rent Expense 9 2 Wage Expense 75 75 Totals

Answer 1

Preparing the Worksheet:-

J. TORN

Worksheet

March 31,201X

Accounts	Unadjusted	Trial Balance	Adjustments		Adjusted	Trial Balance	Income	Statement	Balance	Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$22				$22				$22
Accounts Receivable	10				10				10
Prepaid Insurance	11			b. $5	6				6
Store Supplies	8			c. $3	5				5
Store Equipment	9				9				9
Accumulated Depreciation, Store Equipment		$2		a.$5		$7				$7
Accounts Payable		6				6				6
Wages Payable		0		d. $7		7				7
J. TORN, Capital		29				29				29
J. TORN, Withdrawals	4				4				4
Revenue from Clients		38				38		$38
Rent Expense	9				9		$9
Wage Expense	2		d. $7		9		9
Depreciation Expense, Store Equipment	0		a. $5		5		5
Insurance Expense	0		b. $5		5		5
Store Supplies Expense	0		c. $3		3		3
Total	$75	$75	$20	$20	$87	$87	$31	$38	$56	$49
						Net Income	$7			$7
						Totals	$38	$38	$56	$56

Note:-

Calculations for Store Supplies Expense:-

Store Supplies Expense=(Store Supplies-Store Supplies on hand)

=($8-$5)

=$3

Calculations for Net Income:-

Net Income=(Revenue- Total Expenses)

=(Revenue from Clients)-(Rent Expense+Wage Expense+Depreciation Expense+Insurance Expense+Store Supplies Expense)

=($38)-($9+$9+$5+$5+$3)

=($38-$31)

=$7