Question

2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment. $19 b. Accrued salaries, $22 C. The $28 of unearned revenue has been earned d. Supplies available at December 31, $95 e. Expired insurance, $31 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns including net income. WESTCOTT COMPANY Partial Work Sheet For the year ended December 31 Adjustments Adjusted Trial Balance Dr. Cr. Dr. Cr. Unadjusted Trial Balance Income Statement Balance Sheet Dr. Cr. $ 101 60 120 50 71 $ 47 22 Account Title Cash Accounts receivable Supplies Prepaid insurance Equipment Accum. 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 Total Not income Totals 28 106 64 38 235 34 28 502 s $ 5025 0 $ 0 $ 0 $ 0 0 0 0 $ 0 $ $ 0 $ 0

Answer 1

WESTCOTT COMPANY
Partial Work Sheet
For the year ended December 31
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	101				101				101
Accounts Receivable	60				60				60
Supplies	120			25	95				95
Prepaid Insurance	50			31	19				19
Equipment	71				71				71
Accumulated Depreciation - Equipment		47		19		66				66
Accounts Payable		22				22				22
Salaries Payable				22		22				22
Unearned Revenue		28	28			-				-
Common Stock		106				106				106
Retained Earnings		64				64				64
Dividends	38				38				38
Revenue		235		28		263		263
Depreciation Expense - Equip.			19		19		19
Salaries Expense	34		22		56		56
Insurance Expense			31		31		31
Supplies Expense			25		25		25
Utilities Expense	28				28		28
Totals	502	502	125	125	543	543
Net Income							104			104
Totals							263	263	384	384