Homework Answers
| 1) | |||
| a | 4 | ||
| b | 5 | ||
| c | 3 | ||
| d | 2 | ||
| e | 1 | ||
| 2) | |||
| a | Insurance Expenses | Income Statement | |
| b | Account Payable | Balance Sheet | |
| c | Prepaid Service Fees | Balance Sheet | |
| d | Interest expenses | Income Statement | |
| e | Factory | Balance Sheet | |
| f | Wages Payable | Balance Sheet | |
| g | Equipment | Balance Sheet | |
| h | Cash | Balance Sheet | |
| i | Office Equipment | Balance Sheet | |
| 3) | Plant | A | |
| Furniture | A | ||
| Owner, capital | E | ||
| Owner, withdrawal | E | ||
| Equipment | A | ||
| Salaries Payables | L | ||
| Prepaid Rent | A | ||
| Unearned Subscriptions | L | ||
| Kindly give a positive rating if you are satisfied with this solution and please ask if you have any queries. | |||
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List the following steps in preparing a work sheet in their proper order by selecting numbers...
2. Use the following adjustment Information to complete the Adjustments columns of the work sheet. a....
2. Use the following adjustment Information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment, $3 b. Accrued salarles, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Explred Insurance, $15 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...
2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a....
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...
The following data are taken from the unadjusted trial balance of the Westcott Company at December...
The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Each account carries a normal balance. Set up a 10-column work sheet to answer the requirements. esclse. Preparing unadjusted and adjusted trial balances, including the adjustments P1 56 $ 6 Accounts Payable..... Accounts Receivable Accumulated Depreciation-Equip.. Cash Equipment Prepaid Insurance...... Revenue............. Salaries Expense....... Supplies W. Westcott, Capital .... 15 $18 75 18 24 42 W. Westcott, Withdrawals.. . Unearned Revenue .......... Utilities Expense...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
completion. Return to question Partial Work Sheet For the year ended December 31 Unadjusted Trial Balance...
completion. Return to question Partial Work Sheet For the year ended December 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Account Title Dr Cr. Dr Cr. Dr. Cr. Cash $ 56 $ 56 Accounts receivable 33 33 66 $ 50 X 22 16 X 10 32 53 53 $ 29 10 Supplies Prepaid insurance Equipment Accum. depreciation Equip Accounts payable Salaries payable Unearned revenue W. Westcott, Capital W. Westcott Withdrawals 39 13 13 13 13 19 $ 19...
2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a....
2. Use the following adjustment information to complete the Adjustments columns of the work sheet.a. Depreciation on equipment, $8b. Accrued salaries, $11C. The $17 of unearned revenue has been earnedd. Supplies available at December 31, $40e. Expired insurance, $203. 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.
BRIEF EXERCISES BE4-1 The steps in using a worksheet are presented in random order below. List...
BRIEF EXERCISES BE4-1 The steps in using a worksheet are presented in random order below. List the steps in the proper order by placing numbers 1-5 in the blank spaces. (a) Prepare a trial balance on the worksheet. (b) Enter adjusted balances. Extend adjusted balances to appropriate statement columns. (d) Total the statement columns, compute net income (loss), and complete the worksheet. (e) Enter adjustment data. BE4-2 The ledger of Van Heiden Company, NV includes the following unadjusted balances. Pre...
Check my work The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent...
Check my work The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $1,400, Services Revenue $59.600, and Wages Expense $5,400. Adjusting entries are required for (a) prepaid rent expired $400 (b) accrued services revenue $1.300 and ( accrued wages expense $900. Prepare a 10 column worksheet with six rows for the following accounts: Prepaid Rent Services Revenue, Wages Expense, Accounts Receivable, Wages Payable, and Rent Expense. Enter the necessary adjustments on the work sheet and complete...
Work Sheet Extensions for Merchandise Inventory Adjustments:Periodic Inventory System1. Complete the Adjustments columns for...
Work Sheet Extensions for Merchandise Inventory Adjustments:
Periodic Inventory System1. Complete the Adjustments columns for the merchandise
inventory.2. Extend the merchandise inventory to the Adjusted Trial
Balance and Balance Sheet columns.3. Extend the remaining accounts to the Adjusted Trial Balance
and Income Statement columns.4. Prepare a cost of goods sold section from the partial worksheet.The following partial worksheet is taken from Kevin's Gift
Shop for the year ended December 31, 20--. The ending merchandise
inventory is $51,330.Merchandising Inventory:1. Complete the...
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted...
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 93,000 1,500 2,100 50,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637...
2. Use the following adjustment Information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment, $3 b. Accrued salarles, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Explred Insurance, $15 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...
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...
The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Each account carries a normal balance. Set up a 10-column work sheet to answer the requirements. esclse. Preparing unadjusted and adjusted trial balances, including the adjustments P1 56 $ 6 Accounts Payable..... Accounts Receivable Accumulated Depreciation-Equip.. Cash Equipment Prepaid Insurance...... Revenue............. Salaries Expense....... Supplies W. Westcott, Capital .... 15 $18 75 18 24 42 W. Westcott, Withdrawals.. . Unearned Revenue .......... Utilities Expense...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
completion. Return to question Partial Work Sheet For the year ended December 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Account Title Dr Cr. Dr Cr. Dr. Cr. Cash $ 56 $ 56 Accounts receivable 33 33 66 $ 50 X 22 16 X 10 32 53 53 $ 29 10 Supplies Prepaid insurance Equipment Accum. depreciation Equip Accounts payable Salaries payable Unearned revenue W. Westcott, Capital W. Westcott Withdrawals 39 13 13 13 13 19 $ 19...
2. Use the following adjustment information to complete the Adjustments columns of the work sheet.a. Depreciation on equipment, $8b. Accrued salaries, $11C. The $17 of unearned revenue has been earnedd. Supplies available at December 31, $40e. Expired insurance, $203. 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.
BRIEF EXERCISES BE4-1 The steps in using a worksheet are presented in random order below. List the steps in the proper order by placing numbers 1-5 in the blank spaces. (a) Prepare a trial balance on the worksheet. (b) Enter adjusted balances. Extend adjusted balances to appropriate statement columns. (d) Total the statement columns, compute net income (loss), and complete the worksheet. (e) Enter adjustment data. BE4-2 The ledger of Van Heiden Company, NV includes the following unadjusted balances. Pre...
Check my work The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $1,400, Services Revenue $59.600, and Wages Expense $5,400. Adjusting entries are required for (a) prepaid rent expired $400 (b) accrued services revenue $1.300 and ( accrued wages expense $900. Prepare a 10 column worksheet with six rows for the following accounts: Prepaid Rent Services Revenue, Wages Expense, Accounts Receivable, Wages Payable, and Rent Expense. Enter the necessary adjustments on the work sheet and complete...
Work Sheet Extensions for Merchandise Inventory Adjustments:
Periodic Inventory System1. Complete the Adjustments columns for the merchandise
inventory.2. Extend the merchandise inventory to the Adjusted Trial
Balance and Balance Sheet columns.3. Extend the remaining accounts to the Adjusted Trial Balance
and Income Statement columns.4. Prepare a cost of goods sold section from the partial worksheet.The following partial worksheet is taken from Kevin's Gift
Shop for the year ended December 31, 20--. The ending merchandise
inventory is $51,330.Merchandising Inventory:1. Complete the...
Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 93,000 1,500 2,100 50,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637...
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