1. Prepare and complete a worksheet.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required:
1. Prepare and complete a worksheet.
Account Title
Cash
Accounts receivable
Prepaid rent
Inventory
Equipment
Accumulated depreciation
Accounts payable
Salaries payable
Common stock
Retained earnings
Sales revenue
Cost of goods sold
Salaries expense
Rent expense
Depreciation expense
Utilities expense
Advertising expense
Net income
Totals
Unadjusted Trial Balance
Debit
Credit
57,510
27,500
4,000
42,500
90,000
259,800
86,600
24,000
0
17,320
5,770
615,000
27,000
30,000
0
100,000
25,000
433,000
615,000
WOLKSTEIN DRUG COMPANY
Worksheet
December 31, 2024
Adjusting Entries
Debit
0
Credit
0
Adjusted Trial Balance
Credit
Debit
0
0
Income Statement
Debit
Credit
0
0
0
0
Balance Sheet
Debit
0
0
Credit
0
0
Transcribed Image Text:Required: 1. Prepare and complete a worksheet. Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Net income Totals Unadjusted Trial Balance Debit Credit 57,510 27,500 4,000 42,500 90,000 259,800 86,600 24,000 0 17,320 5,770 615,000 27,000 30,000 0 100,000 25,000 433,000 615,000 WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024 Adjusting Entries Debit 0 Credit 0 Adjusted Trial Balance Credit Debit 0 0 Income Statement Debit Credit 0 0 0 0 Balance Sheet Debit 0 0 Credit 0 0
27,500 Prepaid rent 4, 000 Inventory 42, 500 Equipment 90, 000 Accumulated
depreciation $ 27,000 Accounts payable 30,000 Salaries payable 0 Common
stock 100,000 Retained earnings 25,000 Sales revenue 433,000 Cost of goods
sold 259, 800 Salaries expense 86, 600 Rent expense 24,000 Depreciation
expense 0 Utilities expense 17, 320 Advertising expense 5,770 Totals $ 615,000
$ 615,000 The following year - end adjusting entries are required: Depreciation
expense for the year on the equipment is $9,000. Salaries at year - end should
be accrued in the amount of $5,600. Required: 1. Prepare and complete a
worksheet.Required: Prepare and complete a worksheet. WOLKSTEIN DRUG
COMPANY Worksheet December 31, 2024
Transcribed Image Text:27,500 Prepaid rent 4, 000 Inventory 42, 500 Equipment 90, 000 Accumulated depreciation $ 27,000 Accounts payable 30,000 Salaries payable 0 Common stock 100,000 Retained earnings 25,000 Sales revenue 433,000 Cost of goods sold 259, 800 Salaries expense 86, 600 Rent expense 24,000 Depreciation expense 0 Utilities expense 17, 320 Advertising expense 5,770 Totals $ 615,000 $ 615,000 The following year - end adjusting entries are required: Depreciation expense for the year on the equipment is $9,000. Salaries at year - end should be accrued in the amount of $5,600. Required: 1. Prepare and complete a worksheet.Required: Prepare and complete a worksheet. WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024
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