2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment, $3 b. Accrued salaries, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Expired 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 ended December 31 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Account Title Cr. Dr. Cr. Dr. Dr. Cr. Cash 21 21 21 S Accounts receivable 12 12 12 15 Supplies 24 Prepaid insurance Equipment Accum. depreciation-Equip Accounts payable 3 18 39 39 18 $ 15 3 6 6 Salaries payable 6 6 Unearned revenue 12 Common stock 10 Retained earnings 32 6 Dividends Revenue 87 75 12 Depreciation expense-Equip 3 3 24 Salaries expense 18 6 Insurance expense 15 15 Supplies expense 9 9 Utilities expense 12 12 12 21 $ 159 $ Totals 150 $ 33 $ 150 117 12 C 33 6 Net income 12 $ 33 6 Totals
2. Use the following adjustment information to complete the Adjustments columns of the work sheet. a. Depreciation on equipment, $3 b. Accrued salaries, $6 c. The $12 of unearned revenue has been earned d. Supplies available at December 31, $15 e. Expired 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 ended December 31 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Income Statement Balance Sheet Account Title Cr. Dr. Cr. Dr. Dr. Cr. Cash 21 21 21 S Accounts receivable 12 12 12 15 Supplies 24 Prepaid insurance Equipment Accum. depreciation-Equip Accounts payable 3 18 39 39 18 $ 15 3 6 6 Salaries payable 6 6 Unearned revenue 12 Common stock 10 Retained earnings 32 6 Dividends Revenue 87 75 12 Depreciation expense-Equip 3 3 24 Salaries expense 18 6 Insurance expense 15 15 Supplies expense 9 9 Utilities expense 12 12 12 21 $ 159 $ Totals 150 $ 33 $ 150 117 12 C 33 6 Net income 12 $ 33 6 Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:2. Use the following adjustment information to complete the Adjustments columns of the work sheet.
a. Depreciation on equipment, $3
b. Accrued salaries, $6
c. The $12 of unearned revenue has been earned
d. Supplies available at December 31, $15
e. Expired 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 ended December 31
Unadjusted Trial
Balance
Adjusted
Trial Balance
Adjustments
Income Statement
Balance Sheet
Account Title
Cr.
Dr.
Cr.
Dr.
Dr.
Cr.
Cash
21
21
21
S
Accounts receivable
12
12
12
15
Supplies
24
Prepaid insurance
Equipment
Accum. depreciation-Equip
Accounts payable
3
18
39
39
18
$
15
3
6
6
Salaries payable
6
6
Unearned revenue
12
Common stock
10
Retained earnings
32
6
Dividends
Revenue
87
75
12
Depreciation expense-Equip
3
3
24
Salaries expense
18
6
Insurance expense
15
15
Supplies expense
9
9
Utilities expense
12
12
12
21 $
159 $
Totals
150 $
33 $
150
117
12
C
33
6
Net income
12 $
33
6
Totals
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