Adjustments and Work Sheet Showing Net Income Complete the adjustments for the trial balance after one month of operation for Mason's Delivery Service as of September 30, 20--. Supplies inventory as of September 30, $90. Insurance expired (used), $650. Depreciation on delivery equipment, $600. Wages earned by employees but not paid as of September 30, $350. Required: 1. Enter the adjustments in the Adjustments columns of the work sheet. 2. Complete the work sheet. If an amount box does not require an entry, leave it blank. Mason's Delivery Service Work Sheet For Month Ended September 30, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 1,600 fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Accounts Receivable 940 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Supplies 635 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 Prepaid Insurance 1,200 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 Delivery Equipment 6,400 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 Accumulated Depreciation - Delivery Equipment fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Accounts Payable 1,220 fill in the blank 49 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 Wages Payable fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 Jill Mason, Capital 8,000 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72 Jill Mason, Drawing 1,400 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 Delivery Fees 6,200 fill in the blank 81 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 Wages Expense 1,500 fill in the blank 89 fill in the blank 90 fill in the blank 91 fill in the blank 92 fill in the blank 93 fill in the blank 94 fill in the blank 95 fill in the blank 96 Advertising Expense 460 fill in the blank 97 fill in the blank 98 fill in the blank 99 fill in the blank 100 fill in the blank 101 fill in the blank 102 fill in the blank 103 fill in the blank 104 Rent Expense 800 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108 fill in the blank 109 fill in the blank 110 fill in the blank 111 fill in the blank 112 Supplies Expense fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 fill in the blank 117 fill in the blank 118 fill in the blank 119 fill in the blank 120 Phone Expense 165 fill in the blank 121 fill in the blank 122 fill in the blank 123 fill in the blank 124 fill in the blank 125 fill in the blank 126 fill in the blank 127 fill in the blank 128 Insurance Expense fill in the blank 129 fill in the blank 130 fill in the blank 131 fill in the blank 132 fill in the blank 133 fill in the blank 134 fill in the blank 135 fill in the blank 136 Repair Expense 230 fill in the blank 137 fill in the blank 138 fill in the blank 139 fill in the blank 140 fill in the blank 141 fill in the blank 142 fill in the blank 143 fill in the blank 144 Oil and Gas Expense 90 fill in the blank 145 fill in the blank 146 fill in the blank 147 fill in the blank 148 fill in the blank 149 fill in the blank 150 fill in the blank 151 fill in the blank 152 Depreciation Expense - Delivery Equipment fill in the blank 153 fill in the blank 154 fill in the blank 155 fill in the blank 156 fill in the blank 157 fill in the blank 158 fill in the blank 159 fill in the blank 160 15,420 15,420 fill in the blank 161 fill in the blank 162 fill in the blank 163 fill in the blank 164 fill in the blank 165 fill in the blank 166 fill in the blank 167 fill in the blank 168 Net Income fill in the blank 169 fill in the blank 170 fill in the blank 171 fill in the blank 172 fill in the blank 173 fill in the blank 174 fill in the blank 175 fill in the blank 176
Adjustments and Work Sheet Showing Net Income Complete the adjustments for the trial balance after one month of operation for Mason's Delivery Service as of September 30, 20--. Supplies inventory as of September 30, $90. Insurance expired (used), $650. Depreciation on delivery equipment, $600. Wages earned by employees but not paid as of September 30, $350. Required: 1. Enter the adjustments in the Adjustments columns of the work sheet. 2. Complete the work sheet. If an amount box does not require an entry, leave it blank. Mason's Delivery Service Work Sheet For Month Ended September 30, 20-- Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 1,600 fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Accounts Receivable 940 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Supplies 635 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in the blank 24 Prepaid Insurance 1,200 fill in the blank 25 fill in the blank 26 fill in the blank 27 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 Delivery Equipment 6,400 fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 37 fill in the blank 38 fill in the blank 39 fill in the blank 40 Accumulated Depreciation - Delivery Equipment fill in the blank 41 fill in the blank 42 fill in the blank 43 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 Accounts Payable 1,220 fill in the blank 49 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 fill in the blank 55 fill in the blank 56 Wages Payable fill in the blank 57 fill in the blank 58 fill in the blank 59 fill in the blank 60 fill in the blank 61 fill in the blank 62 fill in the blank 63 fill in the blank 64 Jill Mason, Capital 8,000 fill in the blank 65 fill in the blank 66 fill in the blank 67 fill in the blank 68 fill in the blank 69 fill in the blank 70 fill in the blank 71 fill in the blank 72 Jill Mason, Drawing 1,400 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 fill in the blank 77 fill in the blank 78 fill in the blank 79 fill in the blank 80 Delivery Fees 6,200 fill in the blank 81 fill in the blank 82 fill in the blank 83 fill in the blank 84 fill in the blank 85 fill in the blank 86 fill in the blank 87 fill in the blank 88 Wages Expense 1,500 fill in the blank 89 fill in the blank 90 fill in the blank 91 fill in the blank 92 fill in the blank 93 fill in the blank 94 fill in the blank 95 fill in the blank 96 Advertising Expense 460 fill in the blank 97 fill in the blank 98 fill in the blank 99 fill in the blank 100 fill in the blank 101 fill in the blank 102 fill in the blank 103 fill in the blank 104 Rent Expense 800 fill in the blank 105 fill in the blank 106 fill in the blank 107 fill in the blank 108 fill in the blank 109 fill in the blank 110 fill in the blank 111 fill in the blank 112 Supplies Expense fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 fill in the blank 117 fill in the blank 118 fill in the blank 119 fill in the blank 120 Phone Expense 165 fill in the blank 121 fill in the blank 122 fill in the blank 123 fill in the blank 124 fill in the blank 125 fill in the blank 126 fill in the blank 127 fill in the blank 128 Insurance Expense fill in the blank 129 fill in the blank 130 fill in the blank 131 fill in the blank 132 fill in the blank 133 fill in the blank 134 fill in the blank 135 fill in the blank 136 Repair Expense 230 fill in the blank 137 fill in the blank 138 fill in the blank 139 fill in the blank 140 fill in the blank 141 fill in the blank 142 fill in the blank 143 fill in the blank 144 Oil and Gas Expense 90 fill in the blank 145 fill in the blank 146 fill in the blank 147 fill in the blank 148 fill in the blank 149 fill in the blank 150 fill in the blank 151 fill in the blank 152 Depreciation Expense - Delivery Equipment fill in the blank 153 fill in the blank 154 fill in the blank 155 fill in the blank 156 fill in the blank 157 fill in the blank 158 fill in the blank 159 fill in the blank 160 15,420 15,420 fill in the blank 161 fill in the blank 162 fill in the blank 163 fill in the blank 164 fill in the blank 165 fill in the blank 166 fill in the blank 167 fill in the blank 168 Net Income fill in the blank 169 fill in the blank 170 fill in the blank 171 fill in the blank 172 fill in the blank 173 fill in the blank 174 fill in the blank 175 fill in the blank 176
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
Adjustments and Work Sheet Showing Net Income
Complete the adjustments for the
- Supplies inventory as of September 30, $90.
- Insurance expired (used), $650.
Depreciation on delivery equipment, $600.- Wages earned by employees but not paid as of September 30, $350.
Required:
1. Enter the adjustments in the Adjustments columns of the work sheet.
2. Complete the work sheet.
If an amount box does not require an entry, leave it blank.
| Mason's Delivery Service Work Sheet For Month Ended September 30, 20-- |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | |||||||
| Account Title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | 1,600 | fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | |
| 940 | fill in the blank 9 | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 | ||
| Supplies | 635 | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | |
| Prepaid Insurance | 1,200 | fill in the blank 25 | fill in the blank 26 | fill in the blank 27 | fill in the blank 28 | fill in the blank 29 | fill in the blank 30 | fill in the blank 31 | fill in the blank 32 | |
| Delivery Equipment | 6,400 | fill in the blank 33 | fill in the blank 34 | fill in the blank 35 | fill in the blank 36 | fill in the blank 37 | fill in the blank 38 | fill in the blank 39 | fill in the blank 40 | |
| fill in the blank 41 | fill in the blank 42 | fill in the blank 43 | fill in the blank 44 | fill in the blank 45 | fill in the blank 46 | fill in the blank 47 | fill in the blank 48 | |||
| Accounts Payable | 1,220 | fill in the blank 49 | fill in the blank 50 | fill in the blank 51 | fill in the blank 52 | fill in the blank 53 | fill in the blank 54 | fill in the blank 55 | fill in the blank 56 | |
| Wages Payable | fill in the blank 57 | fill in the blank 58 | fill in the blank 59 | fill in the blank 60 | fill in the blank 61 | fill in the blank 62 | fill in the blank 63 | fill in the blank 64 | ||
| Jill Mason, Capital | 8,000 | fill in the blank 65 | fill in the blank 66 | fill in the blank 67 | fill in the blank 68 | fill in the blank 69 | fill in the blank 70 | fill in the blank 71 | fill in the blank 72 | |
| Jill Mason, Drawing | 1,400 | fill in the blank 73 | fill in the blank 74 | fill in the blank 75 | fill in the blank 76 | fill in the blank 77 | fill in the blank 78 | fill in the blank 79 | fill in the blank 80 | |
| Delivery Fees | 6,200 | fill in the blank 81 | fill in the blank 82 | fill in the blank 83 | fill in the blank 84 | fill in the blank 85 | fill in the blank 86 | fill in the blank 87 | fill in the blank 88 | |
| Wages Expense | 1,500 | fill in the blank 89 | fill in the blank 90 | fill in the blank 91 | fill in the blank 92 | fill in the blank 93 | fill in the blank 94 | fill in the blank 95 | fill in the blank 96 | |
| Advertising Expense | 460 | fill in the blank 97 | fill in the blank 98 | fill in the blank 99 | fill in the blank 100 | fill in the blank 101 | fill in the blank 102 | fill in the blank 103 | fill in the blank 104 | |
| Rent Expense | 800 | fill in the blank 105 | fill in the blank 106 | fill in the blank 107 | fill in the blank 108 | fill in the blank 109 | fill in the blank 110 | fill in the blank 111 | fill in the blank 112 | |
| Supplies Expense | fill in the blank 113 | fill in the blank 114 | fill in the blank 115 | fill in the blank 116 | fill in the blank 117 | fill in the blank 118 | fill in the blank 119 | fill in the blank 120 | ||
| Phone Expense | 165 | fill in the blank 121 | fill in the blank 122 | fill in the blank 123 | fill in the blank 124 | fill in the blank 125 | fill in the blank 126 | fill in the blank 127 | fill in the blank 128 | |
| Insurance Expense | fill in the blank 129 | fill in the blank 130 | fill in the blank 131 | fill in the blank 132 | fill in the blank 133 | fill in the blank 134 | fill in the blank 135 | fill in the blank 136 | ||
| Repair Expense | 230 | fill in the blank 137 | fill in the blank 138 | fill in the blank 139 | fill in the blank 140 | fill in the blank 141 | fill in the blank 142 | fill in the blank 143 | fill in the blank 144 | |
| Oil and Gas Expense | 90 | fill in the blank 145 | fill in the blank 146 | fill in the blank 147 | fill in the blank 148 | fill in the blank 149 | fill in the blank 150 | fill in the blank 151 | fill in the blank 152 | |
| Depreciation Expense - Delivery Equipment | fill in the blank 153 | fill in the blank 154 | fill in the blank 155 | fill in the blank 156 | fill in the blank 157 | fill in the blank 158 | fill in the blank 159 | fill in the blank 160 | ||
| 15,420 | 15,420 | fill in the blank 161 | fill in the blank 162 | fill in the blank 163 | fill in the blank 164 | fill in the blank 165 | fill in the blank 166 | fill in the blank 167 | fill in the blank 168 | |
| Net Income | fill in the blank 169 | fill in the blank 170 | fill in the blank 171 | fill in the blank 172 | ||||||
| fill in the blank 173 | fill in the blank 174 | fill in the blank 175 | fill in the blank 176 |
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