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current year are given below. The business uses a Account Titles Cash Petty Cash Accounts Receivable-Grand Company Accounts Receivable-Mercure Company Supplies Prepaid Insurance Accounts Payable-Coastal Supplies Accounts Payable-Darwin Company Dennis Hobart, Capital Dennis Hobart, Drawing Income Summary Sales Advertising Expense Cash Short and Over Insurance Expense Miscellaneous Expense Rent Expense Supplies Expense Utilities Expense Account Balances Debit 9,500.00 50.00 400.00 300.00 950.00 450.00 3. Complete the work sheet. 2,000.00 250.00 15.00 150.00 1,160.00 300.00 (a) Supplies on hand (b) Ending balance of prepaid insurance Adjustment Information, December 31 Credit Directions: 1. Prepare the heading and trial balance on the work sheet. Total and rule the Trial Balance columns. Use th work sheet on the next page. 2 Analyze the following adjustment information into debit and credit parts. Record the adjustments on the work sheet. 175.00 400.00 6,950.00 8,000.00 $100.00 150.00

current year are given below. The business uses a Account Titles Cash Petty Cash Accounts Receivable-Grand Company Accounts Receivable-Mercure Company Supplies Prepaid Insurance Accounts Payable-Coastal Supplies Accounts Payable-Darwin Company Dennis Hobart, Capital Dennis Hobart, Drawing Income Summary Sales Advertising Expense Cash Short and Over Insurance Expense Miscellaneous Expense Rent Expense Supplies Expense Utilities Expense Account Balances Debit 9,500.00 50.00 400.00 300.00 950.00 450.00 3. Complete the work sheet. 2,000.00 250.00 15.00 150.00 1,160.00 300.00 (a) Supplies on hand (b) Ending balance of prepaid insurance Adjustment Information, December 31 Credit Directions: 1. Prepare the heading and trial balance on the work sheet. Total and rule the Trial Balance columns. Use th work sheet on the next page. 2 Analyze the following adjustment information into debit and credit parts. Record the adjustments on the work sheet. 175.00 400.00 6,950.00 8,000.00 $100.00 150.00

FINANCIAL ACCOUNTING
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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**Part Three—Completing a Work Sheet** The general ledger accounts and balances for Hobart Corporation on December 31 of the current year are given below. The business uses a monthly fiscal period. **Account Titles and Balances:** | **Account Titles** | **Account Balances** | |--------------------------------------|---------------------------| | | **Debit** | **Credit** | | Cash | $9,500.00 | | | Petty Cash | $50.00 | | | Accounts Receivable—Grand Company | $400.00 | | | Accounts Receivable—Mercure Company | $300.00 | | | Supplies | $950.00 | | | Prepaid Insurance | $450.00 | | | Accounts Payable—Coastal Supplies | | $175.00 | | Accounts Payable—Darwin Company | | $400.00 | | Dennis Hobart, Capital | | $6,950.00 | | Dennis Hobart, Drawing | $2,000.00 | | | Income Summary | | | | Sales | | $8,000.00 | | Advertising Expense | $250.00 | | | Cash Short and Over | $15.00 | | | Insurance Expense | | | | Miscellaneous Expense | $150.00 | | | Rent Expense | $1,160.00 | | | Supplies Expense | | | | Utilities Expense | $300.00 | | **Directions:** 1. **Prepare the heading and trial balance on the worksheet.** Total and rule the Trial Balance columns. Use the worksheet on the next page. 2. **Analyze the following adjustment information** into debit and credit parts. Record the adjustments on the worksheet. **Adjustment Information, December 31:** - (a) Supplies on hand: $100.00 - (b) Ending balance of prepaid insurance: $150.00 3. Complete the worksheet. **Explanation of Given Table:** The provided table lists the account titles of Hobart Corporation alongside their respective debit and credit balances. The balance for each account as of December 31 has been specified. Understanding these balances is
Transcribed Image Text:**Part Three—Completing a Work Sheet** The general ledger accounts and balances for Hobart Corporation on December 31 of the current year are given below. The business uses a monthly fiscal period. **Account Titles and Balances:** | **Account Titles** | **Account Balances** | |--------------------------------------|---------------------------| | | **Debit** | **Credit** | | Cash | $9,500.00 | | | Petty Cash | $50.00 | | | Accounts Receivable—Grand Company | $400.00 | | | Accounts Receivable—Mercure Company | $300.00 | | | Supplies | $950.00 | | | Prepaid Insurance | $450.00 | | | Accounts Payable—Coastal Supplies | | $175.00 | | Accounts Payable—Darwin Company | | $400.00 | | Dennis Hobart, Capital | | $6,950.00 | | Dennis Hobart, Drawing | $2,000.00 | | | Income Summary | | | | Sales | | $8,000.00 | | Advertising Expense | $250.00 | | | Cash Short and Over | $15.00 | | | Insurance Expense | | | | Miscellaneous Expense | $150.00 | | | Rent Expense | $1,160.00 | | | Supplies Expense | | | | Utilities Expense | $300.00 | | **Directions:** 1. **Prepare the heading and trial balance on the worksheet.** Total and rule the Trial Balance columns. Use the worksheet on the next page. 2. **Analyze the following adjustment information** into debit and credit parts. Record the adjustments on the worksheet. **Adjustment Information, December 31:** - (a) Supplies on hand: $100.00 - (b) Ending balance of prepaid insurance: $150.00 3. Complete the worksheet. **Explanation of Given Table:** The provided table lists the account titles of Hobart Corporation alongside their respective debit and credit balances. The balance for each account as of December 31 has been specified. Understanding these balances is
### Worksheet Analysis This image depicts a worksheet format commonly used in accounting to compile and analyze financial information. The worksheet comprises several columns and rows, each tailored for specific financial data entries. #### Sections and Columns Explained 1. **Account Title** - The first column is dedicated to listing the titles of various accounts in the ledger. These accounts can range from assets and liabilities to revenues and expenses. 2. **Trial Balance** - **Debit**: This column is for entering debit balances from the general ledger. - **Credit**: This column is for entering credit balances from the general ledger. 3. **Adjustments** - **Debit**: Adjustment entries that increase the debit balance or decrease the credit balance of an account. - **Credit**: Adjustment entries that decrease the debit balance or increase the credit balance of an account. 4. **Income Statement** - **Debit**: Entries affecting the income statement on the debit side. - **Credit**: Entries affecting the income statement on the credit side. 5. **Balance Sheet** - **Debit**: Entries affecting the balance sheet on the debit side. - **Credit**: Entries affecting the balance sheet on the credit side. #### Rows The rows are numbered from 1 to 23, allowing for numerous account entries. Each row should contain information pertinent to a specific account and follow through the columns for a comprehensive financial overview. #### Summary This worksheet enables accountants to systematically organize and adjust trial balance figures, ensuring the accuracy of both the income statement and balance sheet. By providing a structured layout, it simplifies the process of identifying discrepancies and making necessary adjustments before finalizing financial statements. This tool is essential for maintaining financial accuracy and transparency.
Transcribed Image Text:### Worksheet Analysis This image depicts a worksheet format commonly used in accounting to compile and analyze financial information. The worksheet comprises several columns and rows, each tailored for specific financial data entries. #### Sections and Columns Explained 1. **Account Title** - The first column is dedicated to listing the titles of various accounts in the ledger. These accounts can range from assets and liabilities to revenues and expenses. 2. **Trial Balance** - **Debit**: This column is for entering debit balances from the general ledger. - **Credit**: This column is for entering credit balances from the general ledger. 3. **Adjustments** - **Debit**: Adjustment entries that increase the debit balance or decrease the credit balance of an account. - **Credit**: Adjustment entries that decrease the debit balance or increase the credit balance of an account. 4. **Income Statement** - **Debit**: Entries affecting the income statement on the debit side. - **Credit**: Entries affecting the income statement on the credit side. 5. **Balance Sheet** - **Debit**: Entries affecting the balance sheet on the debit side. - **Credit**: Entries affecting the balance sheet on the credit side. #### Rows The rows are numbered from 1 to 23, allowing for numerous account entries. Each row should contain information pertinent to a specific account and follow through the columns for a comprehensive financial overview. #### Summary This worksheet enables accountants to systematically organize and adjust trial balance figures, ensuring the accuracy of both the income statement and balance sheet. By providing a structured layout, it simplifies the process of identifying discrepancies and making necessary adjustments before finalizing financial statements. This tool is essential for maintaining financial accuracy and transparency.
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