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Instructions Cash Accounts Receivable. Cleaning Supplies Prepaid Insurance Office Equipment Accum. Depr-Office Equip. Accounts Payable Wages Payable J. Smith, Capital J. Smith, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Cleaning Supplies Expense Insurance Expense Depreciation Expense-Office Equip Totals Net income or loss Totals A B. C. 1. Worksheet D Trial Balance Debit Adjusting Entry information for December 31: A. Prepaid Insurance which has expired $400. B. Ending Cleaning Supplies Inventory is $1,300. C. Fees earned but not yet received is $4,200. A 55,000 1,600 4,500 1,500 10,000 2,300 30,000 4,700 4.100 113,700 Credit 1,000 2.000 25,700 D. Depreciation on the Office Equipment for this year. $350. Wages accrued but not yet paid, $1,900 (c) Journalize the adjusting entries using the worksheet as a basis. 85,000 113,700 2. Financial Statements (d) Journalize the closing entries using the worksheet as a basis. Debit Adjustments For the month ended December 31, 2020 Debit Debit Credit 3. Post Closing Trial Balance Adjusted Trial Balance Income Statement Debit Credit Debit Credit Credit Credit Balance Sheet Debit Credit

Instructions Cash Accounts Receivable. Cleaning Supplies Prepaid Insurance Office Equipment Accum. Depr-Office Equip. Accounts Payable Wages Payable J. Smith, Capital J. Smith, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Cleaning Supplies Expense Insurance Expense Depreciation Expense-Office Equip Totals Net income or loss Totals A B. C. 1. Worksheet D Trial Balance Debit Adjusting Entry information for December 31: A. Prepaid Insurance which has expired $400. B. Ending Cleaning Supplies Inventory is $1,300. C. Fees earned but not yet received is $4,200. A 55,000 1,600 4,500 1,500 10,000 2,300 30,000 4,700 4.100 113,700 Credit 1,000 2.000 25,700 D. Depreciation on the Office Equipment for this year. $350. Wages accrued but not yet paid, $1,900 (c) Journalize the adjusting entries using the worksheet as a basis. 85,000 113,700 2. Financial Statements (d) Journalize the closing entries using the worksheet as a basis. Debit Adjustments For the month ended December 31, 2020 Debit Debit Credit 3. Post Closing Trial Balance Adjusted Trial Balance Income Statement Debit Credit Debit Credit Credit Credit Balance Sheet Debit Credit

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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Instructions Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Office Equipment Accum. Depr-Office Equip. Accounts Payable Wages Payable J. Smith, Capital J. Smith, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Cleaning Supplies Expense Insurance Expense Depreciation Expense-Office Equip Totals Net income or loss Totals A. B. C. D. E. 1. Worksheet Trial Balance A. Debit 55,000 1,600 4,500 1,500 10,000 2,300 30,000 4,700 4,100 113,700 Credit Adjusting Entry information for December 31: A. Prepaid Insurance which has expired $400. B. Ending Cleaning Supplies Inventory is $1,300. C. Fees earned but not yet received is $4,200. D. Depreciation on the Office Equipment for this year, $350. E. Wages accrued but not yet paid, $1,900. (c) Journalize the adjusting entries using the worksheet as a basis. 1,000 2,000 25,700 85,000 113,700 2. Financial Statements (d) Journalize the closing entries using the worksheet as a basis. Adjustments Debit For the month ended December 31, 2020 Adjusted Trial Balance Debit Credit Debit Debit Credit Credit 3. Post Closing Trial Balance Credit Income Statement Debit Credit Balance Sheet Debit Credit
Transcribed Image Text:Instructions Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Office Equipment Accum. Depr-Office Equip. Accounts Payable Wages Payable J. Smith, Capital J. Smith, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Cleaning Supplies Expense Insurance Expense Depreciation Expense-Office Equip Totals Net income or loss Totals A. B. C. D. E. 1. Worksheet Trial Balance A. Debit 55,000 1,600 4,500 1,500 10,000 2,300 30,000 4,700 4,100 113,700 Credit Adjusting Entry information for December 31: A. Prepaid Insurance which has expired $400. B. Ending Cleaning Supplies Inventory is $1,300. C. Fees earned but not yet received is $4,200. D. Depreciation on the Office Equipment for this year, $350. E. Wages accrued but not yet paid, $1,900. (c) Journalize the adjusting entries using the worksheet as a basis. 1,000 2,000 25,700 85,000 113,700 2. Financial Statements (d) Journalize the closing entries using the worksheet as a basis. Adjustments Debit For the month ended December 31, 2020 Adjusted Trial Balance Debit Credit Debit Debit Credit Credit 3. Post Closing Trial Balance Credit Income Statement Debit Credit Balance Sheet Debit Credit
Instructions Your Name: 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance Income Statement ACC 120 Balance Sheet Statement of Owner's Equity
Transcribed Image Text:Instructions Your Name: 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance Income Statement ACC 120 Balance Sheet Statement of Owner's Equity
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