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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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