Totals 43,100.00 43,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 Net Income 0.00 L00 Totals 0.00 0.00 0.00 0.0 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) b.)
Totals 43,100.00 43,100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 Net Income 0.00 L00 Totals 0.00 0.00 0.00 0.0 Adjustment Data : a.) Unexpired insurance is P 800. b.) Store supplies used is P 1,500. c.) Depreciation on copy equipment is 5% of cost. d.) Accrued Salaries is P 200. e.) 2/3 of the unearned copy services revenue is unearned. Directions: 1.) Prepare adjusting entries and write the entries below. 2.) Complete the worksheet. Adjusting Entries Debit Credit a.) b.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Topic Video
Question
100%
Transcribed Image Text:Clear Copy Co.
Worksheet
For month ended December 31, 2021
Unadjusted Trial
Balance
Account
| Adjusted Trial Balance
Adjustments
Debit
Income Statement
Balance Sheet
No
101 Cash
102 |Store Supplies
| 103 Prepaid Insurance
|104 Copy Equipment
105 Accumulated Depreciation
201 Accounts Payable
202 Salaries Payable
203 Unearned Copy Services Revenue
301 Terry Dow, Capital
302 Terry Dow, Withdrawals
| 401 Copy Services Revenue
501 Depreciation Expense
502 Salaries Expense
503 Insurance Expense
504 Rent Expense
505 Store Supplies Expense
506 Utilities Expense
Title
Debit
Credit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
7,950.00
3,720.00
2,400.00
26,000.00
6,200.00
3,000.00
30,000.00
400.00
3,900.00
1,400.00
1,000.00
230.00
Totals
43,100.00
43,100,00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Net Income
0.00
0.00
Transcribed Image Text:506 Utilities Expense
Totals
230.00
43,100.00
43,100.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(1.00
0.00
Net Income
0.00
Totals
0.00
0.00
0.00
Adjustment Data :
a.) Unexpired insurance is P 800.
b.) Store supplies used is P1,500,
c.) Depreciation on copy equipment is 5% of cost.
d.) Accrued Salaries is P 200.
e.) 2/3 of the unearned copy services revenue is unearned.
Directions:
1.) Prepare adjusting entries and write the entries below.
2.) Complete the worksheet.
Adjusting Entries
Debit
Credit
a.
b.)
c.)
d.)
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