Chapter 9Section 9.2Exercises1. The simplified work sheet for P. Tang and Company, shown below with the trialbalance figures already entered, is provided in the Workbook.Ba|A.Work SheetP. Tang and CompanyYear Ended Dec. 31, 20–4PrTRIAL BALANCEADJUSTMENTSINCOME STATEMENTBALANCE SHEETACCOUNTSDRCRDRCRDRCRDRCR180019500100017502200021000BankAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAutomobileAccounts PayableP.Tang, CapitalP.Tang, DrawingsFees EarnedCar ExpenseGeneral ExpenseMiscellaneous ExpenseRent ExpenseWages Expense4360540401500603003800295070072002200018700 – ||8700 –A. Using the additional information given below, complete the eight-columnwork sheet.B. Journalize the adjusting entries in a two-column general journal.C. Post the adjusting entries to the T-account ledger provided in theWorkbook and take off an adjusted trial balance.OptionalD. Prepare an income statement and a classified balance sheet.Additional Information1. The value of the supplies on hand at the year-end amounted to $700.2. The prepaid insurance at the year-end was calculated at $800.3. Late-arriving invoices pertaining to the 20-4 fiscal period were:Car ExpenseGeneral Expense$ 75100Total$175Jance fis-

The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Work Sheet P. Tang and Compal TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT ACCOUNTS DR CR DR CR DR CR DR CR 1800 19500 1000 1750 22000 21000 Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable P. Tang, Capital P. Tang, Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense 4360 54 040 - 15000 60300 3800 2950 700 7200 22000 118700 118700 plote the eight-column

Work Sheet P. Tang and Compal TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT ACCOUNTS DR CR DR CR DR CR DR CR 1800 19500 1000 1750 22000 21000 Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable P. Tang, Capital P. Tang, Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense 4360 54 040 - 15000 60300 3800 2950 700 7200 22000 118700 118700 plote the eight-column

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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