Valerie Insurance Agency Work Sheet For Year Ended December 31, 20- Trial Balance Adjustments Adjusted Trial Balance Income Stateme nt Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 7,532 Cash 7,532 7,532 Office Supplies 315 (c) 240 75 240 Office Equipment 2,398 2,398 2,398 Accum. Depr., Office Equipment M. Valerie, Capital 420 (a) 420 840 840 18,614 18,614 18,614 M.Valerie, Drawing 18,000 18,000 18,000 Premiums Eamed 33,400 33,400 33,400 Wages Expense Rent Expense 20,500 (b) 428 20,928 20,928 2,200 2,200 2,200 Telephone Expense 736 736 736 Advertising Expense Miscellaneous Expense 645 645 645 108 108 108 52,434 52,434 Office Supplies Expense (c) 75 75 75 Depr. Exp., Office Equipment (a) 420 420 420 428 Wages Payable (b) 428 923 923 53,282 52,854 25,112 33,400 28,170 19,882 8,288 33,400 Net Income 8,288 33,400 28,170 28,170

Question

For additional help, see the demonstration problem at the beginning of each chapter in your Working Papers. 

The completed worksheet for Valerie Insurance Agency as of December 31 is presented in your Working Papers or in CengageNow, along with the general ledger as of December 31 before adjustments.

Check Figure

Post-closing trial balance total, $10, 170

Required

1. Write the name of the owner, M. Valerie, in the Capital and Drawing accounts.

2. Write the balances from the unadjusted trial balance in the general ledger.

3. Journalize and post the adjusting entries.

4. Journalize and post the closing entries in the correct order.

5. Prepare a post-closing trial balance. 

Valerie Insurance Agency
Work Sheet
For Year Ended December 31, 20-
Trial Balance
Adjustments
Adjusted Trial Balance
Income Stateme nt
Balance Sheet
Account Name
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
7,532
Cash
7,532
7,532
Office Supplies
315
(c)
240
75
240
Office Equipment
2,398
2,398
2,398
Accum. Depr., Office Equipment
M. Valerie, Capital
420
(a)
420
840
840
18,614
18,614
18,614
M.Valerie, Drawing
18,000
18,000
18,000
Premiums Eamed
33,400
33,400
33,400
Wages Expense
Rent Expense
20,500
(b)
428
20,928
20,928
2,200
2,200
2,200
Telephone Expense
736
736
736
Advertising Expense
Miscellaneous Expense
645
645
645
108
108
108
52,434
52,434
Office Supplies Expense
(c)
75
75
75
Depr. Exp., Office Equipment
(a)
420
420
420
428
Wages Payable
(b)
428
923
923
53,282
52,854
25,112
33,400
28,170
19,882
8,288
33,400
Net Income
8,288
33,400
28,170
28,170
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Transcribed Image Text

Valerie Insurance Agency Work Sheet For Year Ended December 31, 20- Trial Balance Adjustments Adjusted Trial Balance Income Stateme nt Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 7,532 Cash 7,532 7,532 Office Supplies 315 (c) 240 75 240 Office Equipment 2,398 2,398 2,398 Accum. Depr., Office Equipment M. Valerie, Capital 420 (a) 420 840 840 18,614 18,614 18,614 M.Valerie, Drawing 18,000 18,000 18,000 Premiums Eamed 33,400 33,400 33,400 Wages Expense Rent Expense 20,500 (b) 428 20,928 20,928 2,200 2,200 2,200 Telephone Expense 736 736 736 Advertising Expense Miscellaneous Expense 645 645 645 108 108 108 52,434 52,434 Office Supplies Expense (c) 75 75 75 Depr. Exp., Office Equipment (a) 420 420 420 428 Wages Payable (b) 428 923 923 53,282 52,854 25,112 33,400 28,170 19,882 8,288 33,400 Net Income 8,288 33,400 28,170 28,170