College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear:
- a. S. Moon, Drawing
- b. Utilities Expense
- c. Merchandise Inventory (ending)
- d. Purchases Discounts
- e. Unearned Rent
- f. Sales Returns and Allowances
- g. Accumulated Depreciation, Equipment
- h. Income Summary
- i. Service Income
- j. Prepaid Insurance
Identify where the balance of given accounts should appear in the worksheet columns.
Worksheet:Â A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.
Rules of Debit and Credit: Debit all increase in assets, expenses and losses account and all decrease in liabilities, revenue and owners’ equity account. Credit all increase in liabilities, revenue and owners’ equities account and all decrease in assets, expenses account.
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.
Identify where the balance of given accounts should appear in the worksheet columns.
| Particulars | Worksheet columns | Debit/Credit |
|
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