1.
Introduction: Adjusted
To complete: The adjustment column of the worksheet.
2.
Introduction: The income statement and
To complete: The worksheet by transferring balances to financial statements.
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Chapter 3 Solutions
NOVA CC - ACC 211: Connect for Financial and Managerial Accounting with PROCTORIO PLUS
- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000arrow_forwardComplete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance using the following adjustment information: a. Expired or used-up insurance, 460. b. Depreciation expense on equipment, 870. (Remember to credit the Accumulated Depreciation account for equipment, not Equipment.) c. Wages accrued or earned since the last payday, 120 (owed and to be paid on the next payday). d. Supplies remaining, 80.arrow_forwardThe following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066arrow_forward
- The trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. amount due for employee salaries, $4,800 actual count of supplies inventory, $ 2,300 depreciation on equipment, $3,000arrow_forwardComplete the work sheet for Ramey Company, dated December 31, 20--, through the adjusted trial balance using the following adjustment information: a. Expired or used-up insurance, $590. b. Depreciation expense on equipment, $750 (remember to credit the Accumulated Depreciation account for equipment, not Equipment). c. Wages accrued or earned since the last payday, $260 (owed and to be paid on the next payday). d. Supplies remaining, $80. If no amount is required, enter 0. ACCOUNT NAME 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accum. Depr., Equipment 6 Accounts Payable 7 S. Ramey, Capital 8 S. Ramey, Drawing 9 Service Fees 10 Rent Expense 11 Supplies Expense 12 Wages Expense 13 Miscellaneous Expense 14 15 16 17 18 TRIAL BALANCE DEBIT 5,190 430 1,200 4,678 1,700 965 267 765 98 Ramey Company Work Sheet For Month Ended December 31, 20-- 15,293 CREDIT 1,556 1,875 6,026 5,836 15,293 ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13…arrow_forward
- December 31, 20, according to the Trial Balance, the Equipment account has a balance of 37,700.00.Adjustment data reveals that Depreciation Expense is 3,500.00. Journalize the adjusting entry.arrow_forwardAdjustments and Work Sheet Showing Net Income Complete the adjustments for the trial balance after one month of operation for Mason's Delivery Service as of September 30, 20--. Supplies inventory as of September 30, $90. Insurance expired (used), $650. Depreciation on delivery equipment, $600. Wages earned by employees but not paid as of September 30, $350. Required: 1.  Enter the adjustments in the Adjustments columns of the work sheet.2.  Complete the work sheet. If an amount box does not require an entry, leave it blank. Mason's Delivery ServiceWork SheetFor Month Ended September 30, 20--  Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 1,600  fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Accounts Receivable 940  fill in the blank 9 fill in…arrow_forwardThe account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, 495 b. Depreciation expense on equipment, 670. c. Depreciation expense on the van, 1,190. d. Salary accrued (earned) since the last payday, 540 (owed and to be paid on the next payday). e. Supplies used during the period, 97. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owners equity. Assume that there was an additional investment of 2,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Check Figure Net Income, 13,627arrow_forward
- The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737arrow_forwardThe trial balance of Clayton Cleaners for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 800. b. Depreciation expense on equipment, 2,700. c. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). d. Supplies remaining at the end of month, 230. Required 1. Complete a work sheet. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.arrow_forwardA partial work sheet for Marges Place is shown below. Prepare the following adjustments on this work sheet for the month ended June 30, 20. a. Expired or used-up insurance, 450. b. Depreciation expense on equipment, 750. c. Wages accrued or earned since the last payday, 380 (owed and to be paid on the next payday). d. Supplies used, 110.arrow_forward
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