ACCOUTING PRIN SET LL INCLUSIVE
ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Chapter 4, Problem 3BE
To determine

Worksheet: Worksheet is a multiple-column form, which is used in the adjustment process and for preparing the financial statements of the company. It is not a permanent accounting record.

Supplies: Supply refers to the general stationery utilities use by the company and Supplies account always has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Accumulated depreciation: Accumulated depreciation is a contra asset account. It is deducted from the balance of the assets. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Accounts payable: It refers to the short-term liabilities of the company, which arises due to purchase of goods on credit and liabilities are always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Common stock: Common stock is the part of the stakeholders’ and indicates the ownership. It is always of credit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance credit column; and balance sheet credit column.

Dividend: It refers to that amount of profit which is paid to the stockholders by the company. This account has a debit balance. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and balance sheet debit column.

Depreciation expense: The expenses are always debit in nature. So, it should be extending in the worksheet accordingly: Adjusted trial balance debit column; and income statement debit column.

Service revenue: The revenue is always credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and income statement credit column.

To indicate: Financial statement columns of the worksheet for the given accounts of adjusted trial balance.

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ACCOUTING PRIN SET LL INCLUSIVE

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