Explanation The worksheet showing Trial Balance before adjustment is given in the question listing all ledger accounts and their balances. In order to make the Adjusted Trial Balance, we give effect to the adjustment entries . Adjustment entries made in the table above: The physical count reveals $500 of supplies on hand at the end of the period whereas the unadjusted trial balance shows supplies worth $1,880. In order to bring the balance down to $500, pass an adjustment entry by crediting the supplies and debiting the supplies expense by $1,380. This shall decrease the balance of asset, i.e., Supplies and increase the supplies expense. The unearned service revenue at the end of the period is $100 while it is shown as $240 in the unadjusted trial balance...

Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion

10th Edition

ISBN: 9781119346661

Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

Publisher: Wiley (WileyPLUS Products)

See similar textbooks

Concept explainers

Reporting Cash Flows

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

Balance Sheet

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial Statements

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Owner's Capital

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…

Videos

Question

Chapter 4, Problem 4.1E

To determine

Trial Balance: Trial Balance is prepared at the end of an accounting period listing all the ledgers and their balances. The total of the debit balances in the trial balance shall be equal to the total of the credit balances. It is prepared to check whether there is any mathematical error in the accounts.

Adjusted Trial Balance: An adjusted trial balance refers to the final trial balance resulting after posting the adjusting entries at the end of the period.

Worksheet: A worksheet is the summarized form of accounting information which is made in order to ensure that the accounts are entered correctly to prepare financial statements.

To prepare: The Trial Balance after the adjusting entries on a worksheet.

Expert Solution & Answer

Chapter 4 Solutions

Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - Prob. 3Q Ch. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...

Ch. 4 - Prob. 11Q Ch. 4 - Prob. 12Q Ch. 4 - Prob. 13Q Ch. 4 - Prob. 14Q Ch. 4 - Prob. 15Q Ch. 4 - Prob. 16Q Ch. 4 - Prob. 17Q Ch. 4 - Prob. 18Q Ch. 4 - Prob. 19Q Ch. 4 - Prob. 20Q Ch. 4 - Prob. 21Q Ch. 4 - List the steps in preparing a worksheet BE4-1 The...Ch. 4 - Prob. 4.2BE Ch. 4 - BE4-3The following selected accounts appear in the...Ch. 4 - BE4-4 The ledger of Rios Company contains the...Ch. 4 - BE4-5 Using the data in BE4-4, enter the balances...Ch. 4 - Prob. 4.6BE Ch. 4 - Prob. 4.7BE Ch. 4 - Prob. 4.8BE Ch. 4 - Prob. 4.9BE Ch. 4 - BE4-10 The balance sheet debit column of the...Ch. 4 - Prob. 4.11BE Ch. 4 - Prob. 4.12BE Ch. 4 - DO IT! 4-1 Bradley Decker is preparing a...Ch. 4 - DO IT! 4-2 Paloma Company shows the following...Ch. 4 - Prob. 4.3DIE Ch. 4 - Prob. 4.4DIE Ch. 4 - Prob. 4.1E Ch. 4 - Prob. 4.2E Ch. 4 - E4-3 Worksheet data for DeSousa Company are...Ch. 4 - E4-4 Worksheet data for DeSousa Company are...Ch. 4 - E4-5 The adjustments columns of the worksheet for...Ch. 4 - E-4-6 Selected worksheet data for Elsayed Company...Ch. 4 - Prob. 4.7E Ch. 4 - Prob. 4.8E Ch. 4 - E4-9 The adjusted trial balance for Plevin Company...Ch. 4 - E4-10 Janis Engle has prepared the following list...Ch. 4 - Prob. 4.11E Ch. 4 - Prob. 4.12E Ch. 4 - Prob. 4.13E Ch. 4 - Prob. 4.14E Ch. 4 - Prob. 4.15E Ch. 4 - Prob. 4.16E Ch. 4 - Prob. 4.17E Ch. 4 - Prob. 4.18E Ch. 4 - Prob. 4.19E Ch. 4 - P4-1A The trial balance columns of the worksheet...Ch. 4 - P4-2A The adjusted tri.il balance columns of the...Ch. 4 - Prob. 4.3AP Ch. 4 - P4-4A Jarmuz Management Services began business on...Ch. 4 - P4-5A Heidi Jara opened Jara’s Cleaning Service on...Ch. 4 - P4-6A Dao Vang, CPA, was retained by Universal...Ch. 4 - Prob. 4CCCP Ch. 4 - Prob. 4.1EYCT Ch. 4 - Prob. 4.2EYCT Ch. 4 - Prob. 4.3EYCT Ch. 4 - Prob. 4.4EYCT Ch. 4 - CT4-5 Whitegloves Janitorial Service was started...Ch. 4 - Prob. 4.6EYCT Ch. 4 - Prob. 4.7EYCT Ch. 4 - Prob. 4.8EYCT Ch. 4 - Prob. 4.1IFRS Ch. 4 - Prob. 4.2IFRS Ch. 4 - Prob. 4.3IFRS Ch. 4 - Prob. 4.4IFRS Ch. 4 - IFRS4-5 The financial statements of Louis Vuitton...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Recommended textbooks for you

FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education