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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

The trial balance for Wilson Financial Services on January 31 is as follows:

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Data for month-end adjustments are as follows:

  1. a. Expired or used-up insurance, $750.
  2. b. Depreciation expense on equipment, $300.
  3. c. Wages accrued or earned since the last payday, $1,055 (owed and to be paid on the next payday).
  4. d. Supplies used, $535.

Required

  1. 1. Complete a work sheet for the month. (Skip this step if using CLGL.)
  2. 2. Journalize the adjusting entries.
  3. 3. If using CLGL, prepare an adjusted trial balance.
  4. 4. Prepare an income statement, a statement of owner’s equity, and a balance sheet. Assume that no additional investments were made during January.

1.

To determine

Indicate the given adjustments and complete the worksheet for WF Services for the month ended January 31, 20--.

Explanation

Worksheet: Worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements. Worksheet is a central place where trial balance, adjustments, adjusted trial balance, income statement, and balance sheet are presented...

2.

To determine

Prepare adjusting journal entries for WF Services.

3.

To determine

Prepare income statement, statement of owners’ equity, and balance sheet for WF Services.

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