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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME Louie Long started a business called Louie’s Lawn Service. The trial balance as of March 31, after the first month of operation, is as follows:

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REQUIRED

  1. 1. Analyze the following adjustments and enter them on a work sheet.
    1. (a) Ending supplies inventory as of March 31, $165.
    2. (b) Insurance expired (used), $100.
    3. (c) Depreciation of lawn equipment, $200.
    4. (d) Wages earned but not paid as of March 31, $180.
  2. 2. Complete the work sheet.

1&2

To determine

Provide the adjustments in the Adjustments columns of the work sheet and complete the work sheet.

Explanation

Provide the adjustments in the Adjustments columns of the work sheet and complete the work sheet.

(Figure 1)

Working note:

(1) Calculate the adjustment amount for the supplies inventory of $165...

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