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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

Kristi Williams offers family counseling services specializing in financial and marital problems. A chart of accounts and a trial balance taken on December 31, 20--, follow.

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Information for year-end adjustments is as follows:

  1. (a) Office supplies on hand at year-end amounted to $100.
  2. (b) On January 1, 20--, Williams purchased office equipment that cost $18,000. It has an expected useful life of 10 years and no salvage value.
  3. (c) On July 1, 20--, Williams purchased computer equipment costing $6,000. It has an expected useful life of three years and no salvage value. Assume that Williams computes depreciation to the nearest full month.
  4. (d) On December 1, 20--, Williams paid a premium of $600 for a six-month insurance policy.

REQUIRED

  1. 1. Prepare the work sheet for the year ended December 31, 20--.
  2. 2. Prepare adjusting entries in a general journal.

1.

To determine

Prepare the work sheet for the year ended December 31.

Explanation

Spreadsheet:

A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger...

2.

To determine

Prepare adjusting entries in a general journal.

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