Chapter 5, Problem 1MP

### College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Chapter
Section

### 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.Information for year-end adjustments is as follows: (a) Office supplies on hand at year-end amounted to $100. (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. (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. (d) On December 1, 20--, Williams paid a premium of$600 for a six-month insurance policy. REQUIRED 1. Prepare the work sheet for the year ended December 31, 20--. 2. Prepare adjusting entries in a general journal.

1.

To determine

Prepare the work sheet for the year ended December 31.

Explanation

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.

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started