Chapter 6.2, Problem 1OYO

On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information  June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20--     ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET   DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00               1 2 Petty Cash 75.00               2 3 Accounts Receivable-Raymond O’Neil 642.00               3 4 Supplies 518.00               4 5 Prepaid Insurance 675.00               5 6 Accounts Payable-Western Supply   268.00             6 7 Akbar…

Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.

Adjustments are: Blair’s Custom Shop performed a count of supplies at the end of the accounting period (June 30, 20XX) and determined that value of supplies "on hand" (not used) was $1,700.00. The value of prepaid insurance coverage "on hand" (not used) at the same time was $750.00. Calculate the adjustment amount for Supplies and Prepaid Insurance and enter those amounts on the worksheet. Remember, for each adjustment you should have one entry in the Adjustments DEBIT column and a matching entry in the Adjustments CREDIT column. Extend the adjusted balances for the Supplies and Prepaid Insurance accounts and their related expense accounts to the appropriate columns on the worksheet. Total the Adjustment columns to ensure the debits equal the credits. Total the Income Statement columns and determine net income or net loss to balance debits/credits. Total the Balance Sheet columns and use net income/net loss amount to balance debits/credits. Single and double rule all totals. SAVE…