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Activity try completing a worksheet of the following

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Activity: Try completing a worksheet of the following problem. A worksheet form can be found under Forms and Angel. The unadjusted trial balance of Quick Repairs at October 31 St , the end of the current year, is shown below. Debit Credit 11 Cash 2,950 13 Supplies 12,295 14 Prepaid Insurance 2,735 16 Equipment 95,650 17 Accumulated Depreciation – Equipment 21,209 18 Trucks 36,300 19 Accumulated Depreciation – Trucks 7,400 21 Accounts Payable 4,015 31 Rhonda Salter, Capital 67,426 32 Rhonda Salter, Drawing 6,000 41 Service Revenue 99,950 51 Wages Expense 26,925 53 Rent Expense 9,600 55 Truck Expense 5,350 59 Miscellaneous Expense 2,195 Totals 200,000 200,000 The date needed to determine year-end adjustments are as follows: a. Supplies on hand at October 31 are $7,120. b. Insurance premiums expired during year are $2,000. c. Depreciation of equipment during year is $4,200. d. Depreciation of trucks during year is $2,200. e. Wages accrued but not paid at October 31, are $600.
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Notes: 1. Title: The worksheet title is the same as the financial statements Company Name Worksheet For the ________Ended, Date 2. Start by copying the trial balance from the textbook into the first two column of the worksheet. Add up the columns to prove that debits equal credits – this will tell you now if a number has been copied wrong. If you are using excel, to find a total: =sum( now click/highlight on all boxes to add ). 3. Adjustments. Place the adjusting entries in the two adjustment columns. Again total the columns to prove debits equal credits. You will not have all of the account names that you need written in the left hand column. Add the new account names at the bottom. Common ones to add: supplies expense, depreciation expense, wages payable, etc. 4. Adjusted Trial Balance. For every account name and every row that has a number in the first four columns, a number must be placed under Adjusted Trial Balance. For cash, it is a debit in Trial Balance, no Adjustment, so record the cash number as a debit in Adjusted Trial Balance. If numbers appear in both the Trial Balance and Adjustment columns: debit + debit or credit + credit, add; debit – credit, subtract and place in the debit column; credit – debit, subtract and place in the credit column. Again, total the columns to prove they equal. They must equal before you can go on. 5. Income Statement and Balance Sheet. Each number in the Adjusted Trial Balance columns must now be moved to either an income statement column or balance sheet column. Each number in the Adjusted Trial Balance columns will only go in one of the four remaining columns. Drawing and all the numbers above it, go on the balance sheet side. Revenue and all the accounts from the original trial balance go on the income statement. Watch the new accounts that you have added at the bottom – they can go in any column. Check the Chart of Accounts if you are uncertain where an account belongs. 6. Total the Income Statement and Balance Sheet columns. You will find that the debits and credits do not equal – this is normal. The difference between the debits and credits on the balance sheet and the debits and credits on the income statement will equal – and the amount is the net income. Record the difference in the correct column and write new totals
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Activity Try completing a worksheet of the following...

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