A. Record the adjustments in the adjustments columns on the worksheet; then complete the worksheet. [26...
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A. Record the adjustments in the adjustments columns on the worksheet; then complete the worksheet. [26 points] Record the adjustments in the formatted journal entries at the bottom of the worksheet. [15 points] Record the closing entries in the formatted journal entries below the adjusting entries on the worksheet. (10 points) B. Prepare an Income Statement on the Financial Statements Tab. Use the proper format, dates, and underlines when appropriate. [12 points) C. Prepare a Statement of Owner's Equity on the Financial Statements Tab. Use the proper format, dates, and underlines when appropriate. No additional investments were made by the owner during the month of December. [7 points] D. Prepare a Balance Sheet on the Financial Statements Tab. Use the proper format, dates, and underlines when appropriate. [18 points] E. Prepare a Post Closing Trial Balance on the Post-Closing Trial Balance Tab. Use the proper format, dates, and underlines when appropriate. (12 points) B C D Worksheet For the month ended December 31, 2025 Adjustments Credit Debit Credit Credit Balance Sheet Debit Credit Adjusted Trial Balance Income Statement Debit Credit Debit 6 7 8 9 Cash 10 Accounts Receivable 11 Cleaning Supplies Trial Balance Debit 55.000 1,600 4,500 1840 12 Prepaid Insurance 1,500 13 Office Equipment 10,000 14 Accum Depr-Office Equip 1.000 15 Accounts Payable 2,000 16 Wages Payable 17 Polly, Capital 25,700 18 Polly Withdrawals 2,300 19 Service Revenue 85,000 20 Wages Expense 30,000 21 Rent Expense 4,700 4,100 22 Utibes Expense 23 Cleaning Supplies Expense 24 Insurance Expense 25 Depreciation Expense Office Equ 20 Totals 27 Net income or loss 28 Totals 113,700 113,700 이 Instructions: 1. Worksheet Workhonk Statistics 2. Financial Statements 0 00 이 이 0 0 3. Post Closing Trial Balance: + 30 Adjusting Entry Information for December 31: M N O E F G 31 A Prepaid Insurance which has expired $1200. 32 8 Ending Cleaning Supplies Inventory is $ 200 33 C Service Revenue earned but not yet received is $3,500 34 D. Depreciation on the Office Equipment for this year, $300. 35 E Wages accrued but not yet paid, $2,500 36 37 (c) Journalize the adjusting entries using the worksheet as a basis, 38 89 A 40 41 42 B 43 44 45 C 46 47 4B D 49 50 51 E. 52 53 54 55 (d) Journalize the closing entries using the worksheet as a basis. Instructions 1. Worksheet Calculation Mode: Automatic Workbook Statistics Workbook Statistics Debit Credit 2. Financial Statements 3. Post Closing Trial Ba 55 (d) Joumalize the closing entries using the worksheet as a basis 56 57 58 A 59 60 61 62 B 63 64 65 66 67 68 69 70 71 72 73 C 74 75 76 77 78 79 4 Debit Credit 1 Close Revenues to Income Summary Debit Credit 2 Close Expensess to Income Summary Debit Credit 3 Close Income Summary to Capital Debit Credit 4 Close withdrawals to Capital Instructions 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance B C DE F G H Polly's Painting Company Polly's Painting Company Income Statement Statement of Owner's Equity 8 45576 Revenues: Service Revenue 9 10 Expenses: 11 12 13 14 15 16 17 Total Expenses 18 19 Net Income/(Loss) 20 21 Capital @12/31/2024 Add: Net Income Owner Contributions Subtotal Less: Owner Withdrawals Net Loss Captital 12/31/2025 Instructions 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Polly's Painting Company Balance Sheet Instructions 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance 3 4 5 6 7 00 8 9 10 11 12 13 14 15 16 17 19 89 18 Polly's Painting Company Post-Closing Trial Balance Debit Credit Instructions 1 Worksheet 2. Financial Statements 3. Post Closing Tri A. Record the adjustments in the adjustments columns on the worksheet; then complete the worksheet. [26 points] Record the adjustments in the formatted journal entries at the bottom of the worksheet. [15 points] Record the closing entries in the formatted journal entries below the adjusting entries on the worksheet. (10 points) B. Prepare an Income Statement on the Financial Statements Tab. Use the proper format, dates, and underlines when appropriate. [12 points) C. Prepare a Statement of Owner's Equity on the Financial Statements Tab. Use the proper format, dates, and underlines when appropriate. No additional investments were made by the owner during the month of December. [7 points] D. Prepare a Balance Sheet on the Financial Statements Tab. Use the proper format, dates, and underlines when appropriate. [18 points] E. Prepare a Post Closing Trial Balance on the Post-Closing Trial Balance Tab. Use the proper format, dates, and underlines when appropriate. (12 points) B C D Worksheet For the month ended December 31, 2025 Adjustments Credit Debit Credit Credit Balance Sheet Debit Credit Adjusted Trial Balance Income Statement Debit Credit Debit 6 7 8 9 Cash 10 Accounts Receivable 11 Cleaning Supplies Trial Balance Debit 55.000 1,600 4,500 1840 12 Prepaid Insurance 1,500 13 Office Equipment 10,000 14 Accum Depr-Office Equip 1.000 15 Accounts Payable 2,000 16 Wages Payable 17 Polly, Capital 25,700 18 Polly Withdrawals 2,300 19 Service Revenue 85,000 20 Wages Expense 30,000 21 Rent Expense 4,700 4,100 22 Utibes Expense 23 Cleaning Supplies Expense 24 Insurance Expense 25 Depreciation Expense Office Equ 20 Totals 27 Net income or loss 28 Totals 113,700 113,700 이 Instructions: 1. Worksheet Workhonk Statistics 2. Financial Statements 0 00 이 이 0 0 3. Post Closing Trial Balance: + 30 Adjusting Entry Information for December 31: M N O E F G 31 A Prepaid Insurance which has expired $1200. 32 8 Ending Cleaning Supplies Inventory is $ 200 33 C Service Revenue earned but not yet received is $3,500 34 D. Depreciation on the Office Equipment for this year, $300. 35 E Wages accrued but not yet paid, $2,500 36 37 (c) Journalize the adjusting entries using the worksheet as a basis, 38 89 A 40 41 42 B 43 44 45 C 46 47 4B D 49 50 51 E. 52 53 54 55 (d) Journalize the closing entries using the worksheet as a basis. Instructions 1. Worksheet Calculation Mode: Automatic Workbook Statistics Workbook Statistics Debit Credit 2. Financial Statements 3. Post Closing Trial Ba 55 (d) Joumalize the closing entries using the worksheet as a basis 56 57 58 A 59 60 61 62 B 63 64 65 66 67 68 69 70 71 72 73 C 74 75 76 77 78 79 4 Debit Credit 1 Close Revenues to Income Summary Debit Credit 2 Close Expensess to Income Summary Debit Credit 3 Close Income Summary to Capital Debit Credit 4 Close withdrawals to Capital Instructions 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance B C DE F G H Polly's Painting Company Polly's Painting Company Income Statement Statement of Owner's Equity 8 45576 Revenues: Service Revenue 9 10 Expenses: 11 12 13 14 15 16 17 Total Expenses 18 19 Net Income/(Loss) 20 21 Capital @12/31/2024 Add: Net Income Owner Contributions Subtotal Less: Owner Withdrawals Net Loss Captital 12/31/2025 Instructions 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Polly's Painting Company Balance Sheet Instructions 1. Worksheet 2. Financial Statements 3. Post Closing Trial Balance 3 4 5 6 7 00 8 9 10 11 12 13 14 15 16 17 19 89 18 Polly's Painting Company Post-Closing Trial Balance Debit Credit Instructions 1 Worksheet 2. Financial Statements 3. Post Closing Tri
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al Balance Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Office Equipment Accumulated DepreciationOffice Equipment Accounts Payable Wag... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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