A beginning accounting student tried to complete a work sheet for Joyce Lee's Tax Service. The following adjusting entries were to have been analyzed and entered onto the work sheet. The work sheet is shown on page 163.

(a) Ending inventory of supplies as of March 31, $160.

(b) Unexpired insurance as of March 31, $520.

(c) Depreciation of office equipment, $275.

(d) Wages earned, but not paid as of March 31, $110.

REQUIRED

The accounting student made a number of errors. Review the work sheet for addition mistakes, transpositions, and other errors and make all necessarycorrections.

Transcribed Image Text:

Joyce Lee's Tax Service Work Sheet For Month Endod March 31, 20- TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE CREDIT DEBIT CRIDIT CREDIT DERIT CREDIT CHDIT 1725 00 960 00 525 00 93 0 00 5450 00 1725 00 960 00 36s 00 410 00 54 o 00 275 00 517s 00 1752 00 96 00 365 00 540 00 5175 00 1 Cash 2 Accounts Receivable 3 Supplies 160 00 4 Prepaid Insurance 5 Office Equipment 6 Accum. Depr-Office Equipment 480 00 11000 750 0 00 480 00 480 00 7 7 Accounts Paable 8 Wages Payable 9 Joyca Len, Capital 10 Joyca Lee, Drawing 11 Professional Fees 14 110 00 110 00 7500 00 750 0 00 9 1125 00 1125 00 1125 00 10 57000 14 5700 00 570 0 00 11 14 20 00 110 00 14 20 00 12 Wages Expense 13 Adwrising Expense 14 Rent Expense 14 20 00 1580 00 12 350 00 350 00 350 00 13 700 00 700 00 14 160 00 130 00 190 00 410 00 275 00 175 00 15 Supplies Expense 16 Telephone Expense 160 00 160 00 15 la) 130 00 130 00 16 17 Uites Expense 18 Insurance Expense 190 00 190 00 17 410 00 275 00 18 19 Depr. Expense-Ofice Equioment 275 00 19 20 Miscellaneaus Expense 175 00 175 00 21 21 955 00 13 680 00 13 6800 22 955 00 13 160 00 13 7 90 00 456 6 00 58 10 00 950800 7980 00 22 124 4 00 5810 00 58 10 00 950 800 950 8 00 24 152800 23 24