=+PR 4-4A Ledger accounts, adjusting entries, financial statements, and closing entries;

optional end-ofperiod spreadsheet

(work sheet)

objs. 2, 3

✔ 4. Net income:

$22,645 The unadjusted trial balance of Loose Leaf Co. at December 31, 2010, the end of the current year, is shown at the top of the next page. The data needed to determine year-end adjustments are as follows:

a. Supplies on hand at December 31 are $1,500.

b. Insurance premiums expired during the year are $2,500.