$1.$ Analyze the following adjustments and enter them on the work sheet.

$($a$)$ Supplies inventory as of October $31,$ $$210.$

$($b$)$ Unexpired $($remaining$)$ insurance as of October $31,$ $$800.$

$($c$)$ Depreciation of automobile, $$250.$

$($d$)$ Wages earned but not paid as of October $31,$ $$175.$

$2.$ Complete the work sheet.

Additional Instructions

Score: $164/354$

Nolan$$s Home Appraisals

Worksheet

For Month Ended October $31,20--$

$1$

TRIAL BALANCE

TRIAL BALANCE

ADJUSTMENTS

ADJUSTMENTS

ADJUSTED TRIAL BALANCE

ADJUSTED TRIAL BALANCE

INCOME STATEMENT

INCOME STATEMENT

BALANCE SHEET

BALANCE SHEET

$2$

ACCOUNT TITLE

DEBIT

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

$3$

Cash

$830\mathrm{.}00$

$4$

Accounts Receivable

$760\mathrm{.}00$

$5$

Supplies

$625\mathrm{.}00$

$415\mathrm{.}00$

$$

$6$

Prepaid Insurance

$950\mathrm{.}00$

$150\mathrm{.}00$

$$

$7$

Automobile

$6,500\mathrm{.}00$

$8$

Accumulated Depreciation$$Automobile

$250\mathrm{.}00$

$$

$9$

Accounts Payable

$1,500\mathrm{.}00$

$10$

Wages Payable

$175\mathrm{.}00$

$$

$11$

Val Nolan, Capital

$9,900\mathrm{.}00$

$12$

Val Nolan, Drawing

$1,100\mathrm{.}00$

$13$

Appraisal Fees

$3,000\mathrm{.}00$

$14$

Wages Expense

$1,560\mathrm{.}00$

$175\mathrm{.}00$

$$

$15$

Advertising Expense

$420\mathrm{.}00$

$16$

Rent Expense

$1,050\mathrm{.}00$

$17$

Supplies Expense

$415\mathrm{.}00$

$$

$415\mathrm{.}00$

$$

$18$

Phone Expense

$255\mathrm{.}00$

$19$

Insurance Expense

$150\mathrm{.}00$

$$

$150\mathrm{.}00$

$$

$20$

Repair Expense

$270\mathrm{.}00$

$21$

Oil and Gas Expense

$80\mathrm{.}00$

$22$

Depreciation Expense$$Automobile

$250\mathrm{.}00$

$$

$250\mathrm{.}00$

$$

$23$

$$14,400\mathrm{.}00$

$$14,400\mathrm{.}00$

$$990\mathrm{.}00$

$$

$$990\mathrm{.}00$

$$

$24$

Net Income$/$Loss

$25$

Points:

$28\mathrm{.}72/62$

Check My Work

Steps in Preparing a Work Sheet:

$1.$ Prepare the trial balance $($already completed for you$).$

$2.$ Prepare the adjustments.

$3.$ Prepare the adjusted trial balance.

$4.$ Extend the adjusted balances to the Income Statement and Balance Sheet columns.

$5.$ Complete the work sheet by computing net income or net loss and totaling the Income Statement and Balance Sheet columns.