Calibri (Cuer... 11 . Ajustar texto Pegar NK S - Combinar y centrar 037 fx A C D G H EC Company 2 Trial Balance 3 Adjustments Adjusted Trial Balance 4 Debits Credits Debits Credits Debit Credit 5 Cash 5 6 Accounts Receivable 25 7 Supplies 20 & Equipment 60 9 Accumluated Depreciation 15 10 Accounts Payable 10 11 Wage Payable 12 Capital Stock 25 13 Retained Earning 10 14 Revenues 60 15 Utility Expense 2 16 Wages Expense 8 17 Supplies Expense 18 Depreciation Expense 19 20 1. Ending inventory of supplies is $12. Make the adjusting journal entry to record 21 the supplies used 22 23 24 25 2. Depreciation of the equipment for the year is $5. Make the adjusting entry 26 27 29. Wages accrued at the end of the accounting period is $7. Make the adjusting entry 30 31 32 33 4. Using the information in the adjusting entries as well as the information in the trial 34 balance calculate the net income for the period. 35 36 385 Alter adjusting entries what is the book value of the equipment? How old is the equipment? 39 40 41 42. Is the company in the first year of operations? Why? What is the ending balance in Retained Earnings? 4 Adjusting Process Solution James Co. James Co. Solution E.C. Company E.C. Company esc 80 SRB 13 Retained Earnings 10 14 Revenues 60 15 Utility Expense 2 16 Wages Expense 8 17 Supplies Expense 18 Depreciation Expense 19 20 1. Ending inventory of supplies is $12. Make the adjusting journal entry to record 21 the supplies used 22 23 24 25 2. Depreciation of the equipment for the year is $5. Make the adjusting entry. 26 27 28 29 3. Wages accrued at the end of the accounting period is $7. Make the adjusting entry. 30 31 32 33 4. Using the information in the adjusting entries as well as the information in the trial 34 balance calculate the net income for the period. 35 36 37 38 5. After adjusting entries what is the book value of the equipment? How old is the equipment? 39 40 41 42 6. Is the company in the first year of operations? Why? What is the ending balance in Retained Earnings? 43 44 45 46 7. What is the total amount of current assets? 47 48 49 SO 51 52 53 54 55 56 57 Adjusting Process Solution James Co. James Co. Solution E.C. C Inicio Insertar Dibujar Disposicin de pgina Frmulas Revisar Datos Calibri (Cuer... 11 Ajustar Pegar N K S A, - Combini E51 fx D F G H 37 Net Income 30 38 5. After adjusting entries what is the book value of the equipment? How old is the equipment? 39 Cost of Equipment 60 40 Accumulated Depreciation -20 41 Book Value 40 42 6. Is the company in the first year of operations? Why? What is the ending balance in Retained Earnings? 43 No. Retained Earnings 44 Beg 10 45 Net Income 30-Dividends0 - Ending balance 40 46 7. What is the total amount of current assets ? 47 Cash 5 48 Accounts Receivables 25 49 Supplies 12 SO Current Assets 42 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 05 Calibri (Cuer.... 11 AA- Ajustar texto General Pegar s A Combinar y centrar $ % 000 00 A32 B C D E F G H 65 65 286 (e) 12 32 330 3 172 177 (d) (a) 5 4 4 (b) 20 20 (c) 10 16 Dividends 17 Service Revenue 18 19 Salary Expense 20 Supplies Expense Depreciation Expense-Furniture and 21 Fixtures 22 Depreciation Expense-Building 23 Miscellaneous Expense 24 1. For each of the adjusting entries shown record the journal entry and a brief R5 explanation of why this entry was made. 26 2. Determine Net Income. 27 3. Prepare an Income Statement. 28 4. Prepare a Statement of Stockholders' Equity 29 5. Prepare a Balance Sheet 30 31 32 33 13 1,174 10 13 1,221 1,174 83 83 1,221 35 36 37 38 39 40 41 43 44 45 Frmulas Datos Inicio Revi: Disposicin de pgina Insertar Dibujar Calibri (Cuer... 11 A- A+ || JULI A Pegar NK S. R29 A C B D H E F 1 Dobson Company 2 The following accounts are found for Dobson Company 3 4 Accounts Payable 2 5 Accounts Receivable 3 6 Cash 5 7 Common Stock 2 8 Dividends 1 9 Operating Expenses 4 10 Service Revenue 9 11 12 13 14 15 1. Prepare a trial balance for Dobson Company. 16 (Remember: the debits go on the left and the credits are on the right) 17 2 Calculate the net income for Dobson Company (show your work) 18 3. What is the total of the assets? Liabilities? Ending Stockholder's Equity? 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Inicio Insertar Dibujar Disposicin de pgina Frmulas Datos Revi Calibri (Cuer... 11 A- A- ab Pegar N K S A Cc H (29 Xv fx A C D E F 2 Service Revenue 9 3 Operating Expenses 4 4 13 13 5 2. Calculate the net income for Dobson Company (show your work) 7 Service Revenue 9 Operating Expenses 4 10 Net Income 5 1 2 3 3. What is the total of the assets? Liabilities? Ending Stockholder's Equity? 4 Cash 5 Common Stock 5 Accounts Receivable 3 Retained Earnings 6 8 7 8 9 Liabilities 0 Accounts Payable 1 -2 13 14 15 16 17 2 4 6 2 39 50 51 52 53 55 56 57 58 59 150 61 62 63 64
