Ch 5 Worksheet 1 The Dancing Quarterback Adjusting JE's Dr Cr Adjusted T/B Dr Cr 3900 Income Stmt Dr Cr Balance Sheet Dr Cr Unadjusted T/B Dr Cr 3,900 350 150 600 1,200 60 an 1200 120 12D ALCO 1,150 IDO 00 C200 No. Account 101 Cash 126 Accounts receivable 128 Supplies-inventory 129 Prepaid insurance 167 Equipment 168 Accumulated depreciation 201 Accounts payable 209 Salaries payable 301 Leinart, capital 302 Leinart, withdrawals 403 Revenue 612 Depreciation expense 637 Insurance expense 640 Rent expense 622 Salaries expense 652 Supplies expense 690 Utilities expense 695 Advertising expense 5,000 500 11200 2,300 12402 120 200 500 800 1000 1200 90 ADO go 1.00 200 250 200 1.50 1.200 8,450 8,450 19 110 TOTALS Net Loss: Alternate Demonstration Problem The Dancing Quarterback reports the following unadjusted trial balance and additional information as of January 31, 2010 The Dancing Quarter Back Unadjusted Trial Balance 1/31/2010 $ Cash Accounts Recievable Supplies Prepaid Insurance Equipment Accounts Payable Leinart, Capital Leinart, Withdrawal Dancing Lesson Revenue Salary Expense Rent Expense Utilities Expense Advertising Expense Debits Credits 3,900 350 150 600 1,200 $ 1,150 5,000 500 2.300 800 500 200 250 8,450 $ 8.450 Instructions: 1. Record Ales on the blank form 2. Plot each AJE amount into the Adjusting JE columns on the worksheet 3. Foot across to complete the Adjusted Trial Balance columns on the worksheet 4. From the Adjusted Trial Balance, create the Income Statement and Balance Sheet Information to use for recording adjusting jounal entries on 1/31/2010: 1.1/2 of Prepaid Insurance has expired (was used) in Jan 2. A physical count of supplies inventory on 1/31 revealed that only $60 remained 3. Equipment depreciation calculated for Jan is $120 4. On 1/30 and 1/31 an employee worked and earned $100 per day, but will be paid in Feb 5-8