Chapter 6 Extra Credit Opportunity Use the worksheet to complete the following tasks: Task Points 1. Prepare the financial statements. Income Statement 1 Statement of Owners Equity 1 Balance Sheet 1 2. Record the adjusting entries in the General Journal. 1 3. Prepare and record the closing entries in the General Journal. 1 4. Post the adjusting and closing entries to the General Ledgers. 3 Hint: If you have done everything correctly, you should have zero balances in all ledgers from the Drawing account to the last expense ledger. 5. Prepare the Post-Closing Trial Balance. 2 Total Extra Credit Points 10

Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 10,180.00 10,180.00 10,180.00 Paper Supplies 3,600.00 (a) 3,350.00 250.00 250.00 Prepaid Insurance 1,000.00 (b) 500.00 500.00 500.00 Printing Equipment 5,800.00 5,800.00 5,800.00 Accum. Depr. - Printing Equip. (d) 1,200.00 1,200.00 1,200.00 Accounts Payable 500.00 500.00 500.00 Wages Payable ( c) 500.00 500.00 500.00 Timothy Chang, Capital 12,000.00 12,000.00 12,000.00 Timothy Chang, Drawing 10,470.00 10,470.00 10,470.00 Printing Fees 40,000.00 40,000.00 40,000.00 Wages Expenses 12,000.00 (c ) 500.00 12,500.00 12,500.00 Rent Expense 7,900.00 7,900.00 7,900.00 Paper Supplies Expense (a) 3,350.00 3,350.00 3,350.00 Telephone Expenses 550.00 550.00 550.00 Utilities Expense 1,000.00 1,000.00 1,000.00 Insurance Expense (b) 500.00 500.00 500.00 Depr. Expense - Printing Equip. (d) 1,200.00 1,200.00 1,200.00 52,500.00 52,500.00 5,550.00 5,550.00 54,200.00 54,200.00 27,000.00 40,000.00 27,200.00 14,200.00 Net Income 13,000.00 13,000.00 40,000.00 40,000.00 27,200.00 27,200.00 Adjustments Soft Copy Printers Worksheet For the Year Ended December 31, 20XX Trial Balance Adjusted Trial Balance Income Statement Balance Sheet