Preparing financial statements from the worksheet. The completed worksheet for JP's Accounting Services for the month ended December 31, 2019, appears on pages 156-157. INSTRUCTIONS 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during 4Problem 5.3B Objective 5-4 the month. 3. Prepare a balance sheet. Analyze: By what total amount did the value of assets reported on the balance sheet decrease due to the adjusting entries? 156 CHAPTER 5 Adjustments and the Worksheet JP's Accounting Services Month Ended December 31, 2019 TRIAL BALANCE ACCOUNT NAME DEBIT 33 9 0 0 00 4 400 00 CREDIT CREDIT DEBIT t Cash Accounts Receivable 3 Supplies 3 000 00 1200 00 b) 1 6 00 00 Prepaid Advertising 8 00000 36 000 00 s Fixtures Accounts Payable s Jackie Peaches, Capital e Jackie Peoches, Drawing 10 Fees Income 11 Supplies Expense 12 Advertising Expense 50o0 6 000 00 62 6 6 0 00 io) 11200100 (b) 1 600 00 6'0000 7000 00 371 200100 2 1 600 137 660 00 14 Rent Expense 1s Salaries Expense 16 Utilities Expense 17 Totals 18 Net Income 137 66 0 00 3 400 00 Adjustments and the Worksheet CHAPTER 5 157 ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 33 9 00 00 33 9 0 0 00 4 4 00 00 1800 00 6 40 0 00 36 0 00 00 4400 00 1800 00 6400 00 36 000 00 6 00 00 5000 00 60 00 0 00 60 0 006 15 000 00 7 60 000 00 8 6000 00 60000 62 6 60 00 62 6 6 0 00 10 20000 600 00 6 00 00 000100 37 200 00 216000 260 12010100 60000 600 00 700 0100 371 2.010100 2 1 60 00 12 13 16 138 2 6 0 00 75 600 00 17 0 1 12 90000 62 6 6 0 00 12 900 00 18 62 6 6 0 o0 88 5 00 00 20