PRINTING PLUS 10-Column Worksheet Account Name For the Month Ended January, 2019 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Income Statement Balance Sheet Debit Credit Debit Credit Cash 24,800 24,800 24,800 Accounts Receivable 1,200 1,200 1,200 Interest Receivable 140 140 140 500 100 400 400 3,500 3,500 3,500 75 75 75 Supplies Equipment Accumulated Depreciation: Equipment Accounts Payable Salaries Payable Unearned Revenue 500 500 500 1,500 1,500 1,500 4,000 600 3,400 3,400 20,000 20,000 20,000 Common Stock Dividends 100 100 100 Interest Revenue 140 140 140 Service Revenue 9,500 600 10,100 10,100 100 100 100 75 75 75 Supplies Expense Depreciation Expense: Equipment Salaries Expense Utility Expense 3,600 1,500 5,100 5,100 300 300 300 Totals 34,000 34,000 2,415 2,415 35,715 35,715 5,575 10,240 30,140 25,475 Net Income 4,665 4,665 10,240 10,240 30,140 30,140 To "close the books for the year, review Principles of Accounting, Volume 1: Financial Accounting, Chapter 4, The Adjustment Process. Specifically, refer to the 10-column worksheet on p. 248 for the conceptual layout. Following is an 8-column format that can serve the same purpose. Use whichever makes more sense to you. Prepare the adjusting and closing entries for 2021 based on the budgeted income statement and Cash budget from prior week. Fixed assets have no salvage value over a 10 year period. Adjusting Entries Closing Entries Debit Credit Ending Bal. Debit Credit Debit Credit $2,000 0 Beginning Bal. 12.31.20 (Trial Balance) Debit Credit 5,909 2,000 210,000 121,927 2,400,000 200,000 60,000 5,000 53,545 Worksheet Cash Savings Account Accounts Receivable Inventory Fixed Assets-Mfg Fixed Assets-SG&A Accum Depreciation-Mfg Accum Depreciation-SG&A Accounts Payable Loans Payable Interest Payable Income Tax Payable (Benefit) Capital Stock Additional Paid in Capital Retained Earnings Sales 480,000 121,927 53,545 110,831 110,831 6,387 300,000 2,500,000 14,904 COGS SG&A Expenses Interest Expense Income Tax Expense Totals $ 2,939,836 $ 2,939,836 $ 2,580,000 ######## ######## ######## PRINTING PLUS 10-Column Worksheet Account Name For the Month Ended January, 2019 Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Income Statement Balance Sheet Debit Credit Debit Credit Cash 24,800 24,800 24,800 Accounts Receivable 1,200 1,200 1,200 Interest Receivable 140 140 140 500 100 400 400 3,500 3,500 3,500 75 75 75 Supplies Equipment Accumulated Depreciation: Equipment Accounts Payable Salaries Payable Unearned Revenue 500 500 500 1,500 1,500 1,500 4,000 600 3,400 3,400 20,000 20,000 20,000 Common Stock Dividends 100 100 100 Interest Revenue 140 140 140 Service Revenue 9,500 600 10,100 10,100 100 100 100 75 75 75 Supplies Expense Depreciation Expense: Equipment Salaries Expense Utility Expense 3,600 1,500 5,100 5,100 300 300 300 Totals 34,000 34,000 2,415 2,415 35,715 35,715 5,575 10,240 30,140 25,475 Net Income 4,665 4,665 10,240 10,240 30,140 30,140 To "close the books for the year, review Principles of Accounting, Volume 1: Financial Accounting, Chapter 4, The Adjustment Process. Specifically, refer to the 10-column worksheet on p. 248 for the conceptual layout. Following is an 8-column format that can serve the same purpose. Use whichever makes more sense to you. Prepare the adjusting and closing entries for 2021 based on the budgeted income statement and Cash budget from prior week. Fixed assets have no salvage value over a 10 year period. Adjusting Entries Closing Entries Debit Credit Ending Bal. Debit Credit Debit Credit $2,000 0 Beginning Bal. 12.31.20 (Trial Balance) Debit Credit 5,909 2,000 210,000 121,927 2,400,000 200,000 60,000 5,000 53,545 Worksheet Cash Savings Account Accounts Receivable Inventory Fixed Assets-Mfg Fixed Assets-SG&A Accum Depreciation-Mfg Accum Depreciation-SG&A Accounts Payable Loans Payable Interest Payable Income Tax Payable (Benefit) Capital Stock Additional Paid in Capital Retained Earnings Sales 480,000 121,927 53,545 110,831 110,831 6,387 300,000 2,500,000 14,904 COGS SG&A Expenses Interest Expense Income Tax Expense Totals $ 2,939,836 $ 2,939,836 $ 2,580,000 ######## ######## ########