Provide the correct answers, next to each step from the information in the instructions (look at the excel pictures that was provided). Say what goes where and which side (DEBIT OR CREDIT) to put the information.

Example: Step 1 10-column worksheet.

1. Heading: Label the worksheet with the company name, the statement name (Income Statement and Balance Sheet), and the date. (provide the answer)

To complete the 10-column worksheet and create the journal to close the temporary accounts for the period, follow these steps:

Part 1: Completing the 10-column worksheet

Step 1: Prepare the 10-column worksheet 1. Heading: Label the worksheet with the company name, the statement name (Income Statement and Balance Sheet), and the date. 2. Account Titles: List all accounts from the Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet columns. 3. Trial Balance: Copy the account names, debit, and credit balances from the Trial Balance to the Trial Balance column. 4. Adjustments: Enter the adjustments in the Adjustments column under the appropriate accounts. 5. Adjusted Trial Balance: Calculate the adjusted trial balance by adding the Trial Balance and Adjustments columns. 6. Income Statement: Transfer revenue and expense account balances to the Income Statement column. 7. Net Income (Loss): Calculate the net income or loss by subtracting total expenses from total revenue. 8. Balance Sheet: Transfer asset, liability, and equity account balances to the Balance Sheet column.

Step 2: Calculating Adjusted Balances 1. Supplies: The adjustment for supplies should increase the balance to $1,350. Calculate the adjustment as follows: - Adjustment = $1,350 - Current balance of Supplies account 2. Insurance: Calculate the monthly insurance expense using the information provided: - Monthly Insurance Expense = Total Insurance Cost / Total Months - Monthly Insurance Expense = $3,080 / 11 months

Step 3: Calculating Straight-Line Depreciation 1. Truck Depreciation: Calculate the monthly depreciation expense for the truck using the straight-line method: - Annual Depreciation = (Cost - Salvage Value) / Useful Life - Monthly Depreciation = Annual Depreciation / 12 months

Step 4: Completing the Worksheet 1. Adjusting Entries: Make adjusting entries for Supplies, Insurance, and Truck Depreciation in the Adjustments column. 2. Adjusted Trial Balance: Calculate the adjusted balances for all accounts by adding the Trial Balance and Adjustments columns. 3. Income Statement and Balance Sheet: Transfer the adjusted balances to the Income Statement and Balance Sheet columns, respectively.

Part 2: Creating a Journal to Close Temporary Accounts

Step 1: Identify Temporary Accounts 1. Revenue accounts (e.g., Revenue) 2. Expense accounts (e.g., Wages Expense, Utilities Expense)

Step 2: Close Revenue Accounts 1. Debit each revenue account for its balance. 2. Credit the Income Summary account for the total revenue.

Step 3: Close Expense Accounts 1. Debit the Income Summary account for the total expenses. 2. Credit each expense account for its balance.

Step 4: Close Income Summary to Capital 1. Debit the Income Summary account for its balance. 2. Credit the owner's capital account for the net income (or debit for net loss).

Step 5: Close Drawing Account 1. Debit the owner's drawing account for its balance. 2. Credit the owner's capital account for the amount withdrawn.

Step 6: Verify the Balances 1. Ensure that all temporary accounts have zero balances. 2. Verify that the closing entries have been properly recorded.

Step 7: Post-Closing Trial Balance 1. Prepare a post-closing trial balance to ensure that the ledger is in balance after closing entries are made.