Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

So I have absolutely no idea what I'm doing, I read through the chapter but this doesn't match up very well. What would a worksheet

image text in transcribed

So I have absolutely no idea what I'm doing, I read through the chapter but this doesn't match up very well.

What would a worksheet look like if I had to include adjustments accounted for and adjusted trial blance?

How do I :

  1. Show a worksheet for Dick's Repair Service for the month of June.
  2. Show an income statement for June, a statement of owner's equity for June, and a balance sheet as of June 30, 201X.

The Check Figure they gave me was : Net Income $4,390

4A-4. The trial balance for Dick's Repair Service appears attached.

Adjustment Data to Update Trial Balance

  1. Insurance expired, $450.
  2. Repair supplies on hand, $2,800.
  3. Depreciation on repair equipment, $300.
  4. Wages earned but unpaid, $240.

image text in transcribed
A-4. The trial balance for Dick's Repair Service appears in Figure 4.24 0. igure 4.24 DICK'S REPAIR SERVICE TRIAL BALANCE JUNE 30, 201X Account Titles Dr. Cr. Cash 4 2 0 0 00 Prepaid Insurance 5 3 0 0 00 Repair Supplies 4 4 0 0 00 Repair Equipment 3 5 0 0 00 Accumulated Depreciation, Repair Equipment 8 0 0 00 Accounts Payable 5 4 6 0 00 D. Homer, Capital 4 1 6 0 00 Revenue from Repairs 10 0 0 0 00 Wages Expense 2 4 0 0 00 Rent Expense 5 5 0 00 Advertising Expense 70 00 Totals 20 4 2 0 00 20 4 2 0 00 LO1.2.3 (60 min)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

12th edition

134725980, 9780134726656 , 978-0134725987

More Books

Students also viewed these Accounting questions

Question

Working with athletes who dope

Answered: 1 week ago