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The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Each account carries a normal balance. Set up
The following data are taken from the unadjusted trial balance of the Westcott Company at December 31. Each account carries a normal balance. Set up a 10-column work sheet to answer the requirements. esclse. Preparing unadjusted and adjusted trial balances, including the adjustments P1 56 $ 6 Accounts Payable..... Accounts Receivable Accumulated Depreciation-Equip.. Cash Equipment Prepaid Insurance...... Revenue............. Salaries Expense....... Supplies W. Westcott, Capital .... 15 $18 75 18 24 42 W. Westcott, Withdrawals.. . Unearned Revenue .......... Utilities Expense 21 39 1. Enter the accounts in proper order and enter their balances in the correct Debitor Credit column of the Unadjusted Trial Balance columns of the 10-column work sheet 2. Use the following adjustment information to complete the Adjustments columns of the work sheet from part 1. a. Depreciation on equipment, $3 d. Supplies available at December 31, $15 b. Accrued salaries, $6 e. Expired insurance, $15 c. The $12 of unearned revenue has been earned 3. Extend the balances in the Adjusted Trial Balance columns of the work sheet to the proper financial statement columns. Compute totals for those columns, including net income Exercise 4-5 Capri Company began the current period with a $20,000 credit balance in the K. Capri, Capital account At the end of the period, the company's adjusted account balances include the following temporary ac
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