Question
Worksheet (Use the information from the trial balance in Exam Figure 2. Write the worksheet information on the form in Exam Figure 1.) Youll need
Worksheet (Use the information from the trial balance in Exam
Figure 2. Write the worksheet information on the form in Exam
Figure 1.) Youll need the following adjustment information:
a. P. Woodsley counted the supplies on May 31 and found that
the supplies on hand were $342.92.
b. On May 31, Mr. Woodsley checked the insurance records
and found that the value of insurance coverage remaining
was $400.00.
II. Income statement (Use the form in Exam Figure 3.)
III. Balance sheet (Use the form in Exam Figure 4.)
IV. Journalize adjusting and closing entries. (Use the form in
Exam Figure 5.)
V. Post the adjusting and closing entries. (Use the forms in
Exam Figure 6.)
VI. Prepare a post closing trial balance. (Use the form in
Exam Figure 7.)
1. The heading of the worksheet should appear as
A. Platt Hardware Store
May 31, 20
Worksheet
B. Worksheet
Platt Hardware Store
For the period ending May 31, 20
C. Platt Hardware Store
Worksheet
For the period ending May 31, 20
D. Platt Hardware Store
Worksheet
May 31, 20
D?
2. What is the total liabilities and owners equity in the balance sheet you prepared in
Exam Figure 4?
A. $5,906.54 C. $17,296.54
B. $11,390.00 D. $18,376.26
A?
3. What is the total of the expenses in the income statement you prepared in Exam
Figure 3?
A. $1,079.72 C. $2,791.97
B. $1,838.25 D. $2,917.97
B?
4. If Prepaid Insurance has a debit balance of $500 in the trial balance and the value
of insurance coverage remaining is $400, what would be the amount of the adjustment?
A. $100 C. $500
B. $400 D. $900
A?
5. Which of the following best describes a worksheet?
A. Its a formal report used to summarize the journal.
B. It reports the financial position of a business on a monthly basis.
C. Its used to gather information to be used in preparing financial statements.
D. Its an eight-column report that reports only the position of owners equity.
C?
6. What adjusting entry did you make in the journal in Exam Figure 5 for the Supplies
Expense?
A. Credit Supplies Expense $542.92 and debit Supplies $542.92
B. Debit Supplies Expense $342.92 and credit Supplies $342.92
C. Credit Supplies Expense $200 and debit Supplies $200
D. Debit Supplies Expense $200 and credit Supplies $200
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